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Global Pet Insurance Market Research Report:

The latest report by IMARC, titled “ Pet Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-20 28

” " the global pet insurance market size reached US$ 7.1 Billion in 2022.

Pet insurance refers to a healthcare policy for pets that provides reimbursement against treatment expenditures and veterinary bills. It covers several pet animals, such as dogs, cats, birds, reptiles, hamsters, rabbits, and guinea pigs. It is widely used to manage expenses related to treatments, injuries, accidents, illnesses, medications, preventive care, and various breed-specific health issues, such as hip dysplasia, cancer, and genetic conditions. Pet insurance involves the payment of monthly premiums based on age, species, breed, and pet illness. It aids in reducing the financial burden, minimizing stress, and providing access to premium healthcare services and veterinary professionals.

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Global Pet Insurance Market Trends:

The rising pet ownership across the globe is one of the primary factors driving the market growth. Pet insurance is widely used to provide comprehensive care to pets and reduce the financial burden associated with regular checkups, vaccinations, diagnostic tests, treatments, surgeries, medications, and hospitalization, which helps to provide the best possible care, improve pets’ quality of life, and minimize stress. In addition to this, the increasing veterinary costs due to rapid advancements in technology and medicines are acting as another growth-inducing factor. Furthermore, the widespread adoption of pet insurance due to the emerging trends of pet humanization to provide access to highquality veterinary facilities, cater to specific pet needs, and increase longevity, is favoring the market growth. Additionally, the incorporation of telemedicine services as part of the insurance coverage, which allows pet owners to consult licensed veterinarians from the comfort of their homes, is positively influencing the market growth.

Besides, the recent development of mobile applications that provide easy access to pets’ medical records and aid insurance providers in quickly submitting claims and sharing records through smartphones is providing an impetus to the market growth. Other factors, including the rising expenditure capacities of consumers, the implementation of various government initiatives to promote pet insurance among owners, and the growing geriatric pet population, are anticipated to drive the market growth. On account of the aforementioned factors, the market value is expected to reach US$ 14.2 Billion by 2028, exhibiting a CAGR of 12.1% during 2023-2028.

Looking forward, the market value is projected to reach a strong growth during the forecast period (2023-2028).