Asia Pacific Pet Insurance Market to Grow at 8.8% until 2028
Published | 12 July 2022
Asia-Pacific Pet Insurance Market is flourishing owing to the increasing chronic conditions in pets and rising pet ownership along with the growing spending on pets to ensure a healthy and happy life…
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Asia-Pacific Pet Insurance Market was worth USD 940.6 million in the year 2021. The market is projected to grow at a CAGR of 8.8%, earning revenues of around USD 1689.3 million by the end of 2028. The Asia-Pacific Pet Insurance Market is booming because of the growing pet ownership in the region. Moreover, the majority of pets are becoming family members for their owners, causing them to spend more money on yearly checkups due to the growing problems caused by cross-breed pets. Also, several pet insurance policies include an optional wellness package that includes savings for routine items such as an annual physical checkup, heartworm tests, fecal tests, annual parasite evaluation tests, blood work, and vaccines. As a result, the pet insurance market protects pet owners from an increasing number of medical complications in their pets. Additionally, some policies also cover pet death or loss if the pet is lost or stolen. Furthermore, rising medical costs in veterinary medicine, as well as the use of expensive medical techniques and drugs, are driving up the demand for pet insurance. However, a lack of awareness about pet insurance policies, as well as high premium costs, may act as a huge restraining factor for the market growth.
Increasing Chronic Conditions in Pets are driving Pet Insurance Market
The prevalence of chronic diseases in pets has increased significantly in recent years. As a result, the increase in the prevalence of various chronic conditions in pet animals is the primary factor driving growth in the chronic condition segment. Canine cancer cases more than doubled between 2006-07 and 2016-17, according to the Indian Veterinary Research Institute (IVRI). Along with the rising prevalence of chronic diseases in pets, the growing number of pet owners seeking pet insurance is a major factor driving the Asia Pacific pet insurance market. For instance, it was discovered that whereas there were just 5,000 pet insurance clients in China between 2015 and 2018, there are today 1,60,000 pet insurance clients in the nation, according to a 2019 article headlined "China's pet insurance business sees promising future."
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Surging Demand for Financial Security as Uncertainty Grows
The demand for quality veterinary accidents only is increasing as the number of pets increases, driving up the cost of veterinary accidents. As a result, the demand for pet insurance is increasing. Furthermore, the policy includes coverage for blood tests, urinalysis, x-rays, MRIs, labwork, CT scans, and ultrasounds, as well as outpatient, specialty, and emergency care procedures, as well as hospitalization and surgery. Furthermore, as medical costs rise, pet owners can obtain an extended accident and illness package that goes beyond the initial coverage of accidental road accidents and poisonings, as well as a variety of illnesses. In addition, in response to changing customer demand, pet insurance companies are offering customized policies such as multi-pet insurance and many others. They concentrate on packages based on pet lifetime and incident. Furthermore, as the number of pet owners grows, many insurers are introducing new pet insurance, which is driving the market growth.
Restraints
APAC has Lax Pet Safety Regulations
During the forecast period, the pet insurance market will face challenges due to low adoption in developing countries. APAC countries such as India, Sri Lanka, China, Indonesia, and the Philippines do not have such stringent pet safety regulations. These countries' governments are primarily concerned with the safety of endangered species. This disregard for pet safety discourages pet owners from keeping pets or purchasing pet insurance. This results in restraining the growth of the Asia-Pacific Pet Insurance Market.
Segmental Coverage
The market for Asia-Pacific Pet Insurance by Policy Coverage
The Asia-Pacific Pet Insurance Market is divided into four categories based on policy coverage: accident only, accident and illness, chronic conditions only, and others. The Accident & Illness segment has the largest market share of these. The accident and illness policy, among other things, covers treatments for poisoning, allergies, urinary tract infections, surgeries, hospitalizations, and broken bones. As a result, the comprehensiveness of such policies is a critical growth factor that attracts a large number of pet owners. Furthermore, the increasing prevalence of chronic diseases like diabetes and cancer will drive segment growth. During the forecast period, all of these factors contribute to the growth of the Asia-Pacific Pet Insurance Market (2022-2028).
Impact of COVID-19 on Asia-Pacific Pet Insurance Market
The pet insurance market has grown significantly over the last few years, but it is expected to suddenly fall in 2020 as a result of the COVID-19 pandemic. The bulk of diagnostic and veterinary facilities was shut down as a result of lockdown measures taken by various governments, which is to blame for this. Additionally, COVID-19 has had a significant impact on the economy, growth, and overall physical and mental health of all people. Several pet-related businesses provide exceptional care for animals during pandemics. With the occurrence of health issues, insurance firms are attempting to innovate and adjust policy coverage and policies. Businesses are concentrating on offering pet owners solutions and raising knowledge of the expense reimbursement programmers that exist in the market.
Competitive Landscape
The leading market players in the Asia-Pacific Pet Insurance Market Anicom Holdings, Agria, Pet Insurance Australia, Rakuten, Ipet Insurance, More Than, Trupanion, Petplan, ASPCA, and others. The Asia-Pacific Pet Insurance Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Asia-Pacific Pet Insurance Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Asia-Pacific Pet Insurance Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
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