Latest Market Study | UK Pet Insurance market is expected to reach US$ 3.5 billion by 2030, with a CAGR of 6.7%
UK Pet Insurance market has been analyzed on the basis of market segments, including policy type, coverage, end user, and sales channel and geography/regions (including West UK, Midwest UK, Northeast UK, South UK).
Wilmington, Delaware, Sept. 27, 2023 (GLOBE NEWSWIRE) -- *UK Pet Insurance Market* was valued at *US$ 2.2 billion in 2023* and is expected to grow at a significant *CAGR of over 6.7%* over the forecast period of 2023-2030, according to the latest market report by *RationalStat*
*Market Definition, Market Scope, and Report Overview*
In the UK, the pet insurance market refers to the industry that provides insurance coverage to pet owners to assist offset the expenses of veterinary care and treatment for their dogs. Accidents, diseases, surgeries, medications, and occasionally even preventive treatment such as vaccines and routine check-ups are often covered by pet insurance policies. In exchange for financial protection against unexpected veterinary expenditures, pet owners pay a premium to the insurance provider.
The UK has a strong culture of pet ownership, with pets such as dogs, cats, and smaller animals such as rabbits and guinea pigs being owned by a large proportion of families. Pet owners are motivated to seek the finest possible care for their animals, including full insurance coverage, since they have an emotional tie to them.
· According to a deep-dive market assessment by RationalStat, the UK Pet Insurance market has been analyzed *on the basis of market segments, including policy type, coverage, end user, and sales channel and geography/regions (including West UK, Midwest UK, Northeast UK, South UK)*. The report also offers global and regional market sizing for the historical period of 2019-2022 and the forecast period of 2023-2030.
· Market intelligence for the UK Pet Insurance market covers market sizes on the basis of market value (US$/EUR Million) and volume (Units) by various products/services/equipment, demand assessment across the key regions, customer sentiments, price points, cost structures, margin analysis across the value chain, financial assessments, historical and forecast data, key developments across the industry, import-export data, trade overview, components market by leading companies, etc.
· In addition, the long-term sector and products/services 10-year outlook and its implications on the UK Pet Insurance market. It also includes the industry's current state – Production Levels, Capacity Utilization, Tech quotient, etc. Key information will be manufacturing capacity by country, installed base, import volumes, market size, key players, market size, dynamics, market data, insights, etc.
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*UK Pet Insurance Market: Segmental and Market Share Analysis*
· On the basis of policy type, in 2022, the accident and sickness sector led the market, accounting for 84% of total revenue. It is also expected to have the highest CAGR in the next years.
· On the basis of end user, in 2022, the dogs segment led the market, accounting for more than 59% of total revenue. Growing pet adoption, insurance companies expanding their service offerings, and rising disposable income are all reasons contributing to this proportion.
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*Report Synopsis*
Report Metrics Details
Base Year 2023
Forecast Period 2023-2030
Base Year Market Size US$ 2.2 billion
Market Size Forecast US$ 3.5 billion
Growth Rate 6.7%
Key Market Drivers · Growing awareness among pet owners
· Rising veterinary costs
Companies Profiled · Agria Pet Insurance
· Petplan Limited
· Royal & Sun Alliance Insurance Company of Canada, Inc.
· Petsecure
· Direct Line Insurance Group Plc
· Healthy Pets Insurance
· RSPCA
· ManyPets
· Tedaisy Insurance
· Clements Worldwide
· NSM Insurance Group
· AGILA
· Hartville Group
· Protectapet
· Pethealth Inc
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*Competition Analysis and Market Structure *
Players and leading companies engaged in offering pet insurance adopt various strategies in order to reinforce their market share and gain a competitive edge over other competitors in the market. Mergers & acquisitions, partnerships and collaborations, and product launches are some of the strategies followed by industry players. Some of the key developments in the UK Pet Insurance market include,
· In November 2022, Pet insurance provider Trupanion entered into an agreement to acquire Royal Blue s.r.o., the parent company of PetExpert. This acquisition will be the second in Europe for Trupanion, following the acquisition of Smart Paws.
Some of the prominent players and suppliers operating and contributing significantly to the UK Pet Insurance market growth include *Agria Pet Insurance, Petplan Limited, Royal & Sun Alliance Insurance Company of Canada, Inc., Petsecure, Direct Line Insurance Group Plc, Healthy Pets Insurance, RSPCA, ManyPets, Tedaisy Insurance, Clements Worldwide, NSM Insurance Group, AGILA, Hartville Group, Protectapet, and Pethealth Inc **among others.*
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*RationalStat has segmented the UK **pet insurance* *market based on policy type, coverage, end user, and sales channel and region*
· *UK** Pet Insurance* *Market ***Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Policy Type**
· Accident Only
· Accident & Illness
· *UK** Pet Insurance* *Market ***Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Coverage**
· Diagnostic exam fees
· Prescription medications (Rx)
· Prescription foods and supplements
· Congenital conditions (e.g., heart disease, cataracts)
· Hereditary conditions (e.g., diabetes, thyroid disease)
· Dental illnesses (e.g., extractions, gingivitis)
· Boarding fees in emergency situations
· Loss-and-found pet search expenses
· Working-pet coverage (police dogs, therapy pets)
· Recovery and complementary care
· Acupuncture
· Chiropractic
· Behavioral modification
· Hydrotherapy
· Physical therapy
· Homeopathy
· Naturopathy
· *UK** Pet Insurance* *Market ***Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by End User**
· Dog
· Cat
· Horse
· Exotic Pet
· Others
· *UK** Pet Insurance* *Market ***Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Sales Channel**
· Agency
· Broker
· Direct
· Bancassurance
· Others
· *UK **Pet Insurance* *Market **Value (US$ Million), Volume (Units), and Market Share (2019-2030) Analysis by Region*
· UK Pet Insurance Market
· West UK
· Midwest UK
· Northeast UK
· South UK
*For more information about this report- https://store.rationalstat.com/store/uk-pet-insurance-market/*
*Key Questions Answered in the Pet Insurance Report:*
· What will be the market value of the UK Pet Insurance market by 2030?
· What is the market size of the UK Pet Insurance market?
· What are the market drivers of the UK Pet Insurance market?
· What are the key trends in the UK Pet Insurance market?
· Which is the leading region in the UK Pet Insurance market?
· What are the major companies operating in the UK Pet Insurance market?
· What are the market shares by key segments in the UK Pet Insurance market?
*Running a year End discount of 20%- **https://store.rationalstat.com/store/uk-pet-insurance-market/#tab-ux_global_tab*
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*Research Methodology*
RationalStat has developed a state-of-the-art research methodology to crunch numbers and provide the best possible real-time insights to clients. We combine a varied range of industry experience, data analytics, and experts’ viewpoint to create a research methodology for market sizing and forecasting.
RationalStat combines a mix of secondary sources as well as primary research to assess the market size and develop a forecast. Key steps involved in accurately deriving the market numbers are:
· Defining the problem by understanding the type of market and data required by the client.
· Data gathering and collection through relevant paid databases, publicly available sources, company reports, annual reports, surveys, and interviews.
· Formulating a hypothesis to create market numbers, forecasts, influencing factors, and their relevance.
· Evaluating and analyzing the data by referring to data sources utilized and leveraged.
· Validating, interpreting, and finalizing the data by combining the details gathered from primary and secondary sources with the help of experienced analysts.
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