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The US Pet Insurance Market: Size, Trends & Forecasts (2018-2022)

Published on: Jan 2019 | From USD $800 | Published By: DAEDAL RESEARCH | Number Of Pages: 67

Scope of the Report

The report entitled ÒThe US Pet Insurance Market: Size, Trends & Forecasts (2018-2022)Ó, provides analysis of the US pet insurance market, with detailed analysis of market growth, and pet volume of the industry. The analysis includes the market by value, by number of pets insured, product and services etc.

Moreover, the report also assesses the key opportunities in the market and outlines the factors that are and will be driving the growth of the industry. Growth of the overall the US pet insurance market has also been forecasted for the years 2018-2022, taking into consideration the previous growth patterns, the growth drivers and the current and future trends.

Trupanion Inc., FigoPet Insurance, ASPCA Pet Insurance and Pet Plan Insurance are some of the key players operating in the US pet insurance market, whose company profiling has been done in the report. In this segment of the report, business overview, financial overview and business strategies of the companies are provided.

Company Coverage

Trupanion Inc.
FigoPet Insurance
ASPCA Pet Insurance
Pet Plan Insurance _

Executive Summary

Pets are becoming an important family member for many people in the US. For safeguard of their pets, many people are purchasing pet insurance policies. Pet insurance are similar to human insurance. In a pet insurance, insurer delivers many healthcare policy for different breed of pets and reimburses the pet owners for certain medical expenses. In layman terms, pet insurance is a service through which pet owners save on veterinary costs when pets gets sick or are injured. Most pet health insurance plans are paid on a monthly schedule and cost a few hundred dollars a year.

There are many types of pet insurance policies from which people can select the best and appropriate policy which meet their requirements. These are deductible, co-pay, premium, pre-existing conditions, maximum payouts and waiting period. In maximum payout, there are five sub-types for special cases like maximum payout per incident, maximum annual payout, maximum lifetime payout, maximum payout per body system, and maximum payout based on a predetermined benefit schedule.

In premium pet policies, there are many factors which impact the premium insurance. Such as breed of the pet, species from which pets belong, age of the pet, and location where the services is to be provided. Keeping these factors apart, pet insurance is very beneficial for pet owners as they are able to save more money, they can save their pets without hesitation, increases the accessibility to different treatment options, saves on additional treatment costs, etc.

The US pet insurance market is expected to increase at high growth rates during the forecasted period (2018-2022). The US pet insurance market is supported by various growth drivers, such as increasing love for dogs and cats, growing interest of millennials for pets, etc. yet, the market faces certain challenges, such as, barrier to entry, risks for a pet insurance company, etc. few new market trends are also provided such as, expanding distribution channels options, association with competing payment options, etc.

1. Executive Summary

2. Introduction

2.1 Pet Insurance: An Overview

2.1.1 Pet Insurance: Meaning
2.1.2 Types of Pet Insurance
2.1.3 Factors Affecting Premium Pet Insurance
2.1.4 Benefits of Pet Insurance

3. Global Market Analysis

3.1 Global Pet Insurance Market: An Analysis

3.1.1 Global Pet Insurance Market by Value
3.1.2 Global Pet Insurance Market by Region (The US and Rest of the World)

4. The US Market Analysis

4.1 The US Pet Expenditure: An Analysis

4.1.1 The US Pet Expenditure by Value
4.1.2 The US Pet Expenditure by Basic Annual Expenses For Dogs And Cats
4.1.3 The US Pet Expenditure by Category (Live animal purchase, Pet services, Food, Supplies/OTC medicines and Vet care)

4.2 The US Pet Insurance Market: An Analysis

4.2.1 The US Pet Insurance Market by Value
4.2.2 The US Pet Insurance Market by Products and Services
4.2.3 The US Pet Insurance Market by Number of Pets Insured
4.2.4 The US Pet Insurance Market with Dog Ownership
4.2.5 The US Pet Insurance Market with Cat Ownership
4.2.6 The US Pet Insurance Market by Total Number of Pets
4.2.7 The US Pet Insurance Market by Top Encouraging Reasons

4.3 The US Pet Ownership: An Analysis

4.3.1 The US Pet Ownership by Species
4.3.2 The US Pet Ownership with Household Share

5. Market Dynamics

5.1 Growth Drivrs
5.1.1 Increasing Love for Dogs and Cats
5.1.2 Growing Interest of Millennials for Pets
5.1.3 Rapid Growth in Consumer Acceptance of Pet Insurance
5.1.4 Growing Disposable Income of a Household
5.1.5 Increasing Transparency Regarding Coverage
5.1.6 Growing Industry

5.2 Challenges
5.2.1 Barrier to Entry
5.2.2 Risks for a Pet Insurance Company
5.2.3 High Competition

5.3 Market Trends
5.3.1 Expanding Distribution Channels Options
5.3.2 Association With Competing Payment Options
5.3.3 Technological and Efficiency Improvements
5.3.4 Expansion of Exotic Pet Insurance

6. Competitive Landscape

6.1 The US Pet Insurance Market: Player Analysis
6.1.1 The US Pet Insurance Market Player by Share

6.2 The US Pet Insurance Market Player: Price Comparison

7. Company Profiling

7.1 Trupanion Inc.
7.1.1 Business Overview
7.1.2 Financial Overview
7.1.3 Business Strategy

7.2 FigoPet Insurance
7.2.1 Business Overview
7.2.2 Business Strategy

7.3 ASPCA Pet Insurance
7.3.1 Business Overview
7.3.2 Financial Overview
7.3.3 Business Strategy

7.4 Pet Plan Insurance
7.4.1 Business Overview
7.4.2 Financial Overview
7.4.3 Business Strategy

List of Figures

Figure 1: Pet Insurance vs Without Pet Insurance
Figure 2: Types of Pet Insurance
Figure 3: Benefits of Pet Insurance
Figure 4: Global Pet Insurance Market by Value; 2017-2022(US$ Billion)
Figure 5: Global Pet Insurance Market by Region (The US and Rest of the World); 2017 (Percentage, %)
Figure 6: The US Pet Expenditure by Value; 2013-2017 (US$ Billion)
Figure 7: The US Pet Expenditure by Value; 2018-2022 (US$ Billion)
Figure 8: The US Pet Expenditure by Basic Annual Expenses For Dogs And Cats; 2017-2018 (US$)
Figure 9: The US Pet Expenditure by Category (Live animal purchase, Pet services, Food, Supplies/OTC medicines and Vet care) ; 2017-2018 (Percentage, %)
Figure 10: The US Pet Insurance Market by Value; 2013-2017 (US$ Million)
Figure 11: The US Pet Insurance Market by Value; 2018-2022 (US$ Billion)
Figure 12: The US Pet Insurance Market by Products and Services; 2017-2018 (Percentage, %)
Figure 13: The US Pet Insurance Market by Number of Pets Insured; 2008-2017 (Million)
Figure 14: The US Pet Insurance Market with Dog Ownership; 2011-2017 (Million)
Figure 15: The US Pet Insurance Market with Cat Ownership; 2011-2017 (Million)
Figure 16: The US Pet Insurance Market by Total Number of Pets; 2011-2018 (Million)
Figure 17: The US Pet Insurance Market by Top Encouraging Reasons; 2017
Figure 18: The US Pet Ownership by Species; 2017-2018 (Percentage, %)
Figure 19: The US Pet Insurance Market with Household Share; 2017 (Percentage, %)
Figure 20: Number of US Households with Pets (Cats & Dogs); 2017 (Million)
Figure 21: The US Pet Ownership Share; 2017 (Percentage, %)
Figure 22: The US Pet Ownership Share by Age; 2017 (Percentage, %)
Figure 23: The US Insured Pet Share by Generation; 2017
Figure 24: The US GNI Per Capita; 2013-2017 (US$)
Figure 25: Different Distribution Channels for Pet Insurance; 2017
Figure 26: The US Pet Insurance Market Player by Share; 2017 (Percentage, %)
Figure 27: Trupanion Inc. Revenue; 2013-2017 (US$ Million)
Figure 28: Trupanion Inc. Revenue by Segment; 2017 (Percentage, %)
Figure 29: ASPCA Pet Insurance Revenue; 2014-2017 (US$ Million)
Figure 30: ASPCA Pet Insurance Revenue by Segment; 2017 (Percentage, %)
Figure 31: Pet Plan Insurance Revenue; 2013-2017 (US$ Million)
Table 1: Barriers to the New Entrants
Table 2: The US Pet Insurance Market Players by Pet Insurance Offerings; 2017-2018
Table 3: The US Pet Insurance Players by Pet Insurance Price Comparison; 2017

SECONDARY RESEARCH
Secondary Research Information is collected from a number of publicly available as well as paid databases. Public sources involve publications by different associations and governments, annual reports and statements of companies, white papers and research publications by recognized industry experts and renowned academia etc. Paid data sources include third party authentic industry databases.

PRIMARY RESEARCH
Once data collection is done through secondary research, primary interviews are conducted with different stakeholders across the value chain like manufacturers, distributors, ingredient/input suppliers, end customers and other key opinion leaders of the industry. Primary research is used both to validate the data points obtained from secondary research and to fill in the data gaps after secondary research.

MARKET ENGINEERING
The market engineering phase involves analyzing the data collected, market breakdown and forecasting. Macroeconomic indicators and bottom-up and top-down approaches are used to arrive at a complete set of data points that give way to valuable qualitative and quantitative insights. Each data point is verified by the process of data triangulation to validate the numbers and arrive at close estimates.

EXPERT VALIDATION
The market engineered data is verified and validated by a number of experts, both in-house and external.

REPORT WRITING/ PRESENTATION
After the data is curated by the mentioned highly sophisticated process, the analysts begin to write the report. Garnering insights from data and forecasts, insights are drawn to visualize the entire ecosystem in a single report.

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