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APAC Pet Insurance Market revenue to cross $1.8 Bn by 2027
Published Date: 2021-04-27
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APAC Pet Insurance Market size is poised to reach USD 1.8 billion by 2027, according to a latest forecast report by Graphical Research.
There has been a significant rise in the prevalence of chronic diseases in pets across the Asia Pacific region. For instance, according to Indian Veterinary Research Institute (IVRI), canine cancer cases have more than doubled in the period between 2006-07 and 2016-17. Thus, rising prevalence of chronic conditions such as cancer and diabetes in pets increases the demand for pet insurance, thereby fostering the regional pet insurance market growth. Furthermore, pet insurance providers including Anicom Holdings Inc. undertake various strategic initiatives to expand their product portfolio as well as customer base.
However, lack of awareness regarding pet insurance products and services are comparatively high in the developing regions. The per capita income for developing countries is less in comparison to developed countries in the west. Private veterinary practices are rarely seen in developing regions, due to which population does not regard pet insurance as a priority.
The accident only segment accounted for USD 24.5 million in 2020 and is expected to show stable growth of 4.9% till 2027. Accident only plans will only provide reimbursement for emergency care related to accident including car injuries. Also, accident only policy is most favorable policy coverage that plays significant role in case of accident, increasing its adoption over the coming years.
The cat segment is predicted to record a CAGR of around 8.7% till 2027. Cats are increasingly being adopted in various countries of Asia Pacific region such as Japan, Australia, India and China among others. For instance, according to the data from Royal Society for the Prevention of Cruelty to Animals (RSPCA), in Australia, there were nearly 4.5 million cats in 2019.
Browse detailed statistical insights from the report, “Asia Pacific Pet Insurance Market Size By Animal (Cat, Dog), By Policy Coverage (Accident Only, Accident & Illness), By Provider (Public, Private), Research Report, Country Outlook (China, India, Japan, Australia, South Korea, Malaysia, Singapore, Thailand), Price Trends, Growth Prospects, Competitive Industry Share & Forecasts, 2021 - 2027” along with the table of contents (ToC) @
The public provider segment is estimated to surpass USD 196.7 million by 2027. Public insurance providers offer schemes that cover multiple pets in a single plan to retain customers. Such scheme will attract more customers to opt for various policy coverage provided by public providers. Furthermore, growing adoption of pets in Asia Pacific has stimulated the insurance companies to offer several coverage policies to the pet owners to receive reimbursement for their pet’s health.
The Japan pet insurance market is anticipated to exhibit a CAGR of 6.6% during the forecast period. The growing adoption of pet animals is anticipated to upsurge the spending on health care needs of pet animals. According to the Japan Pet Association report, there were nearly 8.92 million pet dogs and 9.52 million pet cats in Japan in 2017. Furthermore, increasing number of private players operating in the pet medical insurance industry will positively impact the local market growth.
Major key players operating in Asia Pacific pet insurance industry are Anicom Holding, The Oriental Insurance Company, Oneplan. Royal & Sun Alliance, Petplan and Hollard among others. These companies focusing on various business strategies such as collaboration, geographic expansion to strengthen their market position. For instance, in April 2020, OneDegree, a Hong Kong-based insurance provider launched its first product line of medical plans for pets called Pawfect Care. Pawfect Care’s pet insurance includes coverage of medical costs related to COVID-19. This strategy is expected to increase its revenue and expand customer base.
The APAC pet insurance market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2016 to 2027, for the following segments:
Asia Pacific Market, By Policy Coverage
- Accident only
- Accident & illness
Asia Pacific Market, By Animal
Asia Pacific Market, By Provider
- Private provider
- Public provider
The above information has been provided for the following countries:
- Asia Pacific
- South Korea