Asia Pacific Pet Insurance Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Asia Pacific Pet Insurance market is segmented by Policy (Accidents, Chronic Conditions, Others), Animal, Provider and Geography.

Market Snapshot

Asia Pacific Pet Insurance Market Overview
Study Period: 2018 - 2026
Base Year: 2020
CAGR: 6.5 %
Asia Pacific Pet Insurance Market Major Players

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Market Overview

The Asia Pacific Pet Insurance market studied is anticipated to grow with a CAGR of nearly 6.5%, during the forecast period. certain factors that are driving the market growth include increasing number of pet adoption and rising awareness regarding pet insurance in the region.The past few years have observed a significant rise in the adoption of animals, including dogs and cats as companion animals, Dogs and cats are not only the most preferred pets but are also known to improve the physical and mental health of humans. ​As per the Chinese pet industry 2018 white paper, more than 91.49 million dogs and cats were being raised as pets in urban areas of China, which means 9% of urban population (813.47 million) in 2017 had pets. However, low adoption in emerging countries​ is a significant restraining factor in the region for the pet insurance market growth,

Scope of the Report

As per the scope, pet insurance refers to an insurance policy bought by a pet owner that helps to lessen the overall costs of expensive veterinary bills. Such coverage is more or lesssimilar to health insurance policies for humans. Pet insurance usually cover the often expensiveveterinary procedures, either entirely or partly.

By Policy
Accidents
Chronic Conditions
Others
By Animal
Dog
Cat
Others
By Provider
Public
Private
Geography
Asia Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific

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Key Market Trends

Chronic Conditions Shows Lucrative Growth Opportunity in the Asia Pacific Pet Insurance Market

Over the past years, there has been a significant rise in the prevalence of chronic diseases in pets. Hence, the major factor driving growth of the chronic condition segment is the increase in prevalence of various chronic conditions in pet animals. According to Indian Veterinary Research Institute (IVRI), canine cancer cases has more than doubled from 94 to 209 in the period between 2006-07 and 2016-17. Along with the Increasing prevalence of the chronic diseases in the pets, the growing number of pet owners seeking pet insurance is also a major factor driving the market in Asia Pacific pet insurance market. For instance, According to a 2019 article titled “China's pet insurance market sees bright future”, it was found that in between 2015 – 2018 there were only 5,000 pet insurance clients in China but currently it is risen to 1,60,000 pet insurance clients in the country.

Asia Pacific Pet Insurance Market Trends

Asia Pacific Pet Insurance Market Growth

Competitive Landscape

Asia Pacific pet insurance market is competitive and consists of a number of major players. Companies like Anicom Holdings Inc, The New India Assurance Company Limited, Pet Insurance Australia, Rakuten Inc, The People's Insurance Company of China, Guide Dogs Pet Insurance Australia among others, hold the substantial market share in the market.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Increasing Pet Adoption

      2. 4.2.2 Rising Awareness Regarding Pet Insurance

    3. 4.3 Market Restraints

      1. 4.3.1 Low Adoption in Emerging Countries

    4. 4.4 Porter's Five Force Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Policy

      1. 5.1.1 Accidents

      2. 5.1.2 Chronic Conditions

      3. 5.1.3 Others

    2. 5.2 By Animal

      1. 5.2.1 Dog

      2. 5.2.2 Cat

      3. 5.2.3 Others

    3. 5.3 By Provider

      1. 5.3.1 Public

      2. 5.3.2 Private

    4. 5.4 Geography

      1. 5.4.1 Asia Pacific

        1. 5.4.1.1 China

        2. 5.4.1.2 Japan

        3. 5.4.1.3 India

        4. 5.4.1.4 Australia

        5. 5.4.1.5 South Korea

        6. 5.4.1.6 Rest of Asia-Pacific

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 The New India Assurance Company Limited

      2. 6.1.2 Oriental Insurance

      3. 6.1.3 Rakuten Inc

      4. 6.1.4 ipet Insurance

      5. 6.1.5 Anicom Insurance Inc.

      6. 6.1.6 The People's Insurance Company of China

      7. 6.1.7 Guide Dogs Pet Insurance Australia

      8. 6.1.8 Medibank Private Limited

      9. 6.1.9 Pet Insurance Australia

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments

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Frequently Asked Questions

The Asia Pacific Pet Insurance Market market is studied from 2018 - 2026.

The Asia Pacific Pet Insurance Market is growing at a CAGR of 6.5% over the next 5 years.

Anicom Holdings Inc, Pet Insurance Australia, Medibank Private Limited, rakuten inc , ipet Insurance are the major companies operating in Asia Pacific Pet Insurance Market.

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