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Follow on Google News | Pet Insurance Industry Share, Trends and Forecast 2023-2028By: IMARCgroup The global pet insurance market size reached US$ 7.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 14.2 Billion by 2028, exhibiting a growth rate (CAGR) of 12.1% during 2023-2028. Pet insurance is a form of healthcare coverage that assists in managing the costs associated with veterinary clinic bills. It provides financial protection for unexpected medical expenses, including treatments for chronic illnesses and severe injuries resulting from accidents. By alleviating the financial burden, pet insurance ensures that pet owners can provide necessary care without undue stress. Additionally, it extends coverage for damages or injuries caused by pets to third parties and offers compensation for after-death expenses. Pet insurance also supports the management of various hereditary conditions, dental care, and behavioral issues. Current Trends Shaping the pet insurance industry? The market is experiencing positive growth due to several factors, including the increasing number of nuclear families and the growing adoption of pets. As awareness about proper pet maintenance and health rises, coupled with the escalating costs of animal healthcare and advancements in treatment procedures, a favorable market environment is created. Furthermore, the efforts of non-government organizations (NGOs) in rescuing and providing shelter, meals, and healthcare to abused animals contribute to market growth. Key market players are also playing a significant role by introducing low-cost insurance plans and providing coverage for physical and material damages caused by pets. These initiatives are driving market expansion on a global scale. Who are the key players operating in the pet insurance industry (https://www.imarcgroup.com/ The report covers the major market players including:
The report has segmented the market into the following categories: By Policy:
By Animal:
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Get free Sample report: https://www.imarcgroup.com/ About Us IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses. Contact us: IMARC Group Email: sales@imarcgroup.com USA: +1-631-791-1145 | Asia: +91-120-433- Address: 134 N 4th St. Brooklyn, NY 11249, USA Website: https://www.imarcgroup.com/ End
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