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Luton, Bedfordshire, United Kingdom, Nov. 05, 2024 (GLOBE NEWSWIRE) — The pet insurance market is experiencing significant growth, driven by factors such as increasing pet populations, higher insurance adoption in developing regions, rising veterinary costs, major company initiatives, and the humanization of pets. According to NAPHIA’s 2024 State of the Industry report, there are now 6.25 million insured pets in North America, a 16.6% increase from 5.36 million in 2022.

The rising prevalence of diseases in pets and the growing trend of pet adoption are expected to further fuel market demand. Pet insurance helps mitigate costs associated with serious medical conditions, making it increasingly essential as veterinary services become more advanced and expensive. Innovations like online platforms and virtual care programs are also enhancing connections between pet owners and care providers, supporting the growth of the insurance sector.

Additionally, the COVID-19 pandemic led to a surge in pet ownership, with many first-time pet owners expressing interest in insurance. According to Pet plan, 47% of respondents acquired pets during the pandemic, driven by remote work and the desire for companionship. As veterinary care costs rise—spinal surgeries can exceed USD 13,000—pet insurance is becoming crucial. NAPHIA’s report highlights a significant rise in claims, with the highest recorded claim exceeding USD 59,000 for a cat with a severe medical condition, demonstrating the vital role of insurance in managing these expenses.

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Market Overview and Dynamics

The pet insurance sector is marked by significant innovation driven by advancements in veterinary medicine and a variety of insurance options tailored for different animal species. The rising trend of treating pets as family members, along with increased pet adoptions, has intensified the demand for insurance. As treatment options for pets expand, healthcare costs are rising, prompting owners to seek insurance to alleviate these expenses. Industry players are adapting by modifying existing plans and developing new ones to meet specific needs.

While pet insurance primarily covers dogs and cats, it also includes horses and exotic animals. There is a common misconception that pet insurance functions like human health insurance; however, it is classified as property insurance, meaning reimbursement occurs after the owner submits a claim following care.

The increase in dog rescue facilities and rehabilitation services for sick pets has further stimulated market growth. Rising veterinary costs, coupled with expensive medical procedures and medications, are driving demand for insurance. The global pet insurance market is projected to grow at a CAGR of 15.5%, reaching an estimated $50 billion by 2034.

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Regional Expansion and Market Strategies

Growth within the pet insurance market involves extending coverage to new geographical areas, driven by increased pet ownership, greater health awareness, and financial protection against unforeseen veterinary expenses. For instance, in August 2024, Trupanion expanded its operations in Europe by launching a pet medical insurance plan in Switzerland and Germany.

Market players are implementing various strategic initiatives, such as introducing new policies, forming partnerships, and pursuing mergers and acquisitions. Notably, JAB Holding Company acquired Pumpkin in April 2023 to strengthen its position in the rapidly expanding sector.

Competitive Landscape and Regulatory Framework

The entry of larger companies into the pet insurance market is expected to increase competition. For example, in December 2023, Embrace Pet Insurance insured approximately 600,000 pets nationwide. As the value of insurance becomes more recognized, new providers with unique business models are emerging.

Each region has its regulatory framework governing the insurance industry. In the U.S., the National Association of Insurance Commissioners (NAIC) oversees compliance and consumer protection. In 2023, the NAIC adopted the Pet Insurance Model Act, addressing key aspects such as pre-existing conditions and pet wellness programs.

Coverage Insights

The accident and illness segment dominated the market, capturing about 85% of the share in 2024, driven by rising veterinary costs, a growing pet population, and increased awareness of insurance value. This segment is expected to maintain robust growth as policies cover various conditions, from acute and chronic diseases to medications and diagnostic tests.

Conversely, liability insurance policies are anticipated to grow the fastest between 2025 and 2030, particularly in countries where pet owners are required to have such coverage. For instance, Luko provides dog liability insurance across several European nations.

Animal Insights

In 2024, dogs accounted for 60% of the market share due to high adoption rates. According to the American Pet Products Association, approximately 66% of U.S. households own at least one pet, with dogs comprising about 80% of the insured pet population.

The segment covering horses, small mammals, and birds is projected to grow at the highest CAGR, spurred by increased pet adoption and the expansion of insurance offerings. For example, Agria introduced a horse insurance plan covering veterinary fees up to €10,000, and Petco partnered with Nationwide Pet Insurance in January 2024 to launch a health insurance plan for various animals.

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Sales Channel Insights

In 2024, the direct sales channel segment held the largest market share at 34%, driven by major pet insurance providers adopting direct sales strategies. For instance, Deutsche Familienversicherung AG reported that direct sales accounted for 8% of their new business in 2023, reflecting a notable increase from the previous year, alongside a 21% boost in online sales.

Conversely, the segment encompassing animal care centers, veterinary clinics, and similar entities is projected to grow at the fastest rate during the forecast period. This growth is fueled by providers forming multi-faceted partnerships to enhance pet benefits and expand market reach. A significant development in this area occurred in February 2024 when Tractive, the leading pet wearables firm in the UK and Europe, launched Tractive Pet Cover. This insurance product, developed in collaboration with Ignite and Covéa, provides comprehensive lifetime coverage for dog and cat owners in the UK, offering up to £9,000 (approximately $11,500) in annual vet fees for accidents, illnesses, dental treatment, and third-party liability.

Regional Insights

North America
The North American pet insurance market secured the second-largest revenue share in 2024, driven by increasing adoption rates of pet insurance. According to NAPHIA’s 2024 statistics, the gross written premium (GWP) for pet insurance in the U.S. and Canada surged from $1.56 billion in 2019 to $3.91 billion in 2023, reflecting an increase of over 25%.

The U.S. pet insurance market boasts a substantial customer base, with approximately 67% of households owning pets. This creates significant opportunities for pet insurance companies. A notable initiative by Spot Pet Insurance, in partnership with philanthropist MrBeast, aims to facilitate the adoption of 100 homeless pets and provide lifelong insurance coverage, potentially exceeding $1 million in premiums. Such initiatives highlight the industry’s trend toward addressing community issues while promoting awareness and adoption of pet insurance.

Europe
In 2024, the European pet insurance market held a dominant revenue share of over 41%, driven by rising pet ownership, increasing adoption of pet insurance, and the presence of major companies. According to the European Pet Federation (FEDIAF), Europe housed 340 million pets in 2022, with cats and dogs being the most common. Key players like Petplan in the UK and DFV in Germany are continually implementing strategic initiatives to enhance their market share.

The Association of British Insurers (ABI) reported that pet insurance claims in 2022 exceeded £1 billion (approximately $1.28 billion), marking the highest level since 2007. This reflects rising costs associated with pet ownership and the growing number of insured pets. The pet insurance market in France is expected to grow rapidly due to increasing dog and cat ownership, alongside rising veterinary costs, which further underscores the need for insurance. Monthly premiums in France range from $8.61 to $10.79.

Asia Pacific
The pet insurance market in the Asia Pacific region is projected to grow at over 18% during the forecast period, driven by a rising trend of pet adoption and economic development. Increased awareness of veterinary health and improvements in healthcare infrastructure further contribute to this growth.

India’s pet insurance market is rapidly expanding, positioning the country among the fastest-growing markets globally. The pet care industry in India is expected to reach $800 million by 2025, with around 600,000 pets adopted annually. The COVID-19 pandemic has spurred a surge in dog adoptions, prompting insurance companies to create tailored plans. Future Generali India Insurance Company Ltd sold nearly 25,000 pet insurance policies in the last quarter of 2022, showcasing significant growth potential.

Latin America
The Latin American pet insurance market is poised for growth, driven by increased veterinary healthcare penetration, rising per capita income, and heightened awareness of pet insurance benefits. Brazil leads the region with an estimated pet population of 160 million, according to reports, suggesting an average of nearly two pets per household. This rise in pet ownership is fueling the growth of the pet insurance industry, driven by trends of humanization and increasing ownership rates.
Middle East and Africa (MEA)
The MEA pet insurance market is expected to grow, supported by rising awareness of animal health in developing countries like Saudi Arabia and South Africa. South Africa has been involved in research initiatives assessing the impact of drugs on pets, and the establishment of the South African Veterinary Association has enhanced regulatory control in the veterinary sector.

Key players like Oneplan, Medipet, Dotsure, Pet Sure, and Hollard are actively launching new premium plans to increase their market presence. In September 2024, Tree Digital Insurance Agency launched a digital insurance platform designed for pet owners, further enhancing adoption.

Key Insights into Pet Insurance Companies

The pet insurance market is characterized by moderate fragmentation and competition, with substantial growth driven by significant investments in providers. JAB Holding Company has been acquiring various insurance and veterinary companies in North America and Europe, including prominent players like Figo, Pet Partners, AKC, ASPCA, Pets Plus Us, and Pumpkin Petcare, solidifying its dominance in the sector.

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Key Pet Insurance Companies:

The following are the leading companies in the pet insurance market. These companies collectively hold the largest market share and dictate industry trends.

• Waggel Limited
• Feather Insurance
• Trupanion, Inc.
• Deutsche Familienversicherung AG (DFV)
• Getsafe GmbH
• Napo Limited
• Tesco
• Sainsbury Bank Plc
• Fressnapf Holding SE
• HDFC Ergo
• AliPay
• Nationwide Mutual Insurance Company
• Anicom Insurance
• Petplan (Allianz)
• Jab Holding Company
• Direct Line
• Lassie
• EQT Group
• MetLife Services and Solutions, LLC

Recent Developments in the Pet Insurance Market

• August 2024: Apollo Insurance, a Canadian insurance broker, introduced a new insurance plan that covers medical expenses for various pets, including dogs and cats.
• June 2024: Trupanion and Boehringer Ingelheim announced a partnership aimed at enhancing access to veterinary care. This collaboration will provide Trupanion clients with curated veterinary information and tips.
• April 2024: HDFC ERGO Insurance launched Paws n Claws, a customizable pet insurance plan for dogs that covers a range of veterinary costs, including diagnostic tests, treatments, and medications.
• January 2024: Five Sigma, a leader in cloud-based claims management solutions, formed a strategic alliance with Odie Pet Insurance. This partnership is focused on making pet insurance more accessible and affordable while revolutionizing the claims process.
• November 2023: Fetch partnered with Best Friends Animal Society, a national organization aiming to end the euthanasia of shelter pets by 2025. Fetch will make substantial donations to support the Society’s efforts to rehome shelter animals.

Market Segments:

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Rockville, MD , Nov. 05, 2024 (GLOBE NEWSWIRE) — Global demand for stair lifts is on the rise as the number of multi-story houses that pose challenges for disabled individuals to navigate within their homes rises. According to this new report by Fact.MR, the global stair lift market is estimated to reach a valuation of US$ 1.58 billion in 2024 and thereafter expand at a CAGR of 7.1% from 2024 to 2034.

The market has been expanding at a decent pace due to widespread adoption in hospitals, where these lifts assist elderly patients with limited mobility in moving around. Significant number of people sustain injuries that affect their mobility and bodily movements. These ailments make it challenging for them to ascend stairs, and they therefore rely on stair lifts.

Muscular disorders, such as Parkinson’s disease, can impair muscle control and mobility. These conditions necessitate the use of stair lifts for everyday activities, thus increasing market prospects for manufacturers. Market conditions in the industry are predicted to become more conducive as long-term health conditions become more prevalent among the general public.

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Key Takeaways from Market Study:

• The global stair lift market is forecasted to reach a valuation of US$ 3.13 billion by 2034-end.
• The market in North America is projected to expand at a CAGR of 7.6% from 2024 to 2034.
• The United States is projected to occupy a market share of 5% in North America by 2034.
• The Japanese market is projected to expand at a CAGR of 3% from 2024 to 2034.
• Sales of straight stair lifts reached US$ 502.3 million in 2019 and are projected to increase US$ 1.55 billion by the end of 2034.
• The healthcare segment is projected to expand at a CAGR of 5% from 2024 to 2034.

“The stair lift market is projected to expand at a significant pace due to its adoption in hospitals and increasing demand from individuals with mobility issues due to injuries and muscular disorders,” says a Fact.MR analyst.

Leading Players Driving Innovation in the Stair Lift Market:

Key industry participants like Handicare, Stannah Lifts, Otolift, Platinum Stairlifts, American Elevator, Ascent Mobility, Kumalift, Daido Kogyo, Dream Lifts, Garaventa Lift, Liftstrade Private Limited etc. are driving the stair lift industry.

Increasing Adoption of VR and 3D Imaging in Stair Lift Manufacturing:

With the proliferation of e-Commerce, stair lifts and climbing devices are now more easily available, with many businesses offering refurbished options. The integration of emerging digital trends like virtual reality and 3D imaging in the design of used stair lifts enhances product quality. Customers can visualize how the stairs will look once installed using 3D imaging. Additionally, virtual reality technologies improve the speed of measurement in stair lift construction, allowing for better visualization of graphical elements such as rail color.

Stair Lift Industry News:

• In October 2021, Garaventa Lift launched its first European showroom in Switzerland, a significant milestone for the company in a key market.
• In March 2022, Mobility Stairlifts initiated stair lift removal services across the United Kingdom. The company claims its trained technicians can efficiently remove stair lifts from manufacturers like Stannah, Thyssen Krupp, Acorn, and Brooks that are less than five years old. They assure homeowners that the removal of both straight and curved stair lifts can be completed in under 60 minutes, minimizing disruption during the process.

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More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the stair lift market for 2019 to 2023 and forecast statistics for 2024 to 2034.

The study divulges essential insights into the market based on product type (straight stair lifts, curved stair lifts, platform stair lifts), power source (AC, battery), and location (residential spaces, commercial spaces), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe East Asia, South Asia & Pacific, and MEA).

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Biobanking equipment market is expected to exhibit a high CAGR of 7.1%. Sales of biobanking equipment worldwide are estimated to surpass US$ 2,000 million

About Us:

Fact.MR is a distinguished market research company renowned for its comprehensive market reports and invaluable business insights. As a prominent player in business intelligence, we deliver deep analysis, uncovering market trends, growth paths, and competitive landscapes. Renowned for its commitment to accuracy and reliability, we empower businesses with crucial data and strategic recommendations, facilitating informed decision-making and enhancing market positioning. With its unwavering dedication to providing reliable market intelligence, FACT.MR continues to assist companies in navigating dynamic market challenges with confidence and achieving long-term success. With a global presence and a team of experienced analysts, FACT.MR ensures its clients receive actionable insights to capitalize on emerging opportunities and stay ahead in the competitive landscape.

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Wilmington, Delaware, United States, Transparency Market Research Inc. -, Nov. 05, 2024 (GLOBE NEWSWIRE) — The global technical ceramics market (기술 도자기 시장) is estimated to flourish at a CAGR of 6.7% from 2023 to 2031. Transparency Market Research projects that the overall sales revenue for technical ceramics is estimated to reach US$ 16.2 billion by the end of 2031.

A pivotal growth factor is the rise of space exploration initiatives. The increased exploration of outer space demands ceramics that can withstand extreme conditions, such as thermal shock and radiation resistance. This specialized requirement has spurred research and development in ceramics suitable for aerospace applications, including propulsion systems and satellite components.

The integration of ceramics in renewable energy technologies constitutes an emerging driver. As the world shifts towards cleaner energy sources, ceramic components play a crucial role in solar panels, fuel cells, and energy storage systems. The demand for ceramics capable of withstanding high temperatures, corrosion, and electrical insulation in these applications fuels market growth.

The advent of smart cities and IoT infrastructure creates a demand for ceramics in sensors and communication devices. Ceramics’ durability and ability to withstand harsh environments align with the requirements of smart infrastructure, fostering innovation in this niche.

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Key Findings of the Market Report

• Alumina ceramics remain at the forefront of the technical ceramics market, valued for their versatility, high strength, and exceptional properties.
• Ceramic matrix composites dominate the technical ceramics market, exhibiting superior properties for high-performance applications in various industries.
• Electrical & electronics segment leads the technical ceramics market due to high demand for advanced ceramics in electronic components and circuits.

Technical Ceramics Market: Competitive Landscape

The technical ceramics market thrives amidst robust competition characterized by key players dominating distinct segments. Companies like Kyocera Corporation, CoorsTek Inc., and CeramTec GmbH lead with extensive product portfolios across aerospace, electronics, and healthcare sectors.

Innovative solutions by Morgan Advanced Materials and NGK Spark Plug Co. push the boundaries of material science, while Mantec Technical Ceramics focuses on specialized applications. Emerging players like McDanel Advanced Ceramic Technologies and Dyson Technical Ceramics bring agility and niche expertise, intensifying competition.

Factors like R&D investments, strategic collaborations, and product diversification define this competitive landscape, where innovation, material advancements, and application-specific customization remain pivotal for sustained growth and market prominence. Some prominent manufacturers are as follows:

• 3M
• Morgan Advanced Materials
• CeramTec
• Kyocera Corporation
• Saint-Gobain Ceramic Materials
• NGK Spark Plug Co. Ltd.
• Imerys Ceramics
• Superior Technical Ceramics
• Rauschert GmbH
• McDanel Advanced Ceramic Technologies
• Dyson Technical Ceramics
• CoorsTek Inc.

Technical Ceramics Market Growth Drivers & Trends

• Rising demand across aerospace, electronics, and healthcare sectors fuels the technical ceramics market, driven by their high-performance properties and durability for critical applications.
• Adoption of precision engineering, additive manufacturing, and nanotechnology accelerates product innovation and customization in technical ceramics.
• Miniaturization trends and the need for high-temperature stability and electrical insulation drive the market for ceramic components in electronic devices and circuits.
• Rising environmental concerns propel the development of eco-friendly and recyclable technical ceramics, aligning with global sustainability goals and consumer preferences.
• Increased usage of ceramics in medical implants, dental applications, and diagnostic equipment drives market growth, leveraging ceramics’ biocompatibility and durability in healthcare solutions.

Global Technical Ceramics Market: Regional Profile

• North America stands as a leading market, driven by robust technological advancements in aerospace, electronics, and healthcare sectors. Companies like CoorsTek Inc. and Kyocera Corporation capitalize on innovation, catering to demanding applications, while stringent regulations enhance market stability.
• In Europe, a strong emphasis on sustainability and environmental regulations propels advancements in technical ceramics. CeramTec GmbH and Morgan Advanced Materials lead with eco-friendly solutions, responding to rising demands across automotive and industrial sectors.
• The Asia Pacific emerges as a burgeoning market due to rapid industrialization and technological adoption. Companies like NGK Spark Plug Co. and Kyocera Corporation capitalize on this growth, offering tailored solutions for electronics and automotive industries. Government initiatives promoting manufacturing innovation in countries like China and India fuel market expansion, shaping the region as a pivotal player in the global technical ceramics landscape.

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Technical Ceramics Market: Key Segments
By Material

• Alumina Ceramics
• Titanium Ceramics
• Zirconia Ceramics
• Others (including Magnesium Oxide and Sintered Fused Silica)

• Alumina Nitride
• Silicon Nitride
• Silicon Carbide
• Others (including Boron Carbide and Silicon Aluminum Oxynitride)

By Product

• Monolithic Ceramics
• Ceramic Matrix Composites
• Ceramic Coatings
• Others (including Advanced Coatings and Multilayer Ceramics)

By Application

• Electrical Insulators
• Passive Components
• Piezoelectric Ceramics
• Others (including Medical Pumps and Tissue Engineering Scaffolds)

• Medical Implants
• Dental Ceramics
• Implantable Electronic Devices
• Others (including Ceramic Electronic Substrates and Temperature Co-fired Ceramics)

• Automotive
• Energy & Power
• Others (including Chemical Products and Consumer Goods)

By Region

• North America
• Latin America
• Europe
• Asia Pacific
• Middle East & Africa

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More Trending Report by Transparency Market Research:

Ceramic Tiles Market (セラミックタイル市場) – The global ceramic tiles market stood at US$ 100.1 Bn in 2021 and is projected to reach US$ 210.3 Bn by 2031.

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About Transparency Market Research

Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.

Our data repository is continuously updated and revised by a team of research experts, so that it always reflects the latest trends and information. With a broad research and analysis capability, Transparency Market Research employs rigorous primary and secondary research techniques in developing distinctive data sets and research material for business reports.

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