Five trends that will double the U.S. pet health insurance market by 2022October 5, 2018 The U.S. pet health insurance industry, estimated at slightly over $1 billion in 2017, will nearly double to reach $2 billion by 2022, according to Rockville, Md.-based Packaged Facts market research firm. The findings were featured in the recently published report, Pet Insurance in the U.S., 6th Edition. The pet insurance market will grow more than 14 percent per year, supported by a number of trends in both this emerging market and competitive ones, according to company experts. Increased consumer awareness will be crucial to growth. "Consumers are increasingly aware of the available pet insurance plans in the U.S. marketplace," said David Sprinkle, research director for Packaged Facts. "Through marketing efforts and consumer education by pet insurance companies and associations, consumers are learning the benefits that pet insurance can offer when a pet becomes ill or injured. "For example, pet insurance companies use social media and their websites to grow consumer awareness of their offerings by sharing information on pet health, dog and cat breeds, and how pet insurance works. As market penetration remains low, these efforts are crucial to continued growth in the number of policies in force." Packaged facts targeted …
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