The market for pet insurance for pet dogs and cats continues to grow steadily. The domestic pet insurance market opened in 2008. The market size, which was about 30 billion yen in 2014, is expected to grow fourfold to about 125 billion yen in 2023. This pet insurance market is expected to continue to grow steadily. In response to this trend, companies are looking at pet insurance as promising. They see a lot of room for the pet market to expand. According to the NTT Data Institute of Management Consulting, the subscription rate for pet insurance in Japan is only 9.4% as of 2022. In Sweden, which is said to be the birthplace of pet insurance, the subscription rate is 65%, and in the UK it is 25%. Compared to these countries, the subscription rate for pet insurance is low.
The aging society has created a new market for seniors. Not only for humans, but also in the pet market, pets are living longer into old age. One of the factors supporting this old age is veterinary medicine. The expansion of the pet market is due to the longer life spans of pets, which have been made possible by the development of veterinary medicine. As pets live longer, products and services that focus on pet health are attracting attention. The partnership between Pope and the major American retailer Walmart has become a hot topic. Walmart now offers Pope’s remote medical care service to special members. The partnership between Pope and Walmart seems to suggest that remote medical care for pets will become more popular. In addition to Walmart, there are also companies that offer services that combine consultations, prescription issuance, and pet insurance.
Recently, there has been an increase in pet lovers who are willing to spend money and time on their pets. As pets become part of the family and their food and living environment improve, their lifespans are increasing. It seems that pets are now expected to have not only an average lifespan, but also a healthy lifespan, just like humans. The average lifespan of dogs and cats is about one-sixth that of humans. Owners will have to spend their time watching their pets age. It is sad to watch the end of a pet that you have lived with for many years. If owners are involved in caring for a pet for a long time, they may fall into a state of depression. Statistics show that people who own pets are 1.9 times more likely to suffer from depression than those who do not. The future of pet insurance that emerges from this may incorporate mechanisms to extend the healthy lifespan of pets and prevent depression in owners.
