Pet Insurance Market is segmented By Policy (Illnesses and Accidents, Chronic conditions, Others), By Animal (Dog, Cat, Others), By Provider (Private, Public, Others), By Region (North America, Europe, South America, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis 2024- 2031
Pet Insurance Market Overview
The Global Pet Insurance Market reached USD 7.4 billion in 2022 and is expected to reach USD 67.8 billion by 2030 and is expected to grow with a significant CAGR of 32.4% during the forecast period 2024- 2031.
Pet insurance is defined as a new form of insurance that can pay partly or fully for any type of illness or injuries that happened to the pet of the corresponding pet owners.
The pet insurance policies are almost similar to the policies of human beinsg. The increasing veterinary medicines and the expensive drugs and medical treatments bound the owners to opt for an insurance for their pets. There are some insurance companies those who pays out even when the pet is lost or stolen or if they died. The growing consciousness towards the pets’ health care and their expectations towards the high standard of living is driving the pet insurance market’s growth.
Pet Insurance Market Scope
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Metrics |
Details |
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CAGR |
32.4% |
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Size Available for Years |
2022-2031 |
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Forecast Period |
2024-2031 |
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Data Availability |
Value (US$) |
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Segments Covered |
Policy, Animal, Provider and Region |
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Regions Covered |
North America, Europe, Asia-Pacific, South America, and Middle East & Africa |
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Fastest Growing Region |
Asia Pacific |
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Largest Region |
Europe |
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Report Insights Covered |
Competitive Landscape Analysis, Company Profile Analysis, Market Size, Share, Growth, Demand, Recent Developments, Mergers and Acquisitions, New Product Launches, Growth Strategies, Revenue Analysis, Porter’s Analysis, Pricing Analysis, Regulatory Analysis, Supply-Chain Analysis and Other key Insights. |
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Pet Insurance Market Dynamics
Increasing pet adoption across the globe
The trend of adopting a pet has been increasing significantly, this trend is fueling market expansion in numerous nations throughout the globe. For instance, according to data from the North American Pet Health Insurance Association, (NAPHIA), the first pet insurance has been received by the famous TV collie named Lassie. The State of the Industry Report 2022 Highlights says that the total volume of the premium pet insurance was approximately $2.6 billion. At the end of the year 2021, it has been calculated that there is a 28% increase in the pet ownership since 2020 to become 3.9 million in the U.S. An average of $583 per year or $49 per month, accident and illness premiums for dogs has been sold across U.S. The average accident and illness premium for cats was $343 per year or $29 per month. These fundamental yearly costs for the pet adoption trend will accelerate the market expansion during the anticipated period.
The lack of knowledge about the pet insurance will hamper the market’s growth
Pet insurance is still an obscure matter for the people of many developing countries. They are still unaware of pet insurance policies . Due to the less knowledge of animal healthcare facilities and having a low income, they are unable to avail these policies. Hence, due to the high cost associated with the pet care products, the high premium costs and the lack of awareness can decrease the growth in the sales of pet insurance market.
Pet Insurance Market Segment Analysis
The global pet insurance market is segmented based on policy, animal, provider, and region.
Accident and illness segment is expected to hold a major share in the year 2022
It is predicted that the accident and illness category of policy will dominate the market in the forecast period. It provides the flexible coverages of the hospitalization cost, accident and injuries, illness, medications and several others. The specific segment of accident and illness provides both the coverage in a single premium which is the major selling factor of this segment. Also, it provides the premium for both accident and illness in low cost which enhances the segment’s growth. The accident and illness category of policies provides various types of benefits with several other claims, hence it is developing the market’s growth for this type of policy significantly.
Source: DataM Intelligence Analysis (2023)
Pet Insurance Market Geographical Share
Increasing pet adoption across the European region
With a significant stake in the pet insurance market, Europe dominated the market. This is a result of consumers adopting pets. Also, many households now need more than one pet due to the rise in the number of pets over the past few years in Europe. In addition to this, the pet insurance concept was originated at sweden in 1924 and since then Europe is the biggest consumer of pet insurance. There are over 83.6 million cats, 72.7 million dogs, and 76 million other pets are present in the Europe region. According to the statistics of pet products and pet services value in Europe for the year 2021 had an estimated value of 23.5 billion euros. During the anticipated term, these trends will increase the market for pet insurance.
Source: DataM Intelligence Analysis (2023)
Pet Insurance Companies
The major global players in the market include Anicom Holdings, Trupanion, 24PetWatch, Embrace Pet Insurance Ltd, Pets Best Insurance Services LLC, Agria Pet Insurance Ltd., ASPCA, Healthy Paws Pet Insurance & Foundation, Nationwide Mutual Insurance Company, and Figo Pet Insurance LLC.
Key Developments
- In June 2022, Petplan, a leading pet health insurance provider has been acquired by the Warburg Pincus, a global private equity firm. This acquisition will provide Petplan, an access to the significant capital and resources to direct towards a meaningful growth.
- In September 2022, Trupanion, a medical insurance provider for dogs and cats, has acquired Smart Paws, a German and Switzerland based pet insurer. The acquisition will help Trupanion to grow it international footprint.
- In June 2022, the global pet insurance operations of Fair Fax Financial was acquired by JAB’s pet insurance business to expand it’s presence in the fastest growing industry.
Why Purchase the Report?
- To visualize the global pet insurance - market segmentation based on policy, animal, provider, and region, as well as understand key commercial assets and players.
- Identify commercial opportunities by analyzing trends and co-development.
- Excel data sheet with numerous data points of the pet insurance market-level with all segments.
- PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
- Product mapping available as excel consisting of key products of all the major players.
The global pet insurance market report would provide approximately 61 tables, 58 figures, and 200 Pages.
Target Audience 2024
- Manufacturers/ Buyers
- Industry Investors/Investment Bankers
- Research Professionals
- Emerging Companies
