Overview and Scope
Pet insurance refers to a policy purchased by a pet owner to offset the overall cost of their animal’s medical bills. Pet insurance provides cover for veterinary fees if your pet is injured or becomes ill, and is a sensible approach to making sure this does not become a concern.
Sizing and Forecast
The pet insurance market size has grown rapidly in recent years. It will grow from $7.92 billion in 2023 to $9.22 billion in 2024 at a compound annual growth rate (CAGR) of 16.5%. The growth in the historic period can be attributed to increased pet ownership, rising veterinary care costs, growing awareness of pet health and wellness, humanization of pets, advances in veterinary medical treatments.
The pet insurance market size is expected to see rapid growth in the next few years. It will grow to $17.35 billion in 2028 at a compound annual growth rate (CAGR) of 17.1%. The growth in the forecast period can be attributed to expansion of customized pet insurance plans, rising pet adoption rates, increasing prevalence of pet-related regulations, rising urbanization, increasing number of companies offering innovative pet insurance schemes. Major trends in the forecast period include technological advancements in claims processing, telemedicine and virtual vet consultations, inclusion of alternative therapies in pet insurance coverage, emergence of bundled pet insurance and wellness packages, collaborations between pet insurance providers and pet care businesses.
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Segmentation & Regional Insights
The pet insurance market covered in this report is segmented –
1) By Policy Coverage: Accident And Illness, Accident Only
2) By Animal Type: Dog, Cat
3) By Provider: Public, Private
North America was the largest region in the pet insurance market in 2023. The regions covered in the pet insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
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Major Driver Impacting Market Growth
The increase in number of pet adoption is expected to continue during the forecast period driving pet insurance market. During the COVID-19 pandemic demand for adopting or fostering pets, rose worldwide, from Canada to India. Adopting pets help people by providing health benefits such as from lowering blood pressure to reducing stress, anxiety. For instance, in July 2022, according to the American Society for the Prevention of Cruelty to Animals, a US-based non-profit organization, only 3.2 million of the roughly 6.5 million animals that enter shelters each year are adopted. Further, in July 2022, according to the Humane Society, an India-based animal protection organization, every year, 31% of cats and 28% of dogs are adopted from shelters. Thus increasing number of pet adoption will boost the growth of pet insurance market.
Key Industry Players
Major companies operating in the pet insurance market report are Trupanion Inc., DFV Deutsche Familienversicherung AG, Pet Plan Limited, Animal Friends Insurance Ltd., Figo Pet Insurance LLC, 24Petwatch Pet Insurance, Allstate Property and Casualty Insurance Company, American Society for the Prevention of Cruelty to Animals, Embrace Mobile Inc., Fetch Pet Insurance, Berkshire Hathaway Inc., Healthy Paws Pet Insurance LLC, Lemonade Inc., Nationwide Mutual Insurance Company, PetFirst Healthcare LLC, Pets Best Insurance services LLC, Prudent Pet Insurance Agency LLC, Team Pumpkin Ltd., Spot AI Inc., American Kennel Club Inc., American Modern Insurance Group Inc., Bivvy LLC, C&F Insurance Agency Inc., Hartville Group Inc., PetPartners Inc., PetPremium Inc., Amica Mutual Insurance Company, ASPCA Pet Health Insurance, Farmers Insurance Exchange, Erie Insurance Group
The pet insurance market report table of contents includes:
- Executive Summary
- Market Characteristics
- Market Trends And Strategies
- Impact Of COVID-19
- Market Size And Growth
- Segmentation
- Regional And Country Analysis
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- Competitive Landscape And Company Profiles
- Key Mergers And Acquisitions
- Future Outlook and Potential Analysis
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