What Is the Current and Forecasted Size of the Global Pet Insurance Market?
The pet insurance market has witnessed substantial growth in recent years. It is anticipated to grow from $9.18 billion in 2024 to $10.7 billion in 2025, registering a compound annual growth rate (CAGR) of 16.5%. Increased pet ownership, mounting veterinary care costs, rising awareness of pet health and wellness, humanization of pets, and advancements in veterinary medical treatments have contributed to growth in the historic period.
Further bolstering this growth, the pet insurance market is projected to reach $20.58 billion in 2029 at a CAGR of 17.8%. Projections for the forecast period are buoyed by expanding customized pet insurance plans, soaring pet adoption rates, an increasing prevalence of pet-related regulations, a rise in urbanization, and innovative pet insurance schemes introduced by multiple companies. Key trends forecasted include technological advancements in claims processing, inclusion of alternative therapies in pet insurance coverage, and the emergence of bundled pet insurance and wellness packages.
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What Factors are Driving the Global Pet Insurance Market?
The global pet insurance market is set for unwavering growth, bolstered by the surge in pet adoption, especially during the COVID-19 pandemic. Adoption and fostering of pets have offered myriad health benefits, including lower blood pressure and a reduction in stress and anxiety. For instance, in July 2022, the American Society for the Prevention of Cruelty to Animals reported that only 3.2 million of the approximately 6.5 million animals that enter shelters each year are adopted. Therefore, the increasing number of pet adoptions is expected to trigger significant growth in the pet insurance market.
Which Are the Key Segments Within the Global Pet Insurance Market?
1) By Policy Coverage: Accident And Illness, Accident Only
2) By Animal Type: Dog, Cat
3) By Provider: Public, Private
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Who Are the Key Players in the Pet Insurance Market?
Major players in the pet insurance market include 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, 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, American Kennel Club Inc., American Modern Insurance Group Inc., Bivvy LLC, Hartville Group Inc., PetPartners Inc., PetPremium Inc., Amica Mutual Insurance Company, Farmers Insurance Exchange, Erie Insurance Group.
What Emerging Trends Are Influencing the Pet Insurance Landscape?
Advancements in pet insurance and increasing awareness have emerged as key trends. Insurers, partnering with digital solution providers, are enhancing customer experiences with value-added services. For instance, Figo Pet Insurance, a US-based company, offers the Figo Pet Cloud, which allows real-time pet GPS monitoring, medical records management, mobile claims submission, social pet profiles, a pet-friendly business directory, vaccination and appointment alerts via a smartphone app.
Which Region Holds the Largest Share in the Pet Insurance Market?
North America was the largest region in the pet insurance market in 2024. The regions examined in the pet insurance market report also include Asia-Pacific, Western Europe, Eastern Europe, South America, Middle East, and Africa.
What Does The Pet Insurance Market Report 2025 Offer?
The Pet Insurance Market research report from The Business Research Company offers global market size, growth rate, regional shares, competitor analysis, detailed segments, trends, and opportunities. Pet insurance pertains to a policy purchased by a pet owner to offset the overall cost of their animal’s medical bills. It covers veterinary fees for injured or ill pets, offering a sensible approach to ensure peace of mind for pet owners.
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