Global Pet Insurance Market to Reach US$ 20.8 Billion by 2032, Propelled by Rising Pet Ownership

April 04, 2023 | Healthcare

According to the latest report by IMARC Group, titled “Pet Insurance Market Report by Policy (Illnesses and Accidents, Chronic Conditions, and Others), Animal (Dogs, Cats, and Others), Provider (Public, Private), and Region 2024-2032," the global pet insurance market size reached US$ 8.1 Billion in 2023. Pet insurance refers to a healthcare policy for pets that provides reimbursement against treatment expenditures and veterinary bills. It covers several pet animals, such as dogs, cats, birds, reptiles, hamsters, rabbits, and guinea pigs. It is widely used to manage expenses related to treatments, injuries, accidents, illnesses, medications, preventive care, and various breed-specific health issues, such as hip dysplasia, cancer, and genetic conditions. Pet insurance involves the payment of monthly premiums based on age, species, breed, and pet illness. It aids in reducing the financial burden, minimizing stress, and providing access to premium healthcare services and veterinary professionals.

Global Pet Insurance Market Trends:

The rising pet ownership across the globe is one of the primary factors driving the market growth. Pet insurance is widely used to provide comprehensive care to pets and reduce the financial burden associated with regular check-ups, vaccinations, diagnostic tests, treatments, surgeries, medications, and hospitalization, which helps to provide the best possible care, improve pets’ quality of life, and minimize stress. In addition to this, the increasing veterinary costs due to rapid advancements in technology and medicines are acting as another growth-inducing factor. Furthermore, the widespread adoption of pet insurance due to the emerging trends of pet humanization to provide access to high-quality veterinary facilities, cater to specific pet needs, and increase longevity, is favoring the market growth. Additionally, the incorporation of telemedicine services as part of the insurance coverage, which allows pet owners to consult licensed veterinarians from the comfort of their homes, is positively influencing the market growth. Besides, the recent development of mobile applications that provide easy access to pets’ medical records and aid insurance providers in quickly submitting claims and sharing records through smartphones is providing an impetus to the market growth. Other factors, including the rising expenditure capacities of consumers, the implementation of various government initiatives to promote pet insurance among owners, and the growing geriatric pet population, are anticipated to drive the market growth. On account of the aforementioned factors, the market value is expected to reach US$ 20.8 Billion by 2032, exhibiting a CAGR of 10.9% during 2024-2032.

Market Summary:

  • On the basis of the policy, the market has been divided into illnesses and accidents, chronic conditions, and others. Currently, illnesses and accidents represent the largest segment.
  • Based on the animal, the market has been classified into dog, cat, and others. Among these, dog holds the largest market share.
  • On the basis of provider, the market has been bifurcated into public and private. At present, public accounted for the largest market share.
  • On a regional basis, the market has been categorized into North America (the United States and Canada), Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and Others), Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and Others), Latin America (Brazil, Mexico, and Others), and Middle East and Africa. Among these, North America is the leading market.
  • The competitive landscape of the industry has also been examined, with some of the key players being Agria Pet Insurance Ltd., Anicom Holdings Inc., Direct Line Insurance Group plc,, Embrace Pet Insurance Agency LLC, Figo Pet Insurance LLC, PTZ Insurance Agency, Ltd., Healthy Paws Pet Insurance, LLC, Medibank Private Limited, MetLife Services and Solutions, LLC, Nationwide Mutual Insurance Company, Pethealth Inc., Petplan (Allianz Insurance plc), The Oriental Insurance Company Ltd., Trupanion, etc.

Report Coverage:

Report Features Details
Base Year of the Analysis 2023
 Historical Period 2018-2023
Forecast Period 2024-2032
Units US$ Billion
Segment Coverage Policy, Animal, Provider, Region
Region Covered  Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Countries Covered United States, Canada, Germany, France, United Kingdom, Italy, Spain, Russia, China, Japan, India, South Korea, Australia, Indonesia, Brazil, Mexico
Companies Covered Agria Pet Insurance Ltd., Anicom Holdings Inc., Direct Line Insurance Group plc,, Embrace Pet Insurance Agency LLC, Figo Pet Insurance LLC, PTZ Insurance Agency, Ltd., Healthy Paws Pet Insurance LLC, Medibank Private Limited, MetLife Services and Solutions LLC, Nationwide Mutual Insurance Company, Pethealth Inc., Petplan (Allianz Insurance plc), The Oriental Insurance Company Ltd. and Trupanion
Customization Scope 10% Free Customization
Report Price and Purchase Option Single User License: US$ 2499
Five User License: US$ 3499
Corporate License: US$ 4499
Post-Sale Analyst Support 10-12 Weeks
Delivery Format PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

About Us:

IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.

IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.

Contact Us:

134 N 4th St.
Brooklyn, NY 11249, USA
Americas:- +1 631 791 1145 | Africa and Europe :- +44-753-713-2163 | Asia: +91-120-433-0800

Need more help?

  • Speak to our experienced analysts for insights on the current market scenarios.
  • Include additional segments and countries to customize the report as per your requirement.
  • Gain an unparalleled competitive advantage in your domain by understanding how to utilize the report and positively impacting your operations and revenue.
  • For further assistance, please connect with our analysts.
Global Pet Insurance Market to Reach US$ 20.8 Billion by 2032, Propelled by Rising Pet Ownership
Purchase options

Benefits of Customization

Personalize this research

Triangulate with your data

Get data as per your format and definition

Gain a deeper dive into a specific application, geography, customer, or competitor

Any level of personalization

Get in Touch With Us

Phone: +1-631-791-1145


Phone: +91-120-433-0800


Phone: +44-753-714-6104


Client Testimonials

Aktive Services

IMARC made the whole process easy. Everyone I spoke with via email was polite, easy to deal with, kept their promises regarding delivery timelines and were solutions focused. From my first contact, I was grateful for the professionalism shown by the whole IMARC team. I recommend IMARC to all that need timely, affordable information and advice. My experience with IMARC was excellent and I can not fault it.

Read More
Greenfish S.A.

The IMARC team was very reactive and flexible with regard to our requests. A very good overall experience. We are happy with the work that IMARC has provided, very complete and detailed. It has contributed to our business needs and provided the market visibility that we required

Read More
Colruyt Group

We were very happy with the collaboration between IMARC and Colruyt. Not only were your prices competitive, IMARC was also pretty fast in understanding the scope and our needs for this project. Even though it was not an easy task, performing a market research during the COVID-19 pandemic, you were able to get us the necessary information we needed. The IMARC team was very easy to work with and they showed us that it would go the extra mile if we needed anything extra

Read More

Last project executed by your team was as per our expectations. We also would like to associate for more assignments this year. Kudos to your team.

Read More
Zee Media Corp. Ltd.

We would be happy to reach out to IMARC again, if we need Market Research/Consulting/Consumer Research or any associated service. Overall experience was good, and the data points were quite helpful.

Read More
Arabian Plastic Manufacturing Company Ltd.

The figures of market study were very close to our assumed figures. The presentation of the study was neat and easy to analyse. The requested details of the study were fulfilled. My overall experience with the IMARC Team was satisfactory.

Read More
Sumitomo Corporation

The overall cost of the services were within our expectations. I was happy to have good communications in a timely manner. It was a great and quick way to have the information I needed.

Read More
Hameln Rds

My questions and concerns were answered in a satisfied way. The costs of the services were within our expectations. My overall experience with the IMARC Team was very good.

Read More
Quality Consultants BV

I agree the report was timely delivered, meeting the key objectives of the engagement. We had some discussion on the contents, adjustments were made fast and accurate. The response time was minimum in each case. Very good. You have a satisfied customer.

Read More
TATA Advanced Systems Limited

We would be happy to reach out to IMARC for more market reports in the future. The response from the account sales manager was very good. I appreciate the timely follow ups and post purchase support from the team. My overall experience with IMARC was good.

Read More

IMARC was a good solution for the data points that we really needed and couldn't find elsewhere. The team was easy to work, quick to respond, and flexible to our customization requests.

Read More