Global Pet Insurance Market to Reach US$ 14.2 Billion by 2028, Propelled by Rising Pet Ownership

April 04, 2023 | Healthcare

According to the latest report by IMARC Group, titled “Pet Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028," the global pet insurance market size reached US$ 7.1 Billion in 2022. 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.

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$ 14.2 Billion by 2028, exhibiting a CAGR of 12.1% during 2023-2028.

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, dotsure.co.za, 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 Scope:

Report Features	Details
Base Year of the Analysis	2022
Historical Period	2017-2022
Forecast Period	2023-2028
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, dotsure.co.za, 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
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Global Pet Insurance Market to Reach US$ 14.2 Billion by 2028, Propelled by Rising Pet Ownership

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