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Global Pet Insurance Market to Grow at 12.50% During 2022-2027, Impelled by Increasing Prevalence of Acute Illnesses

Published on Feb 03, 2022

According to the latest report by IMARC Group, titled "Pet Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027," the global pet insurance market reached a value of US$ 6.2 Billion in 2021. Pet insurance provides reimbursement against the costs incurred in veterinary bills. It is usually denoted by a policy that is generally used to compensate against pet treatment expenditures. It offers complete or partial coverage in order to safeguard pet owners against the high costs associated with the treatment of various diseases, deaths, surgeries, hospitalization and accidents. As a result, it allows individuals to seek aid from premium veterinary professionals and healthcare services in a cost-efficient manner. Additionally, due to the rising awareness regarding the numerous benefits of pet insurance services among pet owners, they are gaining widespread prominence across the globe.

We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.

Global Pet Insurance Market Trends:    

The global market is primarily driven by the increasing trend of pet humanization among the masses. Moreover, the rising incidences of accidental injuries and several acute diseases among pets are also contributing to the market growth. This is further supported by the increasing prevalence of cancer among pets that requires extensive medical care. The advent of online insurance solutions and increasing government initiatives regarding pet insurance regulations are providing a boost to the market growth. Additionally, various technological advancements in the diagnostics field are positively influencing the market growth. Other factors, including the rising need for financial security in case of contingent liabilities and uncertain situations and the increasing number of veterinary diagnostic centers, are further contributing to the market growth across the globe. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 12.56 Billion by 2027, growing at a CAGR of 12.50% during 2022-2027.

Market Summary: 

  • On the basis of the policy, the market has been segmented into illnesses and accidents, chronic conditions and others.
  • Based on the animal, the market has been classified into dog, cat and others.
  • On the basis of the provider, the market has been bifurcated into public and private.
  • Based on the region, the market has been divided 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 the Middle East and Africa.
  • The competitive landscape of the market has been studied in the report with the detailed profiles of the key players. Some of the key players include Agria Pet Insurance Ltd., Anicom Holdings Inc., Direct Line Insurance Group plc, dotsure.co.za, Embrace Pet Insurance Agency LLC, Figo Pet Insurance LLC, Hartville Group, 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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