India pet insurance market size reached USD 293.7 Million in 2024. Looking forward, IMARC Group expects the market to reach USD 973.4 Million by 2033, exhibiting a growth rate (CAGR) of 12.73% during 2025-2033. The emerging trend of recognizing pets as valued family members, deserving of quality healthcare, is primarily propelling the market growth.
Report Attribute
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Key Statistics
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Base Year
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2024 |
Forecast Years
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2025-2033
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Historical Years
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2019-2024
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Market Size in 2024 | USD 293.7 Million |
Market Forecast in 2033 | USD 973.4 Million |
Market Growth Rate (2025-2033) | 12.73% |
Pet insurance is a financial product crafted to assist pet owners in managing the expenses related to their pets' medical care. Its functioning is akin to human health insurance, covering a portion of veterinary costs arising from accidents, illnesses, or routine preventive care, contingent on the specific policy terms. The primary purpose is to provide pet owners with reassurance by alleviating the often substantial financial burden associated with veterinary treatments, which can encompass surgeries, medications, and diagnostic tests. By doing so, pet insurance empowers pet parents to make healthcare decisions based on their pets' needs rather than financial constraints, fostering a more comprehensive approach to pet well-being. Currently, the adoption of pet insurance is on the rise, driven by an increase in pet ownership and the escalating expenses associated with veterinary care.
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The India pet insurance market is experiencing notable growth, reflecting an evolving landscape where pet owners recognize the importance of mitigating the financial risks associated with their pets' medical care. These policies cover a percentage of veterinary costs arising from accidents, illnesses, and preventive care, thus providing a safety net for pet owners. Additionally, the rising popularity of pet insurance in India can be attributed to an increasing pet ownership culture and a heightened awareness of the potential financial burden associated with veterinary treatments. As more households embrace pets as integral family members, the demand for comprehensive and accessible healthcare solutions for these furry companions has surged. Besides this, pet insurance in India serves as a practical solution to the often substantial costs of veterinary care, encompassing surgeries, medications, and diagnostic procedures. By offsetting a portion of these expenses, pet insurance allows pet parents to prioritize their pets' health needs without being unduly constrained by financial considerations. Furthermore, insurers are adapting policies to meet the diverse needs of pet owners, which is anticipated to fuel the market growth over the forecasted period.
IMARC Group provides an analysis of the key trends in each segment of the market, along with forecasts at the country level for 2025-2033. Our report has categorized the market based on policy, animal, and provider.
Policy Insights:
The report has provided a detailed breakup and analysis of the market based on the policy. This includes illnesses and accidents, chronic conditions, and others.
Animal Insights:
A detailed breakup and analysis of the market based on the animal have also been provided in the report. This includes dog, cat, and others.
Provider Insights:
The report has provided a detailed breakup and analysis of the market based on the provider. This includes public and private.
Regional Insights:
The report has also provided a comprehensive analysis of all the major regional markets, which include North India, West and Central India, South India, and East and Northeast India.
The market research report has also provided a comprehensive analysis of the competitive landscape. Competitive analysis such as market structure, key player positioning, top winning strategies, competitive dashboard, and company evaluation quadrant has been covered in the report. Also, detailed profiles of all major companies have been provided.
Report Features | Details |
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Base Year of the Analysis | 2024 |
Historical Period | 2019-2024 |
Forecast Period | 2025-2033 |
Units | Million USD |
Scope of the Report | Exploration of Historical Trends and Market Outlook, Industry Catalysts and Challenges, Segment-Wise Historical and Future Market Assessment:
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Policies Covered | Illnesses and Accidents, Chronic Conditions, Others |
Animals Covered | Dogs, Cats, Others |
Providers Covered | Public, Private |
Regions Covered | North India, West and Central India, South India, East and Northeast India |
Customization Scope | 10% Free Customization |
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) |
Key Benefits for Stakeholders:
The pet insurance market in India was valued at USD 293.7 Million in 2024.
The India pet insurance market is projected to exhibit a CAGR of 12.73% during 2025-2033, reaching a value of USD 973.4 Million by 2033.
The pet insurance market in India is being propelled by several factors, including the increase in pet ownership, heightened awareness about animal healthcare, and rising costs of veterinary treatments. Moreover, the trend of viewing pets as family members and the growth of urban middle-class households are boosting the demand for financial security through pet insurance, particularly for dogs and companion animals.