The Pet Insurance Market Size was valued at USD 9.2 Billion in 2022 and is projected to grow from USD 10.82 Billion in 2023 to USD 39.58 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 17.60% during the forecast period (2023 - 2032). The increased rate of pet adoption and the incidence of diseases affecting cats and dogs are the key market drivers accelerating market expansion.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Growing interest in pet insurance is driving the market growth
Market CAGR for pet insurance is being driven by the growing interest in pet insurance. A sort of insurance specifically made for pets is known as pet insurance. The term "pet insurance" refers to a pet owner's protection against high veterinarian charges. Pet insurance mostly covers the cost of treating a covered owner's injured or ill pet. Additionally, it will be covered in the event that your pet perishes, is stolen, or vanishes. Pet insurance normally provides coverage for dogs, cats, and horses. Some pet insurance plans also cover immunizations and routine care like general exams and deworming and teeth cleaning. Pet insurance covers any unexpected veterinary costs.
Additionally, the numbers of people who own pets are becoming much more aware of pet insurance. The importance of educating animal lovers about the advantages of insurance coverage has been greatly aided by insurance firms, veterinary practices, and pet-related groups, which has fueled demand and expanded the market. In order to promote pet insurance, insurance carriers are developing alliances with veterinary offices, pet specialty shops, and other pet care providers. These alliances widen the application of pet insurance policies by providing chances for bundled services, coordinated treatment, and simplified insurance procedures. Numerous pet owners still don't fully comprehend pet insurance's advantages despite growing awareness of the topic. The adoption of pet insurance may be hindered by a lack of knowledge about the coverage alternatives, policy conditions, and exclusions.
The standard of pet healthcare has been raised thanks to technological developments in veterinary medicine, including sophisticated procedures, imaging methods, and specialized therapies. The adoption of insurance plans is prompted by the availability of pet insurance, which enables pet owners to obtain these cutting-edge therapies without being concerned about prohibitive costs. Pet insurance is in high demand due to the expanding population of pet owners and the developing affinity between humans and animals. Pet owners view their animals as members of the family and are prepared to spend money on their medical care. The market for pet insurance is expanding thanks to the growing emotional attachment and awareness. The market for pet insurance is disjointed, with various insurance companies providing a range of coverage alternatives. Intense rivalry among insurance providers can result in price wars, convoluted policies, and difficulties differentiating services.
For instance, around 3.45 million pets were insured across the North American continent in 2020, according to the North American Pet Health Insurance Association (NAPHIA). The 2.81 million insured pets in North America in 2019 represented a far smaller portion of this total. Thus, result in driving the Pet Insurance market revenue.
The Pet Insurance Market segmentation, based on Policy Coverage includes Accident and Illness, Accident Only, and Others. The accident and illness segment dominated the market. High veterinarian treatment and diagnostic expenses, an increase in the number of companion animals, and more knowledge of pet insurance are the main drivers of this expansion. Pet insurance providers most frequently provide accident and illness coverage.
The Pet Insurance Market segmentation, based on Animal Type, includes Dogs, Cats, and Others. The dogs category generated the most income. The primary drivers of this share include rising pet adoption, an increase in insurance firms' service offerings, and rising disposable income in important areas.
The Pet Insurance Market segmentation, based on Sales Channel includes Broker, Agency, and Others. The agency segment dominated the market. This segment's main driver is its enormous client base. Growth is being fueled by both an increase in the population of companion animals and the rising demand for these services.
Figure1: Pet Insurance Market, by Sales Channel, 2022&2032 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
By region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. The North American Pet Insurance market area will dominate this market; this is due to the growing trend of pet adoption and the growth of the local economy. Other factors that are propelling the market in the region include a rise in veterinary health awareness and an improved veterinary healthcare infrastructure.
Further, the major countries studied in the market report are The US, German, France, the UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil.
Figure2: PET INSURANCE MARKET SHARE BY REGION 2022 (USD Billion)
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Europe Pet Insurance market represents the second-largest market share due to the rising pet ownership, expanding use of pet insurance, and the presence of important companies. Further, the German Pet Insurance market held a dominant market share, and the UK Pet Insurance market was the European region's fastest-growing market.
The Asia-Pacific Pet Insurance Market is anticipated to see the fastest CAGR between 2023 and 2032. This is due to the rising popularity of pets and the expansion of the economy. Moreover, China’s Pet Insurance market held a dominant market share, and the Indian Pet Insurance market was the Asia-Pacific region's fastest-growing market.
Pet Insurance Key Market Players & Competitive Insights
Leading market players are putting a lot of money on R&D to broaden the range of their goods, which will assist in helping the market for pet insurance grow even more. Additionally, market participants are engaging in a range of strategic initiatives to increase their worldwide reach, with important market developments such as the introduction of new products, contracts, mergers and acquisitions, increased investments, and cooperation with other businesses. To grow and endure in an increasingly competitive and challenging market environment, Pet Insurance industry must provide reasonably priced goods.
One of the main business strategies employed by manufacturers is to produce locally to reduce operational expenses in the global Pet Insurance industry to develop market sector and provide benefits to customers. In recent years, the Pet Insurance industry has provided animal lovers with some of the most significant advantages. Major players in the Pet Insurance market, including Embrace Pet Insurance Agency, LLC, Figo Pet Insurance LLC., Hartville Group, Nationwide, Pet Assure Corp., PetFirst, Ipet Insurance, and others, invest in operations for research and development in an effort to improve market demand.
Nationwide Mutual Insurance Company and allied companies are a collection of significant insurance and financial services providers with headquarters in Columbus, Ohio. Additionally, the business has regional offices in Scottsdale, Arizona; Des Moines, Iowa; and San Antonio, Texas. Nationwide is now the 83rd-ranked company on the 2023 Fortune 500 list and employs about 25,000 people. Currently, Nationwide is placed No. 21 among Fortune's list of the "100 Best Companies to Work For". Before being purchased again by Nationwide Mutual in 2009, Nationwide Financial Services (NFS), a part of the business, briefly traded on the New York Stock Exchange. Since the company went public in 1997, it had accumulated the majority of the shares of NFS. In January 2021, When filling prescriptions for pets at any Walmart pharmacy, Nationwide Mutual Insurance Company and Walmart launched a partnership to help pet owners save time and money.
RSA Insurance Group Limited, doing business as RSA and formerly known as RSA Insurance Group plc and Royal and Sun Alliance, is an international general insurance firm with its main office in London, England. The United Kingdom, Ireland, Scandinavia, and Canada are RSA's four main operating regions. Through a network of local partners, it offers insurance products and services in over 100 different countries. 9 million individuals use it. Sun Alliance and Royal Insurance joined together in 1996 to establish RSA. Up until May 2021, when Tryg, a Danish insurer, and Intact Financial Corporation, a Canadian company, purchased RSA, it was traded on the London Stock Exchange. On June 1, 2021, the deal came to an end.
Key Companies in the Pet Insurance market include
Pet Insurance Industry Developments
September 2019:Franklin Madison has announced that it would provide pet insurance plans to banks and credit unions. Financial institutions that work with Franklin Madison are now able to provide their clients with another beneficial insurance package thanks to their collaboration with A-rated carrier Crum & Forster Pet Insurance Group.
March 2021:The ASPCA Pet Health Insurance and Waffle and Crum & Foster Pet Insurance Group will work together to provide American pet owners with flexible and quality coverage.
October 2019:Petplan, recently revealed that Warburg Pincus, a worldwide private equity corporation specializing in growth investing, has acquired the business. Petplan will have access to enormous resources and funding as a result of the acquisition, which will promote tremendous expansion.
| Report Attribute/Metric | Details |
| Market Size2022 | USD 9.2 Billion |
| Market Size 2023 | USD 10.82 Billion |
| Market Size2032 | USD 39.58 Billion |
| Compound Annual Growth Rate (CAGR) | 17.60% (2023-2032) |
| Base Year | 2022 |
| Market Forecast Period | 2023-2032 |
| Historical Data | 2018- 2022 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Policy Coverage, Animal Type, Sales Channel, and Region |
| Geographies Covered | North America, Europe, AsiaPacific, and the Rest of the World |
| Countries Covered | The US, German, France, UK, Canada, Italy, Spain, India, Australia, South Korea, China, Japan, and Brazil |
| Key Companies Profiled | Â Embrace Pet Insurance Agency, LLC, Figo Pet Insurance LLC., Hartville Group, Nationwide, Pet Assure Corp., PetFirst, Ipet Insurance, and Pets Best Insurance Services, LLC |
| Key Market Opportunities | ·        Growing the Human-Animal Bond and Pet Ownership |
| Key Market Dynamics | ·        Innovations in Pet Healthcare Technology |
Pet Insurance Market Highlights:
Frequently Asked Questions (FAQ) :
In 2022, the market for pet insurance was estimated to be worth USD 9.2 billion.
During the forecast period, 2023-2032, a CAGR of 17.60% is projected for the growth of the global market.
The largest market share worldwide was held by North America.
Embrace Pet Insurance Agency, LLC, Figo Pet Insurance LLC, Hartville Group, Nationwide, Pet Assure Corp., PetFirst, Ipet Insurance, and Pets Best Insurance Services, LLC are the leading companies in the market.
In 2022, the category of Accident and Illness dominated the market.
The Dogs held the highest market share globally.
Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
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