Press release
Pet Insurance Market Size, Share, Growth Industry & Trends Report 2024-32
According to the report by Expert Market Research (EMR), the global pet insurance market size reached a value of USD 9.34 billion in 2023. Aided by increasing pet ownership, rising veterinary care costs, and growing awareness of the benefits of pet insurance, the market is projected to further grow at a CAGR of 15.30% between 2024 and 2032.
Pet insurance is a type of insurance coverage that helps pet owners manage the cost of veterinary care for their pets. It provides financial protection against unexpected medical expenses resulting from accidents, illnesses, injuries, and preventive care services. Pet insurance plans typically cover a range of veterinary services, including diagnostic tests, surgeries, medications, vaccinations, and routine wellness exams, helping pet owners afford the best possible care for their furry companions.
One of the primary drivers of the global pet insurance market growth is the increasing pet ownership rates worldwide. As more households welcome pets into their families, the demand for pet insurance as a means of safeguarding their pets' health and well-being is on the rise. Pet owners view insurance as a way to mitigate the financial burden of unexpected veterinary expenses and ensure access to quality healthcare for their pets without financial constraints.
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As per the pet insurance market analysis, the rising cost of veterinary care drives demand for pet insurance as pet healthcare expenses continue to increase. Advances in veterinary medicine and technology have led to higher standards of care and more advanced treatment options for pets, but these advancements often come with higher costs. Pet insurance helps offset these expenses by covering a portion of veterinary bills, making it more affordable for pet owners to access essential medical care for their pets when needed.
Moreover, the growing awareness of the benefits of pet insurance among pet owners is fuelling pet insurance market expansion. Pet owners are becoming more educated about the importance of preventive care and early intervention in maintaining their pets' health and are recognising the value of insurance in providing financial security and peace of mind. As a result, pet insurance adoption rates are increasing, with more pet owners opting to enrol their pets in insurance plans to ensure comprehensive coverage and protection.
In addition to traditional medical coverage, pet insurance companies are expanding their offerings to include a range of customisable plans and additional benefits tailored to pet owners' needs and preferences. As per the pet insurance market outlook, these include coverage for alternative therapies, behavioural training, boarding fees, and travel-related expenses, among others. By offering flexible and comprehensive coverage options, pet insurance companies are catering to the diverse needs of pet owners and enhancing the value proposition of pet insurance as an essential tool for pet healthcare management.
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Furthermore, technological advancements are reshaping the pet insurance market, making it easier for pet owners to access and manage their insurance coverage. Mobile apps, online portals, and digital platforms enable pet owners to research, compare, and purchase insurance plans conveniently from their smartphones or computers. These digital tools also streamline claims processing, policy management, and communication with insurance providers, enhancing the overall customer experience and increasing the accessibility and convenience of pet insurance.
Additionally, partnerships and collaborations between pet insurance companies and other stakeholders in the pet care ecosystem, such as veterinarians, pet retailers, and animal shelters, are boosting the pet insurance market share. These partnerships help raise awareness about the importance of pet insurance, educate pet owners about available coverage options, and facilitate access to insurance products and services.
Pet Insurance Market Segmentation
The market can be divided based on policy coverage, animal type, sales channel, and region.
Market Breakup by Policy Coverage
Accident Only
Accident and Illness
Others
Market Breakup by Animal Type
Dogs
Cats
Others
Market Breakup by Sales Channel
Agency
Broker
Bancassurance
Others
Market Breakup by Region
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Competitive Landscape
The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global pet insurance market. Some of the major players explored in the report by Expert Market Research are as follows:
Embrace Pet Insurance Agency, LLC
Figo Pet Insurance, LLC
Crum & Forster Pet Insurance Group
Pets Best Insurance Services, LLC
Trupanion, Inc.
MetLife Services and Solutions, LLC
Others
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