Press release
Pet Insurance Market Forecast 2025-2034: Evaluating Growth Factors, Segments, and Emerging Trends
Pet Insurance Market
The uptick in pet adoptions is predicted to persist throughout the forecast period, spurring the growth of the pet insurance market. The COVID-19 pandemic saw a surge in the global demand for pet adoption or fostering, spanning from Canada to India. Adopting pets not only provides companionship but also has health benefits, such as lowering blood pressure, and alleviating stress and anxiety. To illustrate, the American Society for the Prevention of Cruelty to Animals, a US-based non-profit, revealed in July 2022 that just 3.2 million out of an approximate 6.5 million animals admitted into shelters annually get adopted. Moreover, in July 2022, according to the Humane Society, an Indian animal protection institution, it was noted that 31% of cats and 28% of dogs are adopted from shelters each year. Consequently, the escalating rate of pet adoption is set to bolster the expansion of the pet insurance market.
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What growth opportunities are expected to drive the pet insurance market's CAGR through 2034?
The market size for pet insurance has witnessed a swift expansion in the past few years. It is projected to surge from $9.18 billion in 2024 to $10.7 billion in 2025, with a compound annual growth rate (CAGR) of 16.5%. The expansion during the historic period is due to factors such as increasing number of pet owners, escalation in veterinary care expenses, growing consciousness about pet health and wellness, viewing pets as family members, and advancements in veterinary medical procedures.
Anticipated to experience fast-paced growth in the coming years, the pet insurance market is projected to reach $20.58 billion by 2029, expanding at a Compound Annual Growth Rate (CAGR) of 17.8%. This growth within the forecast period can be attributed to various factors including the development of personalized pet insurance plans, increasing pet adoption rates, the rising occurrence of pet-related regulations, heightened urbanization, and an uplift in the number of businesses offering innovative pet insurance plans. Dominating trends within this period will consist of technological improvements in claims processing, the rise of telemedicine and virtual veterinarian consultations, the introduction of alternative therapies in pet insurance coverage, the emergence of comprehensive pet insurance and wellness packages, along with collaborations between pet insurance providers and pet care companies.
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What are the emerging trends shaping the future of the pet insurance market?
The pet insurance market has been significantly affected by progressions and increased knowledge. Digital service providers anticipate partnering with insurance providers to improve the user experience for those insured by adding extra services. An illustration of this is Figo Pet Insurance, a pet insurance enterprise based in the United States that has introduced the Figo Pet Cloud. This cloud service offers features like real-time tracking of pets through GPS, administration of medical records, claim submission on mobile devices, social profiles for pets, a directory for pet-friendly businesses, and alerts for vaccinations and appointments via a mobile app. It's recommended for pet insurance providers to employ a customized digital marketing strategy to build trust and establish a relationship with millennial customers.
Which growth-oriented segments of the pet insurance market are leading the industry's development?
The pet insurance market covered in this report is segmented -
1) By Policy Coverage: Accident And Illness, Accident Only
2) By Animal Type: Dog, Cat
3) By Provider: Public, Private
Subsegments:
1) By Accident And Illness: Comprehensive Coverage Plans, Time-Limited Coverage Plans, Lifetime Coverage Plans
2) By Accident Only: Basic Accident Coverage Plans, Emergency Care Plans, Specific Injury Plans
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What regions are leading the charge in the pet insurance market?
North America was the largest region in the pet insurance market in 2024. The regions covered in the pet insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
What companies are at the forefront of innovation in the pet insurance market?
Major companies operating in the pet insurance market include Trupanion Inc., DFV Deutsche Familienversicherung AG, Pet Plan Limited, Animal Friends Insurance Ltd., Figo Pet Insurance LLC, 24Petwatch Pet Insurance, Allstate Property and Casualty Insurance Company, American Society for the Prevention of Cruelty to Animals, Fetch Pet Insurance, Berkshire Hathaway Inc., Healthy Paws Pet Insurance LLC, Lemonade Inc., Nationwide Mutual Insurance Company, PetFirst Healthcare LLC, Pets Best Insurance services LLC, Prudent Pet Insurance Agency LLC, American Kennel Club Inc., American Modern Insurance Group Inc., Bivvy LLC, Hartville Group Inc., PetPartners Inc., PetPremium Inc., Amica Mutual Insurance Company, Farmers Insurance Exchange, Erie Insurance Group
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What Is Covered In The Pet Insurance Global Market Report?
•Market Size Forecast: Examine the pet insurance market size across key regions, countries, product categories, and applications.
•Segmentation Insights: Identify and classify subsegments within the pet insurance market for a structured understanding.
•Key Players Overview: Analyze major players in the pet insurance market, including their market value, share, and competitive positioning.
•Growth Trends Exploration: Assess individual growth patterns and future opportunities in the pet insurance market.
•Segment Contributions: Evaluate how different segments drive overall growth in the pet insurance market.
•Growth Factors: Highlight key drivers and opportunities influencing the expansion of the pet insurance market.
•Industry Challenges: Identify potential risks and obstacles affecting the pet insurance market.
•Competitive Landscape: Review strategic developments in the pet insurance market, including expansions, agreements, and new product launches."
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