Pet Insurance Market to Hit $67.8B by 2030 with 32.4% CAGR During 2024- 2031 | Embrace Pet Insurance Ltd, Pets Best Insurance Services LLC, Agria Pet Insurance Ltd., ASPCA

The Global Pet Insurance Market reached USD 7.4 billion in 2022 and is expected to reach USD 67.8 billion by 2030 and is expected to grow with a significant CAGR of 32.4% during the forecast period 2024- 2031.

Pet Insurance Market Reports deliver comprehensive insights and in-depth analysis on crucial market trends, growth opportunities, and emerging challenges. DataM Intelligence's expertise in combining qualitative and quantitative research ensures this report provide actionable intelligence, empowering businesses to make well-informed decisions. With a focus on helping clients navigate complex market landscapes, Pet Insurance Market Reports enable strategic growth and the ability to seize new opportunities in a constantly evolving global marketplace.

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Pet insurance is a type of coverage that helps pay for veterinary expenses for pets, including treatment for illnesses and accidents. The pet insurance market is growing due to increasing pet ownership, rising awareness about the benefits of insurance, and the growing willingness of pet owners to invest in their pets' health and well-being.

Market Dynamics

✦ Increasing pet adoption across the globe Pet insurance provides financial protection for veterinary expenses, which has become a key factor in pet owners' decision-making. This surge in pet adoption, combined with rising healthcare costs for animals, is driving the demand for comprehensive pet insurance plans, further fueling market expansion globally.

For instance, according to data from the North American Pet Health Insurance Association, (NAPHIA), the first pet insurance has been received by the famous TV collie named Lassie. The State of the Industry Report 2022 Highlights says that the total volume of the premium pet insurance was approximately $2.6 billion. At the end of the year 2021, it has been calculated that there is a 28% increase in the pet ownership since 2020 to become 3.9 million in the U.S. An average of $583 per year or $49 per month, accident and illness premiums for dogs has been sold across U.S. Pet Insurance

Key Developments in Pet Insurance Market

✦ In June 2022, Petplan, a leading pet health insurance provider has been acquired by the Warburg Pincus, a global private equity firm. This acquisition will provide Petplan, an access to the significant capital and resources to direct towards a meaningful growth.

✦ In September 2022, Trupanion, a medical insurance provider for dogs and cats, has acquired Smart Paws, a German and Switzerland based pet insurer. The acquisition will help Trupanion to grow it international footprint.

List of the Key Players in the Pet Insurance Market:

Anicom Holdings, Trupanion, 24PetWatch, Embrace Pet Insurance Ltd, Pets Best Insurance Services LLC, Agria Pet Insurance Ltd., ASPCA, Healthy Paws Pet Insurance & Foundation, Nationwide Mutual Insurance Company, and Figo Pet Insurance LLC.

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Segment Covered in the Pet Insurance Market:

By Policy (Illnesses and Accidents, Chronic conditions, Others)

By Animal (Dog, Cat, Others)

By Provider (Private, Public, Others)

Research Methodology:

Our research methodology integrates both qualitative and quantitative techniques to deliver a comprehensive market analysis. We start by collecting data from reputable industry reports and databases through secondary research, followed by primary research involving surveys and interviews with industry experts. Advanced statistical tools are then employed to analyze the data, identify trends, and evaluate market dynamics. Furthermore, we utilize market segmentation and Porter's Five Forces analysis to assess the competitive landscape. This rigorous approach guarantees that the insights we provide are dependable, actionable, and customized to support your decision-making.

This Report Covers:

✔ Go-to-market Strategy.
✔ Neutral perspective on the market performance.
✔Development trends, competitive landscape analysis, supply side analysis, demand side analysis, year-on-year growth, competitive benchmarking, vendor identification, Market Access, and other significant analysis, as well as development status.
✔Customized regional/country reports as per request and country level analysis.
✔ Potential & niche segments and regions exhibiting promising growth covered.
✔ Analysis of Market Size (historical and forecast), Total Addressable Market (TAM), Serviceable Available Market (SAM), Serviceable Obtainable Market (SOM), Market Growth, Technological Trends, Market Share, Market Dynamics, Competitive Landscape and Major Players (Innovators, Start-ups, Laggard, and Pioneer).
✔ Top-down and bottom-up approach for regional analysis

Regional Analysis for Pet Insurance Market:

⇥ North America (U.S., Canada, Mexico)
⇥ Europe (U.K., Italy, Germany, Russia, France, Spain, The Netherlands and Rest of Europe)
⇥ Asia-Pacific (India, Japan, China, South Korea, Australia, Indonesia Rest of Asia Pacific)
⇥ South America (Colombia, Brazil, Argentina, Rest of South America)
⇥ Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of Middle East & Africa)

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Frequently asked questions:

➠ What is the global market size, revenue, and growth rate of the market research industry?
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