Press release
Pet Insurance Market Landscape to 2034: Key Forces Shaping the Next Decade of Growth
Pet Insurance
How Large Will the Pet Insurance Market Size By 2025?
The market size for pet insurance has seen significant expansion recently. It is projected to escalate from a value of $9.18 billion in 2024 to an estimated $10.7 billion in 2025, achieving a compound annual growth rate (CAGR) of 16.5 %. Factors contributing to the growth during the historic period include a rise in pet ownership, increased costs of veterinary care, more awareness about pet health and wellness, treating pets like humans, and advancements in veterinary medical procedures.
How Big Is the Pet Insurance Market Size Expected to Grow by 2029?
Expectations are high for the pet insurance market, with rapid expansion predicted in the coming years. The market is set to reach $20.58 billion by 2029, demonstrating a compound annual growth rate (CAGR) of 17.8%. The projected growth within this period can be linked to several factors, such as the broadening of personalized pet insurance programs, growth in pet adoption rates, increased utilization of pet-associated legislations, rising levels of urbanization, and an increasing number of firms introducing novel pet insurance packages. Notable trends within this forecast period entail the technological progression in handling claims, the advent of telemedicine and online veterinary consultations, inclusion of alternative treatments in pet insurance, the emergence of comprehensive pet insurance and wellness plans, and collaborations between pet insurers and pet care businesses.
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Which Key Market Drivers Powering Pet Insurance Market Expansion and Growth?
The pet insurance market is expected to grow on account of the increasing trend of pet adoption, predicted to persist through the forecast period. Amidst the COVID-19 pandemic, nations from Canada to India witnessed a surge in the demand to adopt or foster pets. By keeping pets, individuals can experience a range of health benefits including a decrease in blood pressure and a reduction in stress and anxiety levels. For instance, data from July 2022 shared by the American Society for the Prevention of Cruelty to Animals, a US-based non-profit organization, indicate that only about 3.2 million of approximately 6.5 million animals that enter shelters every year get adopted. In addition, according to the Humane Society, an animal protection organization based in India, around 31% of cats and 28% of dogs are adopted annually from shelters. Hence, the rising rate of pet adoption will bolster the expansion of the pet insurance market.
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Which Fast-Growing Trends Are Poised to Disrupt the Pet Insurance Market?
The progress and heightened consciousness about pet insurance have emerged as a significant trend in this arena. Digital service vendors are seeking partnerships with insurance firms to improve the user experience of policyholders through additional services. For instance, Figo Pet Insurance, an American pet insurance business, provides the Figo Pet Cloud, a cloud-run service enabling real-time tracking of pet GPS, handling of medical records, mobile claim filing, social pet accounts, a pet-related business directory, and alerts for vaccination and appointments via a mobile app. It's imperative for pet insurance firms to implement a unique digital marketing plan to build rapport and engage with millennial clients.
What Are the Emerging Segments in the Pet Insurance Market?
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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Who Are the Global Leaders 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
Which are the Top Profitable Regional Markets for the Pet Insurance Industry?
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
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With over 15,000+ reports from 27 industries covering 60+ geographies, The Business Research Company has built a reputation for offering comprehensive, data-rich research and insights. Our flagship product, the Global Market Model delivers comprehensive and updated forecasts to support informed decision-making.
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