Pet Insurance Market Accelerates as Owners Seek Affordable Solutions for Rising Vet Expenses | Key Players: Anicom Holdings, Trupanion, 24PetWatch, Embrace Pet Insurance Ltd, Pets Best Insurance Services LLC

Pet Insurance Market Size

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.

What pet insurance market covers?

The pet insurance market provides coverage for veterinary expenses, treatments, and related medical needs of pets primarily cats and dogs. These policies help owners reduce the financial burden of unexpected accidents, illnesses, and routine healthcare. With options ranging from accident-only and time-limited to lifetime and comprehensive plans, the sector has experienced strong growth in recent years. This expansion is fueled by rising pet ownership, greater awareness of insurance benefits, and the increasing view of pets as family members, as owners look to manage escalating veterinary costs, particularly for advanced procedures and surgeries.

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Market Dynamics:

Rising Pet Adoption Globally

The trend of pet adoption has seen significant growth, contributing to the expansion of the pet insurance market in many countries worldwide.

For Instance, according to the North American Pet Health Insurance Association (NAPHIA), the first pet insurance policy was issued to the famous TV collie, Lassie. The State of the Industry Report 2022 highlights that the total volume of pet insurance premiums reached approximately $2.6 billion.

Market Segments:

The pet insurance market segmented by Policy, animals, and providers. The policy segment is sub divided into Illnesses and accidents, chronic conditions, others. Based on the animal the market is bifurcated into dog, cat, others. On the basis of provider the market is classified into private, public, others.

What are the DROC of Pet Insurance Market?

Market Drivers in Pet Insurance Market:

Increasing Pet adoption globally
Rising Awareness of Pet Healthcare
Increasing cost of veterinary treatments
Improved Pet Health Products and Services

Pet Insurance Market Restrains:

Lack of awareness in emerging markets
Limited insurance coverage options
Pet insurance premiums are very high

Growth Opportunities in Pet Insurance Market:

Significant growth potential in emerging markets
Providing customizable insurance plans
Expansion of Pet Wellness Services

Pet Insurance Market Challenges:

Pet insurance market is highly competitive
Retaining policyholders over the long term can be difficult
Misconceptions about Pet Insurance , limiting market penetration and overall growth.

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Regional Overview:

Rising Pet Adoption in Europe

Europe plays a significant role in the pet insurance market, driven by the growing trend of pet adoption. Over the past few years, the number of pets per household has increased, with many families now owning more than one pet. The concept of pet insurance originated in Sweden in 1924, and since then, Europe has become the largest consumer of pet insurance globally. Currently, Europe is home to over 90 million cats, 85 million dogs, and approximately 100 million other pets. This growing pet population continues to drive the demand for pet insurance across the region.

Pet Insurance Companies:

The major global players in the market include 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.

United States: Recent Industry Developments

✅ In September 2025, Nationwide partnered with Walmart to expand affordable pet insurance offerings nationwide. The plan integrates in-store veterinary services. It improves accessibility for millions of pet owners.
✅ In August 2025, Trupanion launched a new subscription-based wellness and insurance bundle. The product includes preventive care coverage. It strengthens customer retention in a competitive market.
✅ In July 2025, Lemonade expanded its AI-powered pet insurance to cover chronic illness management. The upgrade leverages predictive analytics. It enhances claims automation and personalized pricing.
✅ In June 2025, MetLife Pet Insurance introduced a tiered coverage plan for multi-pet households. The offering provides cost savings. It targets America's growing multi-pet families.
✅ In May 2025, ASPCA Pet Health Insurance invested in tele-vet partnerships. The integration supports virtual care consultations. It improves claims processing and customer satisfaction.

Japan: Recent Industry Developments

✅ In September 2025, Anicom Holdings launched a next-gen digital pet insurance platform. The system uses AI to streamline claims. It offers instant reimbursement options for policyholders.
✅ In August 2025, Rakuten Pet Insurance introduced wellness add-ons to its core policies. The coverage includes vaccinations and annual checkups. It appeals to Japan's preventive-care-focused pet owners.
✅ In July 2025, Sompo Holdings partnered with veterinary hospitals to bundle insurance with pet care services. The model simplifies adoption of coverage. It supports Japan's rising pet health awareness.
✅ In June 2025, Tokio Marine expanded its pet insurance coverage to include genetic disorder treatments. The offering supports advanced veterinary medicine. It reflects the country's emphasis on comprehensive care.
✅ In May 2025, Japan Pet Insurance Association announced an industry-wide initiative to digitalize claims. The platform improves transparency and speed. It sets a new standard for customer service.

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Conclusion

The global pet insurance market is set for exponential growth, rising from USD 7.4 billion in 2022 to USD 67.8 billion by 2030 at a 32.4% CAGR, driven by higher pet adoption, advanced veterinary care costs, and greater awareness of insurance benefits. Europe leads as the most established market, while North America gains momentum through partnerships and innovative products, and Asia-Pacific especially Japan emerges as a high-growth region with digitalization and preventive-care offerings. Despite challenges such as high premiums and retention issues, opportunities in customizable plans, wellness integration, and AI-driven claims processing are expected to shape the market's future.

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