Rising Number Of Pet Adoption Drives The Market: Strengthening the Growth Trajectory of the Pet Insurance Market

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What Is the Expected CAGR for the Pet Insurance Market Through 2025?
The size of the pet insurance market has seen notable expansion in the past years. Its increase from $9.18 billion in 2024 to an estimated $10.66 billion in 2025, with a compound annual growth rate (CAGR) of 16.1%, underlines the rapid growth rate. Factors that contributed to the growth during the historic period include a surge in pet ownership, escalating veterinary care expenses, enhanced consciousness about pet health and wellbeing, treating pets more humanely, and improvements in veterinary medical procedures.

What's the Projected Size of the Global Pet Insurance Market by 2029?
The projected size of the pet insurance market is set to experience accelerated expansion in the upcoming years. By 2029, the market value is forecasted to reach $20.43 billion with a compound annual growth rate (CAGR) of 17.7%. This growth during the forecast period can be credited to the proliferation of unique pet insurance policies, an upsurge in pet adoption rates, an increase in pet-related regulations, growing urbanization, and an increasing tally of companies proposing inventive pet insurance plans. Key trends during this period will include advancement in technology for processing claims, increased usage of telemedicine and virtual veterinary consultations, incorporation of alternative therapies in pet insurance plans, the development of combined pet insurance and wellness programs, and strategic partnerships between pet insurance firms and pet care businesses.

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Top Growth Drivers in the Pet Insurance Industry: What's Accelerating the Market?
The surge in pet adoptions is anticipated to persist throughout the forecast period, bolstering the pet insurance market. During the global health crisis triggered by COVID-19, there was an uptick in the demand to adopt or foster pets globally, ranging from Canada to India. The act of adopting pets delivers health advantages including lowered blood pressure and lessened stress and anxiety. As an example, in July 2022, the American Society for the Prevention of Cruelty to Animals, a non-profit institution based in the US, reported that only 3.2 million of about 6.5 million animals that are sheltered annually find homes. Furthermore, the Humane Society, an animal protection organization from India indicated in July 2022 that each year, 31% of cats and 28% of dogs find homes from shelters. Consequently, the escalating rate of pet adoptions is expected to propel the expansion of the pet insurance market.

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What Trends Will Shape the Pet Insurance Market Through 2029 and Beyond?
The growth and heightened knowledge of pet insurance have become a significant trend in this market. Providers of digital solutions aim to team up with insurers to improve the customer journey for policyholders through supplementary services. For instance, Figo Pet Insurance, an American pet insurance firm, provides the Figo Pet Cloud, a cloud-based service that facilitates real-time pet GPS tracking, handling of medical records, mobile claims filing, social pet profiles, a directory of pet-friendly businesses, and reminders for vaccination and appointments through a smartphone app. To build trust and form connections with millennial clients, pet insurance companies should implement a bespoke digital marketing strategy.

What Are the Main Segments in the Pet Insurance Market?
The pet insurancemarket 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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Which Top Companies are Driving Growth 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 Regions Will Dominate the Pet Insurance Market Through 2029?
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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