Press release
Pet Insurance Plan Services Market Expected to Achieve 16.2% CAGR by 2029: Growth Forecast Insights
Pet Insurance Plan Services Market
What Will the Pet Insurance Plan Services Industry Market Size Be by 2025?
Rapid expansion has been observed in the size of the pet insurance plan services market in the last few years. From $5.31 billion in 2024, it is projected to escalate to $6.19 billion in 2025, with a compound annual growth rate (CAGR) of 16.6%. Factors such as the rise in pet ownership rates, increased cost of veterinary care, growing awareness about insurance, global surge in disposable income, and heightened demand for wellness have contributed to this growth during the historic period.
What's the Long-Term Growth Forecast for the Pet Insurance Plan Services Market Size Through 2029?
The market for pet insurance plan services is projected to proliferate rapidly in the coming years, reaching a value of $11.29 billion in 2029 with a compound annual growth rate (CAGR) of 16.2%. The anticipated expansion in this timeframe can be traced back to the expansion of the urban pet population, escalation in chronic pet diseases, heightened awareness about pet health, emerging need for humanizing pets, and amplified availability of insurance policies. Future trends for the forecasted period include progression in digitalized claim processing, the incorporation of tele-veterinary services, the rise of technology-fueled wellness monitoring tools, enhancements in tailorable insurance plans, and progress in AI-driven risk evaluation.
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What Are the Key Growth Drivers Fueling the Pet Insurance Plan Services Market Expansion?
The escalating emphasis on pet health is driving the expansion of the market due to heightened consciousness about proactive treatment and premature disease diagnosis.
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Which Emerging Trends Are Transforming the Pet Insurance Plan Services Market in 2025?
Major enterprises in the pet insurance plan market are emphasizing on the creation of advanced healthcare-focused insurance models, such as pet-first wellness and insurance plans. These models aim to deliver more personalized and preventive healthcare solutions for pets. Pet-first wellness and insurance plans can be described as integrated policies that put emphasis on preventive health measures, the management of chronic diseases, and customized recovery care based on each pet's requirements. For example, in August 2022, CarePlus was launched by Chewy Inc., a popular online platform for pet parents and their partners, across 31 states. CarePlus provides features such as 24/7 veterinary telehealth service through its Connect with a Vet functionality, allows direct payments at clinics through Trupanion's integrated software, and assures 100% coverage for qualifying medications and veterinary diet items. These benefits assist in decreasing the financial burden for pet owners while also promoting more consistent, accessible, and economical pet healthcare.
How Is the Pet Insurance Plan Services Market Segmented?
The pet insurance plan services market covered in this report is segmented
1) By Coverage Type: Accident-Only Coverage, Accident And Illness Coverage, Comprehensive Coverage
2) By Plan Type: Lifetime Plans, Maximum Benefit Plans, Time-Limited Plans
3) By Pet Type: Dogs, Cats, Other Pets
4) By Payment Options: Monthly Payments, Annual Payments, Single Payment Option
5) By Sales Channel: Agency, Broker, Bancassurance, Direct
Subsegments:
1) By Accident-Only Coverage: Injury Treatment Plans, Emergency Care Plans, Fracture And Trauma Coverage, Poisoning Treatment Coverage, Accident Diagnostic Services
2) By Accident And Illness Coverage: Infection And Virus Treatment, Chronic Illness Management, Emergency Surgery Coverage, Hereditary Condition Coverage, Diagnostic And Lab Testing
3) By Comprehensive Coverage: Preventive Care Coverage, Vaccination And Routine Checkups, Dental And Oral Care Plans, Behavioral Therapy Coverage, Alternative Therapies And Rehabilitation
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Which Companies Are Leading the Charge in Pet Insurance Plan Services Market Innovation?
Major companies operating in the pet insurance plan services market are MetLife Inc., Nationwide Mutual Insurance Company, Trupanion Inc., Anicom Holdings Inc., Lemonade Inc., Embrace Pet Insurance Agency LLC, Fetch Inc., PetPartners Inc., ManyPets Inc., Petplan Pet Insurance, Oneplan Pet Insurance, ASPCA Pet Health Insurance, Healthy Paws Pet Insurance LLC, Figo Pet Insurance LLC, Pumpkin Insurance Services Inc., Prudent Pet Insurance Agency LLC, American Kennel Club Pet Insurance, Animalia Pet Insurance, Spot Pet Insurance Services LLC, and Hartville Pet Insurance.
Which Regions Are Leading the Global Pet Insurance Plan Services Market in Revenue?
North America was the largest region in the pet insurance plan services market in 2024. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in pet insurance plan services report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
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