Global Pet Insurance Market Insights 2024, Forecast To 2033

23 Feb, 2024

The pet insurance market has grown rapidly, escalating from $7.92 billion in 2023 to $9.22 billion in 2024, with a 16.5% CAGR. This is attributed to increased pet ownership and rising veterinary costs. Forecasts suggest continued growth to $17.35 billion in 2028, driven by customized plans and rising pet adoption rates. Noteworthy trends include technological advancements and collaborations with pet care businesses.

Global Pet Insurance Market Key Driver

The pet insurance market is set to grow with the continued increase in pet adoptions, fueled by the rising global demand during the COVID-19 pandemic. Adopting pets not only provides companionship but also offers health benefits, including stress reduction and lower blood pressure. Despite the growing trend, a significant number of animals in shelters remain unadopted, emphasizing the potential for further market growth.

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Global Pet Insurance Market Segments

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
By Geography: The regions covered in the template market report are Asia-Pacific, Western Europe, Eastern Europe,North America, South America, Middle East, and Africa. Among these regions. North America was the largest region in the pet insurance market in 2023. The regions covered in the pet insurance market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

Major Pet Insurance Industry Players

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; Embrace Mobile Inc.; 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; Team Pumpkin Ltd.; Spot AI Inc.; American Kennel Club Inc.; American Modern Insurance Group Inc.; Bivvy LLC; C&F Insurance Agency Inc.; Hartville Group Inc.; PetPartners Inc.; PetPremium Inc.; Amica Mutual Insurance Company; ASPCA Pet Health Insurance; Farmers Insurance Exchange; Erie Insurance Group

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Pet Insurance Market Overview

Pet insurance refers to a policy purchased by a pet owner to offset the overall cost of their animal's medical bills. Pet insurance provides cover for veterinary fees if your pet is injured or becomes ill, and is a sensible approach to making sure this does not become a concern.

Pet Insurance Global Market Report 2023 provides data on the global pet insurance market such as market size, growth forecasts, segments and geographies, competitive landscape including leading competitors’ revenues, profiles and market shares. The pet insurance market report identifies opportunities and strategies based on market trends and leading competitors’ approaches.