The pet insurance market is estimated to be valued at US$ 9.53 billion in 2023 and is expected to reach US$ 40 billion by 2033. The adoption of pet insurance is likely to advance at a CAGR of 16.8% during the forecast period. The growing pet populace, acceptance of pet insurance in underdeveloped markets, rising vet care costs, and increasing humanization of pets, is driving the global pet insurance market.
Some new advances that have taken place in the market include technology that has changed how pet owners are taking care of their pets. The use of technology has made it convenient for pet owners to interact with and take care of their pets.
Technology has also changed how a pet owner can connect with pet care centers in the market through an online platform and there are many virtual programs that have helped the development and training of pet dogs. Such technological advancements have helped the pet insurance industry to grow and will continue to contribute to the growth of the industry at a significant rate in the near future.
Key reasons for growth are attributed to the steady uptake of the market during the first half of the forecast period, owed to the rising number of pet adoptions and increased awareness of pet insurance are two prime reasons that are pushing the pet insurance market forward. An increase in income is another significant element influencing animal health spending. Lemonade, an AI-powered insurance start-up, introduced a new pet health insurance (Lemonade Pet) for kittens and puppies in 2021.
Despite these prospects, there are some likely challenges that stay ahead for the industry, which include some pet owners in developing countries that are unaware of pet insurance policies; this is because of less knowledge of pet care, low income, and low animal healthcare facilities. Thus, the high cost of pet care products, lack of awareness of pet insurance, and high premium cost that can decrease the sales of pet insurance.
| Attribute | Details |
|---|---|
| Estimated Market Size 2023 | US$ 9.53 billion |
| Projected Market Size 2033 | US$ 40 billion |
| CAGR from 2023 to 2033 | 16.8% |
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Pet insurance is a policy purchased by a pet parent to cover the veterinarian’s care of the insured pet's injury or illness in part or in full. Some policies cover pet death as well as loss or theft. The pet insurance market expanded at a high CAGR of 15% from 2018 to 2022.
Numerous pets are covered under pet insurance. Pet insurance for dogs and pet insurance for cats are most in demand. Dogs, cats, horses, and other exotic animals are all covered under pet insurance policies. Pet owners mistakenly believe that pet insurance is similar to human health insurance; nevertheless, pet insurance is a type of property insurance. As a result, after the pet has gotten the care and the owner has submitted a claim to the insurance company, the pet insurance is reimbursed.
Dogs make excellent pets because they are amiable and loyal. The global pet insurance market is being fuelled by a rise in the number of dog rescue facilities and rehabilitation for sick dogs. Rising medical costs in veterinary treatment, as well as the use of pricey medical techniques and pharmaceuticals, are driving the demand for pet insurance. The global pet insurance market is anticipated to progress at a CAGR of 16.8% to reach US$ 45 billion by 2033. The world is witnessing an increasing inclination towards dog insurance, cat insurance, horse insurance, and exotic pet insurance, to name a few.
Pawsitive Trends: Pet Care Spending and Dog Adoption Boost Pet Insurance Sales!
The rising number of pet adoptions and increased awareness of pet insurance are two prime reasons that are pushing the pet insurance market forward. The acceptance of animals as companions, such as dogs and cats, has risen significantly in recent years. Cats and dogs are the most popular pets and are known to benefit people's physical and mental well-being.
As a result, an increase in income is another significant element influencing animal health spending. Aside from per capita animal health spending, industries all around the world are investing more in the detection and treatment of veterinary diseases. Due to a robust economy, greater consumer knowledge, high spending power, and quicker claims processing pet health insurance are getting more popular. The coverage for pet health insurance is expected to fund diagnostic procedures and radiology, and it will cover all accidents and illnesses under one policy.
Radiographs, ultrasound scans, CT scans, and MRIs are some of the most typical diagnostic tests supported by pet insurance. There are numerous players operating in the industry, and many of these players use pet insurance to promote multiple branded products. There has also been an uptick in the number of new players. Thus, the involvement of key market players in providing novel products with the collaboration of pet insurance companies is likely to boost market growth.
Fumbling in the Dark: How a Lack of Pet Insurance Awareness Casts Shadows on Market Prosperity
Some pet owners in developing countries are unaware of pet insurance policies; this is because of less knowledge of pet care, low income, and low animal healthcare facilities. Thus, the high cost of pet care products, lack of awareness of pet insurance and high premium cost can decrease the sales of pet insurance.
Unleashing Success: How Leading Players Propel Pet Insurance Market Growth in Western Nations
In 2023, the Europe pet insurance market is expected to account for the largest market share. This is due to the expanding popularity of pet insurance, increased pet adoption, and the presence of key market players. Numerous insurance firms across Europe are developing policies to encourage pet lovers to adopt dogs. These businesses provide services such as illness, injury, and disease plans.
The pet insurance market in North America is being pushed by rising pet ownership, an increase in the domestic animal population, rising disposable income, and increased pet insurance knowledge. Due to the increased adoption of companion animals and pet insurance during shutdowns, the Asia Pacific industry is projected to develop significantly over the forecast period.
The first pet insurance coverage was sold in the United Kingdom in 1947, and since then, the country has seen significant growth in the pet insurance market. Well-established pet insurance companies are present in the United Kingdom, which focus on the best standard policies to increase their sales. Although some United Kingdom policies cover 100% of vet bills, sometimes this may differ according to the situation.
Pet insurance firms in the United Kingdom frequently offer consumers the option of paying an "extra," similar to how car insurance companies do. Excess fees might cost anything between £40 and £100. Rising obesity rates among pets are expected to drive the United Kingdom pet insurance market. Pet Insurance companies are tying partnerships with pet care solution manufacturers to launch novel products into the market, which may be beneficial in increasing profit.
China is expected to dominate the Asia Pacific pet insurance market. An increase in the number of pets adopted and increased knowledge of pet insurance are two main factors driving market expansion in China.
Dogs have long been the most popular pets in the world, and they dominate Chinese pet food sales. As per the State Council of China 2020, over 73.55 million households possess a pet, with 46.1% having dogs and 30.7% having cats.
Millennials' rising choice of dogs as a companion is boosting pet insurance market growth. In addition, new firms are entering the market, such as China Continent Insurance and the Taikang Insurance Group, which ever cover pet diabetes care insurance.
Principal Consultant
The accident and illness policy type is expected to dominate the market and is likely to account for 47% of the global market share in 2023. High veterinarian care and diagnostic expenses, an increase in the domestic animal population, and increased knowledge of pet insurance are all contributing factors to this trend.
Pet insurance providers most typically offer accident and illness covers. These encompass a wide range of ailments, including acute and chronic illnesses, treatments, diagnostics, and more. The segment is predicted to expand the quickest in the future years since accident and illness insurance gives comprehensive insurance policies to pet owners.
The accident insurance policy type is expected to hold 35% of the global market share in 2023. Accidental damage coverage is sometimes included as a standard feature on premium plans, but it is frequently provided as an optional feature on more basic policies.
The embedded wellness policy type is presently likely to account for 20% of the global market share. Embedded wellness coverage includes immunizations, testing, and dental work. This sort of safeguarding is also known as "routine" or "preventative" care. Some accident and illness insurance may include wellness benefits, such as dental coverage.
The pet insurance market brims with fierce competition, as industry players vie to provide comprehensive coverage and innovative solutions for pet owners. Established insurers continuously refine policy offerings, integrating wellness programs and personalized plans. Agile startups disrupt the landscape, leveraging digital platforms to streamline processes and enhance user experiences.
Collaborations with veterinary networks amplify service accessibility, fostering customer loyalty. As awareness of pet well-being intensifies, market entrants focus on education, empowering pet owners to make informed choices. In this dynamic arena, competition sparks innovation, fueling a drive to reshape pet insurance into a vital component of responsible pet ownership.
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| Attribute | Details |
|---|---|
| Market Value in 2023 | US$ 9.53 billion |
| Market Value in 2033 | US$ 40 billion |
| Growth Rate | CAGR of 16.8% from 2023 to 2033 |
| Base Year for Estimation | 2022 |
| Historical Data | 2018 to 2022 |
| Forecast Period | 2023 to 2033 |
| Quantitative Units | Revenue in US$ billion and CAGR from 2023 to 2033 |
| Report Coverage | Revenue Forecast, Company Ranking, Competitive Landscape, Growth Factors, Trends and Pricing Analysis |
| Segments Covered |
|
| Regions Covered |
|
| Key Countries Profiled |
|
| Key Companies Profiled |
|
| Customization & Pricing | Available upon Request |
Rising pet ownership rates, increasing awareness of pet health, and advancements in veterinary care are driving market expansion.
Pet insurance provides financial protection against unexpected veterinary costs, making it easier for owners to afford necessary medical care for their pets.
Trends include the availability of customizable coverage options, coverage for alternative therapies, and increased inclusion of wellness and routine care options.
Younger pets typically have lower premiums, while older pets and certain breeds may have higher premiums due to potential health risks.
Challenges include educating pet owners about the benefits of pet insurance, managing premium costs, and ensuring transparent coverage terms and conditions.
1. Executive Summary
1.1. Global Market Outlook
1.2. Demand-side Trends
1.3. Supply-side Trends
1.4. Technology Roadmap Analysis
1.5. Analysis and Recommendations
2. Market Overview
2.1. Market Coverage / Taxonomy
2.2. Market Definition / Scope / Limitations
3. Market Background
3.1. Market Dynamics
3.1.1. Drivers
3.1.2. Restraints
3.1.3. Opportunity
3.1.4. Trends
3.2. Scenario Forecast
3.2.1. Demand in Optimistic Scenario
3.2.2. Demand in Likely Scenario
3.2.3. Demand in Conservative Scenario
3.3. Opportunity Map Analysis
3.4. Investment Feasibility Matrix
3.5. PESTLE and Porter’s Analysis
3.6. Regulatory Landscape
3.6.1. By Key Regions
3.6.2. By Key Countries
3.7. Regional Parent Market Outlook
4. Global Market Analysis 2018 to 2022 and Forecast, 2023 to 2033
4.1. Historical Market Size Value (US$ Million) Analysis, 2018 to 2022
4.2. Current and Future Market Size Value (US$ Million) Projections, 2023 to 2033
4.2.1. Y-o-Y Growth Trend Analysis
4.2.2. Absolute $ Opportunity Analysis
5. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Policy Type
5.1. Introduction / Key Findings
5.2. Historical Market Size Value (US$ Million) Analysis By Policy Type, 2018 to 2022
5.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By Policy Type, 2023 to 2033
5.3.1. Accident
5.3.2. Accident & Illness
5.3.3. Embedded Wellness
5.4. Y-o-Y Growth Trend Analysis By Policy Type, 2018 to 2022
5.5. Absolute $ Opportunity Analysis By Policy Type, 2023 to 2033
6. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By End User
6.1. Introduction / Key Findings
6.2. Historical Market Size Value (US$ Million) Analysis By End User, 2018 to 2022
6.3. Current and Future Market Size Value (US$ Million) Analysis and Forecast By End User, 2023 to 2033
6.3.1. Dogs
6.3.2. Cats
6.3.3. Horses
6.3.4. Exotic Pets
6.3.5. Others
6.4. Y-o-Y Growth Trend Analysis By End User, 2018 to 2022
6.5. Absolute $ Opportunity Analysis By End User, 2023 to 2033
7. Global Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Region
7.1. Introduction
7.2. Historical Market Size Value (US$ Million) Analysis By Region, 2018 to 2022
7.3. Current Market Size Value (US$ Million) Analysis and Forecast By Region, 2023 to 2033
7.3.1. North America
7.3.2. Latin America
7.3.3. Western Europe
7.3.4. Eastern Europe
7.3.5. South Asia and Pacific
7.3.6. East Asia
7.3.7. Middle East and Africa
7.4. Market Attractiveness Analysis By Region
8. North America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
8.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
8.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
8.2.1. By Country
8.2.1.1. The USA
8.2.1.2. Canada
8.2.2. By Policy Type
8.2.3. By End User
8.3. Market Attractiveness Analysis
8.3.1. By Country
8.3.2. By Policy Type
8.3.3. By End User
8.4. Key Takeaways
9. Latin America Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
9.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
9.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
9.2.1. By Country
9.2.1.1. Brazil
9.2.1.2. Mexico
9.2.1.3. Rest of Latin America
9.2.2. By Policy Type
9.2.3. By End User
9.3. Market Attractiveness Analysis
9.3.1. By Country
9.3.2. By Policy Type
9.3.3. By End User
9.4. Key Takeaways
10. Western Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
10.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
10.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
10.2.1. By Country
10.2.1.1. Germany
10.2.1.2. United Kingdom
10.2.1.3. France
10.2.1.4. Spain
10.2.1.5. Italy
10.2.1.6. Rest of Western Europe
10.2.2. By Policy Type
10.2.3. By End User
10.3. Market Attractiveness Analysis
10.3.1. By Country
10.3.2. By Policy Type
10.3.3. By End User
10.4. Key Takeaways
11. Eastern Europe Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
11.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
11.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
11.2.1. By Country
11.2.1.1. Poland
11.2.1.2. Russia
11.2.1.3. Czech Republic
11.2.1.4. Romania
11.2.1.5. Rest of Eastern Europe
11.2.2. By Policy Type
11.2.3. By End User
11.3. Market Attractiveness Analysis
11.3.1. By Country
11.3.2. By Policy Type
11.3.3. By End User
11.4. Key Takeaways
12. South Asia and Pacific Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
12.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
12.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
12.2.1. By Country
12.2.1.1. India
12.2.1.2. Bangladesh
12.2.1.3. Australia
12.2.1.4. New Zealand
12.2.1.5. Rest of South Asia and Pacific
12.2.2. By Policy Type
12.2.3. By End User
12.3. Market Attractiveness Analysis
12.3.1. By Country
12.3.2. By Policy Type
12.3.3. By End User
12.4. Key Takeaways
13. East Asia Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
13.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
13.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
13.2.1. By Country
13.2.1.1. China
13.2.1.2. Japan
13.2.1.3. South Korea
13.2.2. By Policy Type
13.2.3. By End User
13.3. Market Attractiveness Analysis
13.3.1. By Country
13.3.2. By Policy Type
13.3.3. By End User
13.4. Key Takeaways
14. Middle East and Africa Market Analysis 2018 to 2022 and Forecast 2023 to 2033, By Country
14.1. Historical Market Size Value (US$ Million) Trend Analysis By Market Taxonomy, 2018 to 2022
14.2. Market Size Value (US$ Million) Forecast By Market Taxonomy, 2023 to 2033
14.2.1. By Country
14.2.1.1. GCC Countries
14.2.1.2. South Africa
14.2.1.3. Israel
14.2.1.4. Rest of MEA
14.2.2. By Policy Type
14.2.3. By End User
14.3. Market Attractiveness Analysis
14.3.1. By Country
14.3.2. By Policy Type
14.3.3. By End User
14.4. Key Takeaways
15. Key Countries Market Analysis
15.1. USA
15.1.1. Pricing Analysis
15.1.2. Market Share Analysis, 2022
15.1.2.1. By Policy Type
15.1.2.2. By End User
15.2. Canada
15.2.1. Pricing Analysis
15.2.2. Market Share Analysis, 2022
15.2.2.1. By Policy Type
15.2.2.2. By End User
15.3. Brazil
15.3.1. Pricing Analysis
15.3.2. Market Share Analysis, 2022
15.3.2.1. By Policy Type
15.3.2.2. By End User
15.4. Mexico
15.4.1. Pricing Analysis
15.4.2. Market Share Analysis, 2022
15.4.2.1. By Policy Type
15.4.2.2. By End User
15.5. Germany
15.5.1. Pricing Analysis
15.5.2. Market Share Analysis, 2022
15.5.2.1. By Policy Type
15.5.2.2. By End User
15.6. United Kingdom
15.6.1. Pricing Analysis
15.6.2. Market Share Analysis, 2022
15.6.2.1. By Policy Type
15.6.2.2. By End User
15.7. France
15.7.1. Pricing Analysis
15.7.2. Market Share Analysis, 2022
15.7.2.1. By Policy Type
15.7.2.2. By End User
15.8. Spain
15.8.1. Pricing Analysis
15.8.2. Market Share Analysis, 2022
15.8.2.1. By Policy Type
15.8.2.2. By End User
15.9. Italy
15.9.1. Pricing Analysis
15.9.2. Market Share Analysis, 2022
15.9.2.1. By Policy Type
15.9.2.2. By End User
15.10. Poland
15.10.1. Pricing Analysis
15.10.2. Market Share Analysis, 2022
15.10.2.1. By Policy Type
15.10.2.2. By End User
15.11. Russia
15.11.1. Pricing Analysis
15.11.2. Market Share Analysis, 2022
15.11.2.1. By Policy Type
15.11.2.2. By End User
15.12. Czech Republic
15.12.1. Pricing Analysis
15.12.2. Market Share Analysis, 2022
15.12.2.1. By Policy Type
15.12.2.2. By End User
15.13. Romania
15.13.1. Pricing Analysis
15.13.2. Market Share Analysis, 2022
15.13.2.1. By Policy Type
15.13.2.2. By End User
15.14. India
15.14.1. Pricing Analysis
15.14.2. Market Share Analysis, 2022
15.14.2.1. By Policy Type
15.14.2.2. By End User
15.15. Bangladesh
15.15.1. Pricing Analysis
15.15.2. Market Share Analysis, 2022
15.15.2.1. By Policy Type
15.15.2.2. By End User
15.16. Australia
15.16.1. Pricing Analysis
15.16.2. Market Share Analysis, 2022
15.16.2.1. By Policy Type
15.16.2.2. By End User
15.17. New Zealand
15.17.1. Pricing Analysis
15.17.2. Market Share Analysis, 2022
15.17.2.1. By Policy Type
15.17.2.2. By End User
15.18. China
15.18.1. Pricing Analysis
15.18.2. Market Share Analysis, 2022
15.18.2.1. By Policy Type
15.18.2.2. By End User
15.19. Japan
15.19.1. Pricing Analysis
15.19.2. Market Share Analysis, 2022
15.19.2.1. By Policy Type
15.19.2.2. By End User
15.20. South Korea
15.20.1. Pricing Analysis
15.20.2. Market Share Analysis, 2022
15.20.2.1. By Policy Type
15.20.2.2. By End User
15.21. GCC Countries
15.21.1. Pricing Analysis
15.21.2. Market Share Analysis, 2022
15.21.2.1. By Policy Type
15.21.2.2. By End User
15.22. South Africa
15.22.1. Pricing Analysis
15.22.2. Market Share Analysis, 2022
15.22.2.1. By Policy Type
15.22.2.2. By End User
15.23. Israel
15.23.1. Pricing Analysis
15.23.2. Market Share Analysis, 2022
15.23.2.1. By Policy Type
15.23.2.2. By End User
16. Market Structure Analysis
16.1. Competition Dashboard
16.2. Competition Benchmarking
16.3. Market Share Analysis of Top Players
16.3.1. By Regional
16.3.2. By Policy Type
16.3.3. By End User
17. Competition Analysis
17.1. Competition Deep Dive
17.1.1. Embrace Agency, LLC
17.1.1.1. Overview
17.1.1.2. Product Portfolio
17.1.1.3. Profitability by Market Segments
17.1.1.4. Sales Footprint
17.1.1.5. Strategy Overview
17.1.1.5.1. Marketing Strategy
17.1.2. Figo LLC
17.1.2.1. Overview
17.1.2.2. Product Portfolio
17.1.2.3. Profitability by Market Segments
17.1.2.4. Sales Footprint
17.1.2.5. Strategy Overview
17.1.2.5.1. Marketing Strategy
17.1.3. Hartville Group
17.1.3.1. Overview
17.1.3.2. Product Portfolio
17.1.3.3. Profitability by Market Segments
17.1.3.4. Sales Footprint
17.1.3.5. Strategy Overview
17.1.3.5.1. Marketing Strategy
17.1.4. Nationwide
17.1.4.1. Overview
17.1.4.2. Product Portfolio
17.1.4.3. Profitability by Market Segments
17.1.4.4. Sales Footprint
17.1.4.5. Strategy Overview
17.1.4.5.1. Marketing Strategy
17.1.5. Pet Assure Corp
17.1.5.1. Overview
17.1.5.2. Product Portfolio
17.1.5.3. Profitability by Market Segments
17.1.5.4. Sales Footprint
17.1.5.5. Strategy Overview
17.1.5.5.1. Marketing Strategy
17.1.6. PetFirst
17.1.6.1. Overview
17.1.6.2. Product Portfolio
17.1.6.3. Profitability by Market Segments
17.1.6.4. Sales Footprint
17.1.6.5. Strategy Overview
17.1.6.5.1. Marketing Strategy
17.1.7. Ipet Insurance
17.1.7.1. Overview
17.1.7.2. Product Portfolio
17.1.7.3. Profitability by Market Segments
17.1.7.4. Sales Footprint
17.1.7.5. Strategy Overview
17.1.7.5.1. Marketing Strategy
17.1.8. Pets Best Insurance Services, LLC
17.1.8.1. Overview
17.1.8.2. Product Portfolio
17.1.8.3. Profitability by Market Segments
17.1.8.4. Sales Footprint
17.1.8.5. Strategy Overview
17.1.8.5.1. Marketing Strategy
17.1.9. Royal & Sun Alliance (RSA)
17.1.9.1. Overview
17.1.9.2. Product Portfolio
17.1.9.3. Profitability by Market Segments
17.1.9.4. Sales Footprint
17.1.9.5. Strategy Overview
17.1.9.5.1. Marketing Strategy
17.1.10. Trupanion
17.1.10.1. Overview
17.1.10.2. Product Portfolio
17.1.10.3. Profitability by Market Segments
17.1.10.4. Sales Footprint
17.1.10.5. Strategy Overview
17.1.10.5.1. Marketing Strategy
18. Assumptions & Acronyms Used
19. Research Methodology
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Pet Insurance Market
