Market Overview
The global pet insurance market valued at USD 4,500 million in 2022 is projected to reach USD 32,700 million by 2033, at a lucrative CAGR of 16.7%.
Report Scope
Report Attributes | Description |
Market Forecast in 2022 | USD 4,500 million |
Market Forecast in 2033 | USD 32,700 million |
CAGR % 2023-2033 | 16.7% |
Base Year | 2022 |
Historic Data | 2020-2021 |
Forecast Period | 2023-2033 |
Report USP | Product, end-user industry, company share, company heatmap, company Capacity Technology Product capacity, growth factors and more |
Key Companies | Embrace Pet Insurance Agency LLC, Figo Pet Insurance LLC, Petplan, Hartville Group, Royal & Sun Alliance (RSA), Trupanion, Healthy Paws Pet Insurance LLC, Dotsure.co.za, Animal Friends Insurance, Pets Best Insurance Services, LLC, Ipet Insurance, Direct Line, Nationwide Mutual Insurance Company, Crum & Forster, Oneplan, Nationwide, Animal Friends Insurance Services Limited, Metlife Services and Solutions LLC, Petplan, Deutsche Familienversicherung AG, Joii Pet Care, Agria Pet Insurance Ltd, 24PetWatch, Health for Pet, Petsure Pty Ltd, The Oriental Insurance Company Ltd, Medibank Private Limited, and Anicom Holdings, Inc., and Others |
Pet Insurance Market - Description
Pet insurance is an insurance policy bought by the pet owner to pay partly or in total for the veterinary treatment of the insured pet’s illness or injury. Some policy also daubs the pet death, or in case lost or stolen.
Moreover, the increasing medical expenses in veterinary medicine and deploying of expensive medical techniques and drugs is thrusting the demand of pet insurance market. Growing and increased demand for pet insurance market policies and rise in need for financial safety in case of surge in uncertainties boost the growth of the global pet insurance market.
Additionally, hike in number of veterinary centres impressively impacts the growth of the market. However, scarcity of awareness regarding pet insurance policy and high premium cost hampers the market growth.
Contradictorily, acceptance of technologies in existing products and service lines, and government initiatives regarding pet insurance policies are expected to provide remunerative opportunities for expansion of the market during the forecast period.
The evolvement of pet ownership during the pandemic, expenditure on pets, and rising pet humanization further backed up the adoption of pet insurance policies. Concerns over augmented veterinary care costs and fear of transmission of COVID-19 from pets to pet owners also surged the command for reducing financial risks with a suitable pet insurance policy.
Although OIE has confirmed that no animals can spread this virus. However, in the initial months of the pandemic, there was speculation that it may spread through birds.
Overall, the pandemic positively impacted the market with increased awareness and adoption of insurance policies by pet parents. Moreover, untapped opportunities in developed and developing countries will be offering lucrative growth factors in the market of pet insurance in the coming years.
Key Trends Of Global Pet Insurance Market:
· Increasing Adoption Of Dogs Across The Globe:
Owing to rising adoption of dogs across the globe, the insurance providers offer dog health insurance plans for injuries, illnesses, and wellness care. Countries such as U.S., Argentina, France have the largest population of pet dogs and that will attract pet owners to choose from various policy coverage. Furthermore, few of the insurance companies give away offers to include chronic and new recurring conditions at no additional cost, augmenting the segment growth.
· Rapidly Growing Consumer Awareness:
Surprisingly growing consumer awareness, underpenetrated market, and product acceptance have benefited the market. Moreover, unexploited opportunities in developed and developing economies are anticipated to provide widening growth to this market in the coming years. Furthermore, advancements in pet insurance, such as vet direct pay by Troponin, are revolutionizing medical insurance for cats and dogs by cutting out the reimbursement model. Similarly, pet insurance in Europe is growing rapidly due to strict pet insurance regulations in countries such as Sweden. In addition, strategic initiatives by market players are further expected to boost the market growth.
Segmental Analysis Of Global Pet Insurance Market:
Based On Policy Type:
• Accidents only
• Accident and Illness
• Others
The accident & illness segment is anticipated to garner a significant share during the forecast period owing to surge in acceptance of pet insurance and increase in cost of treatments and medication fees. In addition, accident & illness pet insurance market could prove a cost-effective way of avoiding any large, unexpected bills due to its actions.
Based On Animal Type:
• Dogs
• Cats
• Horses
• Rabbits
• Exotic
• Others
Based On Provider:
• Public
• Private
Based On Sales:
• Agency
• Broker
• Direct
• Bancassurance
• Others
Pet Insurance Market: Geographical Analysis
The global pet insurance market is segmented into four major countries- North America, Europe, Asia-pacific and LAMEA.
The pet insurance market was dominated by Europe in 2022, and is expected to retain its position during the forecast period, owing to increase in adoption of pets in the UK, Italy, France, Russia, and Germany.
In addition, many insurance companies across Europe are coming up with various policy coverage to encourage pet owners to adopt dogs. These companies render services with plans for illnesses, injuries, and various diseases. However, Asia-Pacific is expected to witness significant growth in the near future, owing to growing awareness of pet care and pet insurance during the lockdown.
Pet Insurance Market - Recent Developments
· In March 2023, Trupanion, a leading provider of medical insurance for cats and dogs, announced that it had reached a milestone of insuring over one million pets in North America. The company's success is driven by its comprehensive coverage and focus on customer service.
· In February 2023, Petplan, a leading provider of pet insurance in the UK and US, announced the launch of a new product line that includes coverage for behavioral therapies and alternative therapies such as acupuncture and chiropractic care.
· In January 2023, Nationwide, a major provider of pet insurance in the US, announced that it had donated USD 500,000 to the Morris Animal Foundation to support research on cancer in dogs. The donation is part of Nationwide's ongoing commitment to improving pet health and wellness.
Pet Insurance Market: Company Profiles
· Embrace Pet Insurance Agency LLC
· Figo Pet Insurance LLC
· Petplan
· Hartville Group
· Royal & Sun Alliance (RSA)
· Trupanion
· Healthy Paws Pet Insurance LLC
· Dotsure.co.za
· Animal Friends Insurance
· Pets Best Insurance Services, LLC
· Ipet Insurance
· Direct Line
· Nationwide Mutual Insurance Company
· Crum & Forster
· Oneplan
· Nationwide
· Animal Friends Insurance Services Limited
· Metlife Services and Solutions LLC
· Petplan
· Deutsche Familienversicherung AG
· Joii Pet Care
· Agria Pet Insurance Ltd
· 24PetWatch
· Health for Pet
· Petsure Pty Ltd
· The Oriental Insurance Company Ltd
· Medibank Private Limited
· Anicom Holdings, Inc
· Others
Pet Insurance Market: Regional Scope
North America
· U.S.
· Canada
· Mexico
Europe
· U.K.
· Germany
· France
· Italy
· Spain
· Rest of Europe
Asia Pacific
· China
· India
· Japan
· South Korea
· Australia
· Rest of Asia Pacific
South America
· Brazil
· Argentina
· Rest of South America
Middle East and Africa
· Saudi Arabia
· UAE
· Egypt
· South Africa
· Rest of Middle East and Africa
1. Global Pet Insurance Market Introduction and Market Overview
1.1. Objective of the Market Research Study
1.2. Pet Insurance Definition & Description
1.3. Research Data Parameters & Reporting Timelines
1.3.1. Historical Data Reporting Years – 2020 to 2021
1.3.2. Projected Data Reporting Years – 2022 to 2033
1.3.3. Reporting Data Parameters – Value (US$ Million)
1.4. Global Pet Insurance Market Scope and Market Estimation
1.4.1. Global Pet Insurance Market Overall Market Size (US$ Million), Market CAGR (%), Market Estimates & Forecast (2020 to 2033)
1.4.2. Global Pet Insurance Market Revenue Share (%) and Growth Rate (Y-o-Y) from 2020 to 2033
1.5. Pet Insurance Segmentation
1.5.1. Policy Coverage of Global Pet Insurance Market
1.5.2. Animal Type of Global Pet Insurance Market
1.5.3. Provider of Global Pet Insurance Market
1.5.4. Sales Channel of Global Pet Insurance Market
1.5.5. Key Regions of Global Pet Insurance Market
2. Global Pet Insurance Market - Executive Summary
2.1. Global Pet Insurance Market – Summary & Snapshot
2.2. Global Pet Insurance Market, By Policy Coverage (US$ Million)
2.3. Global Pet Insurance Market, By Animal Type (US$ Million)
2.4. Global Pet Insurance Market, Provider (US$ Million)
2.5. Global Pet Insurance Market, Sales Channel (US$ Million)
2.6. Global Pet Insurance Market, By Geography (US$ Million)
2.7. Global Pet Insurance Market Outlook & Future Opportunities
3. Pet Insurance Trends, Outlook, and Factors Analysis
3.1. Global Pet Insurance Market Industry Development Trends under COVID-19 Outbreak
3.1.1. Global COVID-19 Status Overview
3.1.2. Influence of COVID-19 Outbreak on Global Pet Insurance Market Industry Development
3.1.3. Pre & Post COVID-19 Trends and Scenarios
3.2. Pet Insurance Dynamics (Growth Impacting Factors & Rationales)
3.2.1. Drivers
3.2.1.1. Because of the surge in pet ownership, there is a higher need for pet insurance plans.
3.2.1.2. The growing prevalence of feline and dog-related diseases.
3.2.1.3. Rise in the adoption of animals, including dogs and cats as companion animals.
3.2.2. Restraints
3.2.2.1. Many coverage is exclusions, low limits and caps.
3.2.3. Opportunities
3.2.3.1. Increasing demand for pet insurance to help limit out-of-pocket costs for major medical conditions like cancer and accidental injuries.
3.2.3.2. Increase in expenditure on the pet industry.
3.2.3.3. Footstep in market by leading players.
3.2.4. Impact Analysis of Drivers and Restraints
3.3. Ecosystem/ Value Chain Analysis
3.4. Porter’s Five Forces Analysis
3.5. SWOT Analysis
3.6. PEST Analysis
3.7. Average Selling Prices and Pricing Trends Analysis of Pet Insurance
3.8. Technological Roadmap
3.9. Key Investment Pockets of Pet Insurance
3.9.1. By Policy Coverage
3.9.2. By Animal Type
3.9.3. By Provider
3.9.4. By Sales Channel
3.9.5. By Regions
4. Global Pet Insurance Market: Estimates & Historic Trend Analysis (2020 to 2021)
4.1. Global Pet Insurance Market, 2020 – 2021 (Us$ Million)
4.2. Global Pet Insurance Market, By Policy Coverage, 2020 To 2021 (Us$ Million)
4.3. Global Pet Insurance Market, By Animal Type, 2020 To 2021 (Us$ Million)
4.4. Global Pet Insurance Market, By Provider, 2020 To 2021 (Us$ Million)
4.5. Global Pet Insurance Market, By Sales Channel, 2020 To 2021 (Us$ Million)
4.6. Global Pet Insurance Market, By Region, 2020 To 2021 (Us$ Million)
5. Global Pet Insurance Market Estimates & Forecast Trend Analysis, by Policy Coverage
5.1. Global Pet Insurance Market Share (%) Estimates and Forecasts, by Policy Coverage, 2022 & 2033
5.2. Global Pet Insurance Market Revenue (US$ Million) Estimates and Forecasts, by Policy Coverage, 2022 to 2033
5.2.1. Accident Only
5.2.2. Accident and Illness
5.2.3. Others
6. Global Pet Insurance Market Estimates & Forecast Trend Analysis, by Animal Type
6.1. Global Pet Insurance Market Share (%) Estimates and Forecasts, By Animal Type, 2022 & 2033
6.2. Global Pet Insurance Market Revenue (US$ Million) Estimates and Forecasts, by Animal Type, 2022 to 2033
6.2.1. Dogs
6.2.2. Cats
6.2.3. Horse
6.2.4. Rabbit
6.2.5. Exotic
6.2.6. Others
Global Pet Insurance Market Estimates & Forecast Trend Analysis, by Provider
6.3. Global Pet Insurance Market Share (%) Estimates and Forecasts, By Provider, 2022 & 2033
6.4. Global Pet Insurance Market Revenue (US$ Million) Estimates and Forecasts, by Provider, 2022 to 2033
6.4.1. Public
6.4.2. Private
7. Global Pet Insurance Market Estimates & Forecast Trend Analysis, by Sales Channel
7.1. Global Pet Insurance Market Share (%) Estimates and Forecasts, By Sales Channel, 2022 & 2033
7.2. Global Pet Insurance Market Revenue (US$ Million) Estimates and Forecasts, by Sales Channel, 2022 to 2033
7.2.1. Agency
7.2.2. Broker
7.2.3. Direct
7.2.4. Bancassurance
7.2.5. Others
8. Global Pet Insurance Market Analysis and Forecast, by Region
8.1. Global Pet Insurance Market Share (%) Estimates and Forecasts, By Region, 2022 & 2033
8.2. Global Pet Insurance Market Revenue (US$ Million) Estimates and Forecasts, By Region, 2022 To 2033
8.2.1. North America
8.2.2. Europe
8.2.3. Asia Pacific
8.2.4. Middle East and Africa
8.2.5. Latin America
9. North America Pet Insurance: Estimates & Forecast Trend Analysis
9.1. North America Pet Insurance Assessments & Key Findings
9.2. North America Pet Insurance Share (%) Estimates and Forecasts, 2022 & 2033
9.3. North America Pet Insurance Size Estimates and Forecast (US$ Million) (2022 To 2033)
9.3.1. By Policy Coverage
9.3.2. By Animal Type
9.3.3. By Provider
9.3.4. By Sales Channel
9.3.5. By Major Country
9.3.5.1. The U.S.
9.3.5.2. Canada
10. Europe Pet Insurance: Estimates & Forecast Trend Analysis
10.1. Europe Pet Insurance Assessments & Key Findings
10.2. Europe Pet Insurance Share (%) Estimates and Forecasts, 2022 & 2033
10.3. Europe Pet Insurance Size Estimates and Forecast (US$ Million) (2022 to 2033)
10.3.1. By Policy Coverage
10.3.2. By Animal Type
10.3.3. By Provider
10.3.4. By Sales Channel
10.3.5. By Major Country
10.3.5.1. Germany
10.3.5.2. The U.K.
10.3.5.3. France
10.3.5.4. Italy
10.3.5.5. Spain
10.3.5.6. Rest of Europe (includes all other European countries)
11. Asia Pacific Pet Insurance: Estimates & Forecast Trend Analysis
11.1. Asia Pacific Pet Insurance Assessments & Key Findings
11.2. Asia Pacific Pet Insurance Share (%) Estimates and Forecasts, 2022 & 2033
11.3. Asia Pacific Pet Insurance Size Estimates and Forecast (US$ Million) (2022 To 2033)
11.3.1. By Policy Coverage
11.3.2. By Animal Type
11.3.3. By Provider
11.3.4. By Sales Channel
11.3.5. By Major Country
11.3.5.1. China
11.3.5.2. Japan
11.3.5.3. India
11.3.5.4. ASEAN
11.3.5.5. South Korea
11.3.5.6. Rest of Asia Pacific (includes all other Asia Pacific countries)
12. Middle East & Africa Pet Insurance: Estimates & Forecast Trend Analysis
12.1. Middle East & Africa Pet Insurance Assessments & Key Findings
12.2. Middle East & Africa Pet Insurance Share (%) Estimates and Forecasts, 2022 & 2033
12.3. Middle East & Africa Pet Insurance Size Estimates and Forecast (US$ Million) (2022 To 2033)
12.3.1. By Policy Coverage
12.3.2. By Animal Type
12.3.3. By Provider
12.3.4. By Sales Channel
12.3.5. By Major Country
12.3.5.1. GCC
12.3.5.2. South Africa
12.3.5.3. Egypt
12.3.5.4. Rest of Middle East & Africa (includes all other Middle East & Africa countries)
13. Latin America Pet Insurance: Estimates & Forecast Trend Analysis
13.1. Latin America Market Assessments & Key Findings
13.2. Latin America Pet Insurance Share (%) Estimates and Forecasts, 2022 & 2033
13.3. Latin America Pet Insurance Size Estimates and Forecast (US$ Million) (2022 to 2033)
13.3.1. By Policy Coverage
13.3.2. By Animal Type
13.3.3. By Provider
13.3.4. By Sales Channel
13.3.5. By Major Country
13.3.5.1. Brazil
13.3.5.2. Mexico
13.3.5.3. Rest of Latin America (includes all other Latin America countries)
14. Competitive Landscape
14.1. Pet Insurance Revenue Share Analysis (%), By Major Players (2021)
14.2. Pet Insurance Competition Matrix, By Leading Players
14.3. Pet Insurance List of Emerging, Prominent and Leading Players
14.4. Major Mergers & Acquisitions, Partnership, Joint Venture, Expansions, Deals, Recent Developments, Etc.
15. Company Profiles
15.1. Anicom Holdings Inc.
15.1.1. Company Overview & Insights
15.1.2. Financial Performance
15.1.3. Product / Service Portfolio
15.1.4. Geographical Footprint & Share
15.1.5. Strategic Initiatives & Key Developments
*Similar details would be provided for all the players mentioned below
15.2. Embrace Pet Insurance Agency LLC
15.3. Figo Pet Insurance LLC
15.4. Petplan
15.5. Hartville Group
15.6. Royal & Sun Alliance (RSA)
15.7. Trupanion
15.8. Healthy Paws Pet Insurance LLC
15.9. Dotsure.co.za
15.10. Animal Friends Insurance
15.11. Pets Best Insurance Services, LLC
15.12. Ipet Insurance
15.13. Direct Line
15.14. Nationwide Mutual Insurance Company
15.15. Crum & Forster
15.16. Oneplan
15.17. Nationwide
15.18. Animal Friends Insurance Services Limited
15.19. Metlife Services and Solutions LLC
15.20. Petplan
15.21. Deutsche Familienversicherung AG
15.22. Joii Pet Care
15.23. Agria Pet Insurance Ltd
15.24. 24PetWatch
15.25. Health for Pet
15.26. Petsure Pty Ltd
15.27. The Oriental Insurance Company Ltd
15.28. Medibank Private Limited
15.29. Others
16. Assumptions and Research Methodology
16.1. Data Mining
16.2. Secondary Research
16.3. Primary Research
16.4. Subject Matter Expert Advice
16.5. Quality Check
16.6. Final Review
16.7. Data Triangulation
16.8. Bottom-Up Approach
16.9. Top-Down Approach
16.10. Research Flow
16.11. Key Insights from Industry Experts
16.12. Data Sources
16.13. Assumptions
16.14. Limitations
17. Conclusions and Recommendations
17.1. Key Research Findings and Conclusion
17.2. Key Insights & Recommendations from Analysts
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The global pet insurance market valued at USD 4,500 million in 2022 is projected to reach USD 32,700 million by 2033, at a lucrative CAGR of 16.7%.
Owing to rising adoption of dogs across the globe, the insurance providers offer dog health insurance plans for injuries, illnesses, and wellness care.
What are the top performing segments, and countries / regions of each of the markets?
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