Global Pet Insurance Market Analysis by Type (Accident & Illness, Accident Only), By Animal Type (Dogs, Cats), By Sales Channel (Agency, Broker, Direct, Bancassurance), By Provider (Public, Private) and by Region: Global Forecast, 2024 - 2034
- PUBLISHED ON
- 2024-05-10
- NO OF PAGES
- 231
- CATEGORY
- Banking & Finance
Market Overview
The Pet Insurance market is predicted to develop at a compound annual growth rate (CAGR) of 10.4% from 2024 to 2034, when it is projected to reach USD 33.34 Billion, based on an average growth pattern. The market is estimated to reach a value of USD 12.39 Billion in 2024.
SOURCE: We Market Research
The financial
safety net for your pet's medical bills is provided by pet insurance. It pays
for veterinarian expenses related to diseases, mishaps, operations, and
occasionally prophylactic treatment. A monthly payment and deductible are paid
by policyholders, and the insurance covers a percentage of qualified costs.
This guarantees that pet owners can afford the essential treatment for their
furry friends without having to worry about unforeseen medical expenditures.
The coverage offered by different providers and plans vary, so it's important
to pick an insurance that fits both your needs and your pocketbook. You can
prioritise your pet's health without worrying about the expenditures when you
get pet insurance, which can provide you piece of mind.
The pet insurance market is expanding due to increasing pet ownership and rising veterinary costs. As more people consider pets family members, the demand for insurance grows to manage healthcare expenses. Advancements in veterinary medicine offer more treatment options but also drive up costs, making insurance attractive for financial planning. Awareness campaigns highlight the benefits of coverage, prompting pet owners to invest. Insurance providers offer customizable plans to meet diverse needs and budgets, further fueling market growth. Supportive regulations also play a role, encouraging pet owners to prioritize their pets' health with insurance, ensuring they can afford necessary care without financial strain.
Market Scope
|
Report Attributes |
Description |
|
Market Size in 2024 |
USD 12.39 Billion |
|
Market Forecast in 2034 |
USD 33.34 Billion |
|
CAGR % 2024-2034 |
10.4% |
|
Base Year |
2023 |
|
Historic Data |
2016-2022 |
|
Forecast Period |
2024-2034 |
|
Report USP
|
Production, Consumption, company share, company
heatmap, company production capacity, growth factors and more |
|
Segments Covered |
By Type, By Animal Type, By Sales Channel, By Provider and By
Region |
|
Regional Scope |
North America, Europe, APAC, South America and
Middle East and Africa |
|
Country Scope |
U.S.; Canada; U.K.; Germany; France; Italy; Spain; Benelux; Nordic
Countries; Russia; China; India; Japan; South Korea; Australia; Indonesia;
Thailand; Mexico; Brazil; Argentina; Saudi Arabia; UAE; Egypt; South Africa;
Nigeria |
Pet Insurance Industry: Dynamics & Restrains
Market opportunity:
We Market Research: Pet Insurance Dashboard
Our marketing platform offers a comprehensive dashboard that provides clients with valuable insights into market trends over the years. Included below is a sample image of our dashboard, and specific PDF logins will be furnished to grant access to this insightful tool.
Pet Insurance Segmentation
Market- By Type Analysis
By Type, the Pet Insurance Market is Categories into Accident & Illness, Accident Only. The Accident Only segment accounts for the largest share of around 68% in 2024.
The Accident Only segment in the pet
insurance market is driven by its affordability, straightforward coverage, and
appeal to cost-conscious pet owners seeking protection against unexpected
injuries without the higher premiums associated with comprehensive accident and
illness policies.
The
following segments are part of an in-depth analysis of the global Pet Insurance
market:
|
Market Segments |
|
|
By Animal Type |
·
Dogs ·
Cats |
|
By Sales Channel |
·
Agency ·
Broker ·
Direct ·
Bancassurance |
|
By Provider |
·
Public ·
Private |
Pet Insurance Industry: Regional Analysis
North America Market Forecast
North America dominate the Pet Insurance Market with the highest revenue generating market with share of more than 48%. North America leads the global pet insurance market, with significant shares held by the United States and Canada. The region benefits from high disposable incomes, a well-established veterinary infrastructure, and widespread awareness of pet health and insurance benefits, leading to higher average premiums and an increasing demand for customizable insurance plans.
Europe Market Statistics
Europe is an
advance market with strong pet insurance penetration rates, especially in the
United Kingdom, Germany, and Sweden. Strong regulatory frameworks and improved
veterinarian services foster expansion. The area shows a desire for complete
coverage, with Nordic countries having among of the highest global penetration
rates, thanks to continuing awareness initiatives.
Asia Pacific Market Forecasts
Asia Pacific is
expected to be the fastest-growing regional segment of the Pet Insurance market
during the forecast period. The Asia-Pacific region is an emerging market with
significant growth potential, especially in Japan, Australia, and China. Rising
middle-class incomes, increasing pet ownership, and urbanization are key
drivers. Efforts to educate pet owners about insurance benefits and insurers
expanding product offerings contribute to market development.
Key Market Players
The Pet
Insurance Market is dominated by a few large companies, such as
·
Trupanion
·
Nationwide Mutual Insurance
Company
·
ASPCA
·
Healthy Paws Pet Insurance,
LLC.
·
Embrace Pet Insurance Agency,
LLC
·
Figo Pet Insurance LLC.
·
Anicom Holdings
·
Agria Pet Insurance Ltd
·
24PetWatch
· Pets Best Insurance Services, LLC.
· Other
1.
Global
Pet Insurance Market Introduction and Market Overview
1.1. Objectives of the Study
1.2. Global Pet Insurance Market
Scope and Market Estimation
1.2.1. Global Pet Insurance Overall
Market Size (US$ Bn), Market CAGR (%), Market forecast (2024 - 2034)
1.2.2. Global Pet Insurance Market
Revenue Share (%) and Growth Rate (Y-o-Y) from 2019 - 2034
1.3. Market Segmentation
1.3.1. Type of Global Pet Insurance
Market
1.3.2. Animal Type of Global Pet
Insurance Market
1.3.3. Sales Channel of Global Pet
Insurance Market
1.3.4. Provider of Global Pet Insurance
Market
1.3.5. Region of Global Pet Insurance
Market
2.
Executive Summary
2.1. Demand Side Trends
2.2. Key Market Trends
2.3. Market Demand (US$ Bn) Analysis
2019 – 2023 and Forecast, 2024 – 2034
2.4. Demand and Opportunity
Assessment
2.5. Market Dynamics
2.5.1. Drivers
2.5.2. Limitations
2.5.3. Opportunities
2.5.4. Impact Analysis of Drivers and
Restraints
2.6. Key Developments
2.7. Porter’s Five Forces Analysis
2.7.1. Bargaining Power of Suppliers
2.7.2. Bargaining Power of Buyers
2.7.3. Threat of Substitutes
2.7.4. Threat of New Entrants
2.7.5. Competitive Rivalry
2.8. PEST Analysis
2.8.1. Political Factors
2.8.2. Economic Factors
2.8.3. Social Factors
2.8.4. Legal Factors
2.9. Key Regulation
3.
Global Pet Insurance Market Estimates & Historical Trend Analysis (2019 - 2023)
4.
Global Pet Insurance Market Estimates & Forecast Trend Analysis, by
Type
4.1. Global Pet Insurance Market
Revenue (US$ Bn) Estimates and Forecasts, Type, 2019 - 2034
4.1.1. Accident & Illness
4.1.2. Accident Only
5.
Global Pet Insurance Market Estimates & Forecast Trend Analysis, by
Animal Type
5.1. Global Pet Insurance Market
Revenue (US$ Bn) Estimates and Forecasts, Animal Type, 2019 - 2034
5.1.1. Dogs
5.1.2. Cats
6.
Global Pet Insurance Market Estimates & Forecast Trend Analysis, by
Sales Channel
6.1. Global Pet Insurance Market
Revenue (US$ Bn) Estimates and Forecasts, Sales Channel, 2019 - 2034
6.1.1. Agency
6.1.2. Broker
6.1.3. Direct
6.1.4. Bancassurance
7.
Global Pet Insurance Market Estimates & Forecast Trend Analysis, by
Provider
7.1. Global Pet Insurance Market
Revenue (US$ Bn) Estimates and Forecasts, Provider, 2019 - 2034
7.1.1. Public
7.1.2. Private
8.
Global Pet Insurance Market Estimates & Forecast Trend Analysis,
by Region
8.1. Global Pet Insurance Market
Revenue (US$ Bn) Estimates and Forecasts, by Region, 2019 - 2034
8.1.1. North America
8.1.2. Eastern Europe
8.1.3. Western Europe
8.1.4. Asia Pacific
8.1.5. Middle East & Africa
8.1.6. Latin America
9.
North
America Pet Insurance Market: Estimates & Forecast Trend Analysis
9.1.
North
America Pet Insurance Market Assessments & Key Findings
9.1.1. North America Pet Insurance Market
Introduction
9.1.2. North America Pet Insurance Market
Size Estimates and Forecast (US$ Billion) (2019 - 2034)
9.1.2.1. By Type
9.1.2.2. By Animal Type
9.1.2.3. By Sales Channel
9.1.2.4. By Provider
9.1.2.5. By Country
9.1.2.5.1. The U.S.
9.1.2.5.2. Canada
9.1.2.5.3. Mexico
10. Western Europe Pet
Insurance Market:
Estimates & Forecast Trend Analysis
10.1. Western Europe Pet
Insurance Market Assessments & Key Findings
10.1.1. Western Europe Pet
Insurance Market Introduction
10.1.2. Western Europe Pet
Insurance Market Size Estimates and Forecast (US$ Billion)
(2019 - 2034)
10.1.2.1. By Type
10.1.2.2. By Animal Type
10.1.2.3. By Sales Channel
10.1.2.4. By Provider
10.1.2.5. By Country
10.1.2.5.1.
Germany
10.1.2.5.2.
Italy
10.1.2.5.3.
U.K.
10.1.2.5.4.
France
10.1.2.5.5.
Spain
10.1.2.5.6.
Benelux
10.1.2.5.7.
Nordics
10.1.2.5.8. Rest
of W. Europe
11. Eastern Europe Pet
Insurance Market:
Estimates & Forecast Trend Analysis
11.1. Eastern Europe Pet
Insurance Market Assessments & Key Findings
11.1.1. Eastern Europe Pet
Insurance Market Introduction
11.1.2. Eastern Europe Pet
Insurance Market Size Estimates and Forecast (US$ Billion)
(2019 - 2034)
11.1.2.1. By Type
11.1.2.2. By Animal Type
11.1.2.3. By Sales Channel
11.1.2.4. By Provider
11.1.2.5. By Country
11.1.2.5.1.
Russia
11.1.2.5.2.
Hungary
11.1.2.5.3.
Poland
11.1.2.5.4.
Balkan & Baltics
11.1.2.5.5. Rest of E. Europe
12. Asia Pacific Pet
Insurance Market:
Estimates & Forecast Trend Analysis
12.1. Asia Pacific Market Assessments
& Key Findings
12.1.1. Asia Pacific Pet Insurance Market
Introduction
12.1.2. Asia Pacific Pet Insurance Market
Size Estimates and Forecast (US$ Billion) (2019 - 2034)
12.1.2.1. By Type
12.1.2.2. By Animal Type
12.1.2.3. By Sales Channel
12.1.2.4. By Provider
12.1.2.5. By Country
12.1.2.5.1. China
12.1.2.5.2. Japan
12.1.2.5.3. India
12.1.2.5.4. Australia & New Zealand
12.1.2.5.5. South Korea
12.1.2.5.6. ASEAN
12.1.2.5.7. Rest of Asia Pacific
13. Middle East & Africa Pet
Insurance Market:
Estimates & Forecast Trend Analysis
13.1. Middle East & Africa Market
Assessments & Key Findings
13.1.1. Middle
East & Africa Pet
Insurance Market Introduction
13.1.2. Middle
East & Africa Pet
Insurance Market Size Estimates and Forecast (US$ Billion)
(2019 - 2034)
13.1.2.1. By Type
13.1.2.2. By Animal Type
13.1.2.3. By Sales Channel
13.1.2.4. By Provider
13.1.2.5. By Country
13.1.2.5.1. UAE
13.1.2.5.2. Saudi
Arabia
13.1.2.5.3. Turkey
13.1.2.5.4. South
Africa
13.1.2.5.5. Rest of
MEA
14. Latin America
Pet Insurance Market:
Estimates & Forecast Trend Analysis
14.1. Latin America Market Assessments
& Key Findings
14.1.1. Latin America Pet Insurance Market
Introduction
14.1.2. Latin America Pet Insurance Market
Size Estimates and Forecast (US$ Billion) (2019 - 2034)
14.1.2.1. By Type
14.1.2.2. By Animal Type
14.1.2.3. By Sales Channel
14.1.2.4. By Provider
14.1.2.5. By Country
14.1.2.5.1. Brazil
14.1.2.5.2. Argentina
14.1.2.5.3. Colombia
14.1.2.5.4. Rest of
LATAM
15. Country Wise Market:
Introduction
16. Competition Landscape
16.1. Global Pet Insurance Market Product
Mapping
16.2. Global Pet Insurance Market
Concentration Analysis, by Leading Players / Innovators / Emerging Players /
New Entrants
16.3. Global Pet Insurance Market Tier
Structure Analysis
16.4. Global Pet Insurance Market
Concentration & Company Market Shares (%) Analysis, 2023
17. Company Profiles
17.1.
Trupanion.
17.1.1. Company Overview & Key Stats
17.1.2. Financial Performance & KPIs
17.1.3. Product Portfolio
17.1.4. SWOT Analysis
17.1.5. Business Strategy & Recent
Developments
* Similar details would be provided
for all the players mentioned below
17.2. Nationwide
Mutual Insurance Company
17.3. ASPCA
17.4. Healthy Paws
Pet Insurance, LLC.
17.5. Embrace Pet
Insurance Agency, LLC
17.6. Figo Pet
Insurance LLC.
17.7. Anicom
Holdings
17.8. Agria Pet
Insurance Ltd
17.9. 24PetWatch
17.10. Pets Best
Insurance Services, LLC..
17.11. Others
18. Research
Methodology
18.1. External Transportations /
Databases
18.2. Internal Proprietary Database
18.3. Primary Research
18.4. Secondary Research
18.5. Assumptions
18.6. Limitations
18.7. Report FAQs
19. Research Findings & Conclusion
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Frequently Asked Questions
What is the market size and growth projections?
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%.
What are the trends shaping various markets?
Owing to rising adoption of dogs across the globe, the insurance providers offer dog health insurance plans for injuries, illnesses, and wellness care.
Who are the key competitors of market Players?
What are the top performing segments, and countries / regions of each of the markets?
The global pet insurance market is segmented into four major countries- North America, Europe, Asia-pacific and LAMEA.
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