Pet insurance offers coverage for medical care and ongoing treatment of pets. It provides reimbursement for unexpected veterinary expenses like surgery, hospitalization and prescription medications. With growing humanization of pets and rising pet adoption, especially during COVID-19 pandemic, demand for pet insurance has increased considerably.
The global Pet Insurance Market is estimated to be valued at US$ 11.05 Mn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
Growing pet adoption is a key trend fueling the pet insurance market growth. According to the 2020-2021 APPA National Pet Owners Survey, 70.6 million U.S. households own a pet, which is nearly 60% of households. In the UK, pet population has increased from 51 million to 73 million in the past 10 years. This rising pet ownership has increased the demand for medical care and insurance coverage for pets. Furthermore, growing expenditures on pet care and rising pet humanization is encouraging pet owners to invest in insurance for lifetime medical expenses and unplanned veterinary treatments of their pets. As awareness about pet wellness and preventive healthcare rises, pet insurance is expected to gain further momentum during the forecast period.
SWOT Analysis
Strength: Pet insurance provides financial protection against unexpected veterinary costs such as surgical procedures, prescription medications, and hospitalizations. This removes the financial burden from pet owners.
Weakness: Some pet insurance policies have limitations on coverage or waiting periods before claims can be filed. This reduces the benefits.
Opportunity: Growing pet humanization trend and increasing spending on pet care present an opportunity to expand pet insurance coverage.
Threats: Economic uncertainties and inflation could reduce discretionary spending on pet insurance.
Key Takeaways
Global Pet Insurance Market Size is expected to witness high growth. The global Pet Insurance Market is estimated to be valued at US$ 11.05 Mn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2024 to 2031.
The pet insurance market in North America currently dominates due to high pet ownership and growing expenditure on pet healthcare. However, the Asia Pacific region is expected to witness the fastest growth due to rising pet adoption, increasing awareness about pet insurance, and improving healthcare infrastructure.
Key players
Key players operating in the pet insurance market are Medibank Private Limited, Petplan, Oneplan Insurance, Dotsure.co.za (Hollard), Healthy Paws Pet Insurance LLC, Figo Pet Insurance LLC, Embrace Pet Insurance Agency LLC, Anicom Holdings Inc., Oriental Insurance Company Ltd., MetLife Services and Solutions LLC (PetFirst Healthcare LLC), and Crum & Forster Pet Insurance Group (Hartville Pet Insurance Group), among others. The major players are focusing on partnerships and collaborations to expand their service offerings.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it