Pet Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

Pet Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

The global pet insurance market reached a value of US$ 6.2 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 12.6 Billion by 2027, exhibiting a CAGR of 12.5% during 2022-2027. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.

Pet insurance is a health care policy that provides reimbursement against veterinary bills and treatment expenditures. It provides partial or complete coverage against veterinary procedures. Pet owners purchase the insurance policy to cover treatment costs of injuries, death due to illnesses, accidents, poisoning, hospitalization and surgeries. It involves the payment of monthly premiums based on the species, breed, age and existing illnesses of the pet. It assists the owners in choosing treatments at the best medical institutions for their ailing and injured pets. Pet insurance also aids in providing access to premium healthcare services, veterinary professionals and minimizing the overall costs of pet healthcare.

Pet Insurance Market Trends:
The increasing consumer preference for pet adoption and humanization across the globe is one of the key factors driving the growth of the market. Moreover, the rising awareness among pet owners regarding insurance policies that cover treatment costs of accidental injuries and medical conditions, such as urinary tract infection (UTI), burns, broken bones and X-rays, is favoring the market growth. Additionally, the increasing prevalence of cancer among dogs is also impacting the requirement of pet insurance. Various breeds of dogs, such as Labrador retrievers, boxers, Bernese Mountain, German shepherds and rottweilers, have a higher tendency for developing cancer at a young age and require extensive medical attention and care. Moreover, various technological advancements, such as the development of activity monitors for tracking exercise levels, rest and weight of the pets, are providing a thrust to the market growth. In line with this, the launch of multi-pet insurance policies that cover multiple pets in a single plan is also contributing to the growth of the market. Other factors, including the implementation of various government initiatives regarding strict pet insurance regulations, along with the increasing demand for veterinary healthcare facilities, are anticipated to drive the market toward growth.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global pet insurance market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on policy, animal and provider.

Breakup by Policy:

Illnesses and Accidents
Chronic Conditions
Others

Breakup by Animal:

Dog
Cat
Others

Breakup by Provider:

Public
Private

Breakup by Region:

North America
United States
Canada
Asia-Pacific
China
Japan
India
South Korea
Australia
Indonesia
Others
Europe
Germany
France
United Kingdom
Italy
Spain
Russia
Others
Latin America
Brazil
Mexico
Others
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Agria Pet Insurance Ltd., Anicom Holdings Inc., Direct Line Insurance Group plc, dotsure.co.za, Embrace Pet Insurance Agency LLC, Figo Pet Insurance LLC, Hartville Group, Healthy Paws Pet Insurance LLC, Medibank Private Limited, MetLife Services and Solutions LLC, Nationwide Mutual Insurance Company, Pethealth Inc., Petplan (Allianz Insurance plc), The Oriental Insurance Company Ltd. and Trupanion.
Key Questions Answered in This Report:
How has the global pet insurance market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global pet insurance market?
What are the key regional markets?
What is the breakup of the market based on the policy?
What is the breakup of the market based on the animal?
What is the breakup of the market based on the provider?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global pet insurance market and who are the key players?
What is the degree of competition in the industry?