Pet Insurance Market Size By Policy Coverage (Accident Only, Accident & Illness), By Animal (Cat, Dog), By Provider (Public Private), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Covid-19 Impact Analysis, Competitive Ma

Pet Insurance Market Size By Policy Coverage (Accident Only, Accident & Illness), By Animal (Cat, Dog), By Provider (Public Private), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Covid-19 Impact Analysis, Competitive Market Share & Forecast, 2022 - 2030

The pet insurance market is projected to witness significant growth by 2030 attributed to increasing veterinary service costs. In addition, companies offering innovative pet insurance coverage, along with increasing awareness regarding pet insurance policies, are likely to bolster market growth in the forthcoming years.

During the COVID-19 pandemic, many people opted for a companion by adopting cats or dogs. Notably, increasing adoption of pets for companionship has aided market growth. A May 2021 study conducted by the Department of Infectious Diseases and Public Health, University of Hong Kong, found that the relative search volume (RSV) for adoption had increased by nearly 250% during the first wave of the COVID-19 pandemic.

Moreover, major players in the industry have been concentrating on various growth strategies like collaborations, acquisitions, and innovative policymaking, thereby fostering pet insurance market outlook. For instance, in May 2021, Crum & Foster Accident & Health, a property and casualty insurance company, acquired Monitor Life, a New York-based insurance firm that works in 27 states and the district of Columbia. The acquisition was purposed to present business opportunities for the expansion of C&F across different states in the United States.

To cite another instance, in June 2021, Trupanion, a pet insurance provider, committed shares worth more than $4.7 million to the non-profit platform MightyVet to support veterinary professionals in their career and well-being. The commitment provided Trupanion with a wider reach across several countries.

In another instance, in June 2021, PetHealth, a pet insurer company, inked an agreement to acquire the microchip registry operations of the Michelson Found Animals Foundation, an animal welfare organization. The agreement was intended to expand the microchip registry to reach pet parents around the world.

The pet insurance market has been bifurcated based on service provider, animal, policy coverage, and region. In terms of policy coverage, the market has been further divided into accident & illness, accident, and others. The accident policy coverage segment accounted for around $187.7 million in market revenue in 2021.

With regards to animal, the market has been categorized into dog, cat, and others. The dog segment dominated the sector with over 80.5% market share in 2021.

Based on service provider, the market has been split into private and public. The public service provider segment is slated to be valued at approximately $813.7 million by the end of 2030.

In the regional frame of reference, the pet insurance market in Latin America accounted for above 5.0% of the overall industry revenue in 2021. Meanwhile, the Middle East & Africa pet insurance industry is estimated to reach more than $209.7 million valuation by the end of the review timespan.