The global Pet Insurance Market valued at USD 4.5 Billion in 2020 is projected to reach USD 32.7 Billion by 2030, at a lucrative CAGR of 16.7% over 2022-2030.
Pet insurance is referred to as a type of insurance policy obtained by a pet owner to reduce the total expense of veterinary bills. It is equivalent to the health insurance schemes for humans. The owners are required to pay an out-of-pocket deductible to avail the insurance policy. Most of the pet insurance schemes cover injury or disease treatment, vaccines, dental cleanings, and blood work.
Major expansion propellants and restraints of the marketplace
The primary factors augmenting the outlook of this business sphere are rising trends of pet adoption, surge in veterinary costs, and growing prevalence of long term ailments in domesticated animals. Alongside, increase in per capita income of the masses along with widespread urbanization are positively swaying the industry dynamics.
Furthermore, increase in the number of pet care centers coupled with the rising adoption of pet insurance policy schemes by animal shelter owners are adding momentum to the market progression. Alongside, rising R&D investments in the field and the emergence of a variety of insurance schemes across the globe are creating an upward trend for the overall market growth.
Additionally, the rising trends of nuclear families is increasing pet adoption rates across the globe. This is turn is creating lucrative opportunities for the marketplace to prosper.
On the contrary, lack of cognizance regarding the availability of pet insurance schemes among the masses and high premium rates are hindering the remuneration scope of this business vertical.
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.
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Segmental assessment of the market
Based on policy coverage
- accident only
- others
- accident and illness
The accident and illness segment is slated to amass notable gains over 2022-2030 owing to the widespread surge in pet treatment costs and medication fees.
By animal type
- Dogs
- Cats
- Others
The dogs segment is expected to amplify substantially over the forecast period ascribing to the rising rates of pet dog adoption across the globe.
On the basis of sales channel
- agency
- broker
- others
The agency segment is expected to showcase significant growth trends over the stipulated timeline. This is credited to the rising number of pet insurance agencies offering lucrative reimbursement policies with moderate premium rates.
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Expounding the geographical ambit and competitive intelligence of the market
North America, Middle East & Africa, Europe, Latin America, and Asia Pacific are the major regions constituting the geographical ambit of this marketplace. Among these, North America is projected to capture a high revenue share over 2022-2030. This is attributable to the emergence of cost effective pet insurance policies, rise in pet adoption rates, and surging per capita income of the masses.
The prominent players operating in the global pet insurance market are 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, and Joii Pet Care.
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