Pet Insurance Market

Pet Insurance Market Forecast: Seizing Opportunities 2018-2028

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Explore extensive market data with figures across numerous pages and a comprehensive Table of Contents on the “Global Pet Insurance Market.”

As per the findings from a TechSci Research report titled “Global Pet Insurance Market – Industry Size, Share, Trends, Competition Forecast & Opportunities, 2028,” the global pet insurance market reached USD 8.9 billion in 2022, projecting a 14.22% Compound Annual Growth Rate (CAGR) during the forecast period from 2024 to 2028. Key factors propelling this growth include the rising prevalence of pet ownership, increased awareness of insurance benefits, escalating pet healthcare expenses, advancements in veterinary medicine, and the expansion of coverage alternatives. Noteworthy trends encompass tailored plans, integration of telemedicine, wellness packages, intensified competition, educational initiatives, and ecosystem integration. Challenges include low awareness, affordability concerns, pre-existing condition exclusions, intricate claims, and regulatory variations. Despite these challenges, the market flourishes as pet owners prioritize comprehensive healthcare for their cherished animals, ensuring their well-being.

Techsci Research Report: 

Several pivotal drivers collectively contribute to the significant growth and evolution of the Global Pet Insurance Market. Firstly, the global surge in pet ownership, especially with dogs and cats considered integral family members, fosters a deeper emotional connection, driving pet owners to invest in comprehensive healthcare, making pet insurance a compelling choice.

Secondly, heightened awareness among pet owners regarding the benefits of pet insurance is another significant driver. As veterinary treatments become more advanced, prompting increased costs, pet owners seek financial protection through insurance, viewing it as a responsible approach to managing potential expenses associated with unforeseen accidents, illnesses, or routine healthcare needs.

Thirdly, the soaring healthcare costs for pets contribute to the market’s growth. As veterinary medicine progresses, offering a wider array of sophisticated treatments, surgeries, and diagnostic procedures, the overall cost of veterinary services rises. Pet insurance serves as a vital financial safeguard, mitigating the impact of these rising costs.

Advancements in veterinary medicine represent the fourth driver, influencing the pet insurance market’s growth. The parallel progress of medical treatments for animals and humans means that pets now have access to specialized and advanced healthcare previously unavailable, necessitating financial solutions like pet insurance.

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Report Scope:

In this report, the Global Pet Insurance Market has been segmented into the following categories, in addition to the industry trends which have also been detailed below:

  • Pet Insurance Market, By Coverage Type:

o   Accident & Illness

o   Chronic Condition

o   Others

  • Pet Insurance Market, By Animal:

o   Dogs

o   Cats

o   Others

  • Pet Insurance Market, By Sales Channel:

o   Agency

o   Broker

o   Others

  • Pet Insurance Market, By Region:

o   North America

  • United States
  • Canada
  • Mexico

o   Europe

  • France
  • United Kingdom
  • Italy
  • Germany
  • Spain

o   Asia-Pacific

  • China
  • India
  • Japan
  • Australia
  • South Korea
  • Indonesia

o   Middle East & Africa

  • South Africa
  • Saudi Arabia
  • UAE
  • Turkey

o   South America

  • Argentina
  • Colombia
  • Brazil

Competitive Landscape

Company Profiles: Detailed analysis of the major companies present in the Global Pet Insurance Market.

These drivers collectively underscore the growth and vitality of the global pet insurance market, reflecting a cultural shift towards recognizing and prioritizing the well-being of pets as essential family members. As pet ownership continues to rise, the demand for comprehensive and customizable insurance plans is expected to grow, shaping the trajectory of the pet insurance industry globally. The intersection of heightened awareness, evolving healthcare needs, and advancements in veterinary science positions pet insurance as a crucial component of responsible and proactive pet ownership.

Major companies operating in the Global Pet Insurance Market are:

  • Trupanion, Inc.
  • Deutsche Familienversicherung AG (DFV)
  • Petplan (Allianz)
  • Animal Friends Insurance Services Limited
  • Figo Pet Insurance, LLC
  • Nationwide Mutual Insurance Company
  • Embrace Pet Insurance Agency, LLC
  • Anicom Insurance
  • ipet Insurance Co., Ltd.
  • MetLife Services and Solutions, LLC 

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Mr. Karan Chechi, Research Director with TechSci Research, a research-based management consulting firm, emphasized, “The Global Pet Insurance Market is on an upward trajectory, driven by increasing pet ownership, heightened awareness of insurance benefits, rising pet healthcare costs, advances in veterinary medicine, and expanded coverage options. Pet owners view insurance as a means to provide comprehensive healthcare for their beloved animals while managing the potential financial burdens of accidents, illnesses, or routine healthcare needs. This industry’s growth is further fueled by a diverse array of customizable coverage plans and innovative options. Challenges such as low awareness, affordability concerns, and regulatory variations exist but have not deterred the market’s overall expansion, reflecting the growing significance of pets in households worldwide.”

The report, titled “Pet Insurance Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, Segmented By Coverage Type (Accident & Illness, Chronic Condition, Others), By Animal (Dogs, Cats, Others), By Sales Channel (Agency, Broker, Others), By Region, By Competition, 2018-2028,” evaluates the future growth potential of the Global Pet Insurance Market, providing statistics and information on market size, structure, and future growth. The report aims to offer cutting-edge market intelligence to assist decision-makers in making informed investment decisions. Additionally, it identifies and analyzes emerging trends along with essential drivers, challenges, and opportunities in the Global Pet Insurance Market.

About Techsci Research

TechSci Research is a research-based management consulting firm providing market research and advisory solutions to its customers worldwide, spanning a range of industries. TechSci Research’s core values are value, integrity, and insight. Led by a team of dynamic industry experts, TechSci Research provides its customers with high-value market research and advisory services that help them identify new market opportunities, growth engines, and innovative ways to capture the market share. As a result, TechSci’s client leads rather than follow market trends.

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