PUBLISHER: Fortune Business Insights Pvt. Ltd. | PRODUCT CODE: 1880619
PUBLISHER: Fortune Business Insights Pvt. Ltd. | PRODUCT CODE: 1880619
U.S. Pet Insurance Market Size, Share, Growth and Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032
Growth Factors of U.S. pet insurance Market
The U.S. pet insurance market continues to expand rapidly as pet ownership increases and veterinary costs rise nationwide. According to the latest industry data, the market was valued at USD 5.34 billion in 2024, is projected to grow to USD 6.48 billion in 2025, and is expected to reach USD 20.05 billion by 2032, exhibiting a strong CAGR of 17.5% during the forecast period. In an unexpected regional development, the South America region accounted for 41.39% of the U.S. pet insurance market in 2024, reflecting the highest concentration of insured pets across the U.S. regional segmentation.
The U.S. has seen a remarkable rise in pet humanization, with nearly 94 million households owning a pet in 2025, including 68 million dog-owning households and 49 million cat-owning households. This shift has strengthened the demand for comprehensive veterinary care, specialized treatments, and insurance coverage. In 2024, the total U.S. pet population reached 164 million (dogs and cats combined), with dogs accounting for 55% of the population. Key players such as Trupanion, Nationwide Mutual Insurance Company, Embrace, and Fetch are investing in digital tools, risk analytics, and product innovation to strengthen their market position.
Key Market Trends
A major trend fueling the market is the strong humanization of pets, reflected in rising spending on healthcare, food, grooming, accessories, and insurance. Total pet expenditures in the U.S. surpassed USD 150 billion in 2024, driven by growing willingness among pet owners to access premium care. According to the Pew Research Center (2023), 97% of pet owners consider pets part of the family, and 51% consider their pets equal to a human family member. As a result, households spent an annual average of USD 1,740 on dogs and USD 1,311 on cats, strengthening the adoption of insurance products that offer financial protection against accidents, illnesses, surgeries, and chronic diseases.
Market Drivers & Restraints
The rising cost of veterinary care is a key growth driver. Advanced medical diagnostics, surgeries, emergency care, and specialized treatments have significantly increased pet healthcare expenses. In 2024, dog owners spent USD 580 annually, and cat owners spent USD 433 annually on veterinary care alone. Insurance helps offset these burdens, leading more pet owners to seek comprehensive plans.
However, high premium costs remain a major restraint. Inflation, rising treatment costs, and age-related risks have increased premiums, with 2024 monthly averages of USD 62.44 for dogs and USD 32.21 for cats. More affordable policies often come with exclusions, limiting adoption among price-sensitive owners.
Market Opportunities
Technological advancement offers substantial opportunities for insurers. Wearables, smart collars, telemedicine, and AI-based health monitoring enable real-time tracking of pet wellness and personalized insurance pricing. In July 2025, Odie Pet Insurance partnered with Nestle Purina PetCare to introduce wellness reimbursement programs, illustrating the growing integration of digital health tools.
Segmentation Insights
By Pet Type:
Dogs accounted for 86% of the U.S. pet insurance market in 2024, driven by higher veterinary expenses and stronger insurance penetration. Cat insurance penetration remains lower but is expected to grow rapidly.
By Coverage:
Accident & illness policies dominate the market and are forecast to grow at a 19.0% CAGR, driven by demand for comprehensive coverage. In 2024, premiums for these policies were 3-4X higher than accident-only coverage.
By Provider:
Dedicated insurance providers held 58% of the market in 2024, supported by customizable coverage, faster claims, and specialized pet-care services.
Regional Outlook
The South region led the U.S. pet insurance market in 2024 with USD 2.21 billion, owing to high pet ownership in Arkansas, Mississippi, South Carolina, and Texas. The West region is projected to grow strongly due to rising urban pet adoption and insurer expansion. Midwest, forecast to grow at 16.6% CAGR, and Northeast are also experiencing increasing demand due to higher veterinary costs and disease prevalence.
Competitive Landscape
Leading companies include Trupanion, Nationwide, Embrace, Healthy Paws, Fetch, Pets Best, and ASPCA Pet Insurance. The market is experiencing consolidation and strategic partnerships, such as Independence Pet Holdings' acquisition of Pets Best (2024) and ManyPets' 2024 exit, with its customer portfolio transitioning to Odie.
Segmentation By Pet Type
- Dogs
- Cats
By Coverage
- Accident & Illness
- Accident only
By Provider
- Dedicated
- Non-dedicated
By Region
- Northeast
- Midwest
- South
- West
Table of Content
1. Introduction
- 1.1. Research Scope
- 1.2. Market Segmentation
- 1.3. Research Methodology
2. Executive Summary
3. Market Dynamics
- 3.1. Market Drivers
- 3.2. Market Restraints
- 3.3. Market Opportunities
- 3.4. Market Trends
4. Key Insights
- 4.1. Pricing Analysis of Top Insurers
- 4.2. Pet Adoption Statistics
- 4.3. New Product Launches
- 4.4. Key Industry Developments (Mergers, Acquisitions, Partnerships, and Others)
5. U.S. Pet Insurance Market Analysis, Insights and Forecast, 2019-2032
- 5.1. Market Analysis, Insights and Forecast - By Pet Type
- 5.1.1. Dogs
- 5.1.2. Cats
- 5.2. Market Analysis, Insights and Forecast - By Coverage Type
- 5.2.1. Accident & Illness
- 5.2.2. Accident only
- 5.3. Market Analysis, Insights and Forecast - By Provider Type
- 5.3.1. Dedicated
- 5.3.2. Non-dedicated
- 5.4. Market Analysis, Insights and Forecast - By Region
- 5.4.1. Northeast
- 5.4.2. Midwest
- 5.4.3. South
- 5.4.4. West
6. Competitive Analysis
- 6.1. U.S. Market Share Analysis (2024)
- 6.2. Company Profiles
- 6.2.1. Trupanion
- 6.2.1.1. Overview
- 6.2.1.2. Products
- 6.2.1.3. SWOT Analysis
- 6.2.1.4. Recent Developments
- 6.2.1.5. Strategies
- 6.2.1.6. Financials (Based on Availability)
- 6.2.2. Nationwide Mutual Insurance Company
- 6.2.2.1. Overview
- 6.2.2.2. Products
- 6.2.2.3. SWOT Analysis
- 6.2.2.4. Recent Developments
- 6.2.2.5. Strategies
- 6.2.2.6. Financials (Based on Availability)
- 6.2.3. Embrace Pet Insurance Agency
- 6.2.3.1. Overview
- 6.2.3.2. Products
- 6.2.3.3. SWOT Analysis
- 6.2.3.4. Recent Developments
- 6.2.3.5. Strategies
- 6.2.3.6. Financials (Based on Availability)
- 6.2.4. Fetch Pet Insurance
- 6.2.4.1. Overview
- 6.2.4.2. Products
- 6.2.4.3. SWOT Analysis
- 6.2.4.4. Recent Developments
- 6.2.4.5. Strategies
- 6.2.4.6. Financials (Based on Availability)
- 6.2.5. Pets Best Insurance Services
- 6.2.5.1. Overview
- 6.2.5.2. Products
- 6.2.5.3. SWOT Analysis
- 6.2.5.4. Recent Developments
- 6.2.5.5. Strategies
- 6.2.5.6. Financials (Based on Availability)
- 6.2.6. Health Paws Pet Insurance
- 6.2.6.1. Overview
- 6.2.6.2. Products
- 6.2.6.3. SWOT Analysis
- 6.2.6.4. Recent Developments
- 6.2.6.5. Strategies
- 6.2.6.6. Financials (Based on Availability)
- 6.2.7. ASPCA Pet Insurance
- 6.2.7.1. Overview
- 6.2.7.2. Products
- 6.2.7.3. SWOT Analysis
- 6.2.7.4. Recent Developments
- 6.2.7.5. Strategies
- 6.2.7.6. Financials (Based on Availability)
- 6.2.8. Other Prominent Players
- 6.2.8.1. Overview
- 6.2.8.2. Products
- 6.2.8.3. SWOT Analysis
- 6.2.8.4. Recent Developments
- 6.2.8.5. Strategies
- 6.2.8.6. Financials (Based on Availability)
- 6.2.1. Trupanion
List of Tables
- Table 1: U.S. Pet Insurance Market Revenue (USD billion) Forecast, by Pet Type, 2019-2032
- Table 2: U.S. Pet Insurance Market Revenue (USD billion) Forecast, by Coverage Type, 2019-2032
- Table 3: U.S. Pet Insurance Market Revenue (USD billion) Forecast, by Provider Type, 2019-2032
- Table 4: U.S. Pet Insurance Market Revenue (USD billion) Forecast, by Region, 2019-2032
- Table 5: Northeast Pet Insurance Market Revenue (USD billion) Forecast, by Pet Type, 2019-2032
- Table 6: Northeast Pet Insurance Market Revenue (USD billion) Forecast, by Coverage Type, 2019-2032
- Table 7: Northeast Pet Insurance Market Revenue (USD billion) Forecast, by Provider Type, 2019-2032
- Table 8: Midwest Pet Insurance Market Revenue (USD billion) Forecast, by Pet Type, 2019-2032
- Table 9: Midwest Pet Insurance Market Revenue (USD billion) Forecast, by Coverage Type, 2019-2032
- Table 10: Midwest Pet Insurance Market Revenue (USD billion) Forecast, by Provider Type, 2019-2032
- Table 11: South Pet Insurance Market Revenue (USD billion) Forecast, by Pet Type, 2019-2032
- Table 12: South Pet Insurance Market Revenue (USD billion) Forecast, by Coverage Type, 2019-2032
- Table 13: South Pet Insurance Market Revenue (USD billion) Forecast, by Provider Type, 2019-2032
- Table 14: West Pet Insurance Market Revenue (USD billion) Forecast, by Pet Type, 2019-2032
- Table 15: West Pet Insurance Market Revenue (USD billion) Forecast, by Coverage Type, 2019-2032
- Table 16: West Pet Insurance Market Revenue (USD billion) Forecast, by Provider Type, 2019-2032
List of Figures
- Figure 1: U.S. Pet Insurance Market Revenue Breakdown (USD billion, %) by Region, 2024 & 2032
- Figure 2: U.S. Pet Insurance Market Value Share (%), by Pet Type, 2024 & 2032
- Figure 3: U.S. Pet Insurance Market Value Share (%), by Coverage Type, 2024 & 2032
- Figure 4: U.S. Pet Insurance Market Value Share (%), by Provider Type, 2024 & 2032
- Figure 5: U.S. Pet Insurance Market Value (USD billion), by Region, 2024 & 2032
- Figure 6: Northeast Pet Insurance Market Value (USD billion), by Pet Type, 2024 & 2032
- Figure 7: Northeast Pet Insurance Market Value Share (%), by Pet Type, 2024
- Figure 8: Northeast Pet Insurance Market Value (USD billion), by Coverage Type, 2024 & 2032
- Figure 9: Northeast Pet Insurance Market Value Share (%), by Coverage Type, 2024
- Figure 10: Northeast Pet Insurance Market Value (USD billion), by Provider Type, 2024 & 2032
- Figure 11: Northeast Pet Insurance Market Value Share (%), by Provider Type, 2024
- Figure 12: Midwest Pet Insurance Market Value (USD billion), by Pet Type, 2024 & 2032
- Figure 13: Midwest Pet Insurance Market Value Share (%), by Pet Type, 2024
- Figure 14: Midwest Pet Insurance Market Value (USD billion), by Coverage Type, 2024 & 2032
- Figure 15: Midwest Pet Insurance Market Value Share (%), by Coverage Type, 2024
- Figure 16: Midwest Pet Insurance Market Value (USD billion), by Provider Type, 2024 & 2032
- Figure 17: Midwest Pet Insurance Market Value Share (%), by Provider Type, 2024
- Figure 18: South Pet Insurance Market Value (USD billion), by Pet Type, 2024 & 2032
- Figure 19: South Pet Insurance Market Value Share (%), by Pet Type, 2024
- Figure 20: South Pet Insurance Market Value (USD billion), by Coverage Type, 2024 & 2032
- Figure 21: South Pet Insurance Market Value Share (%), by Coverage Type, 2024
- Figure 22: South Pet Insurance Market Value (USD billion), by Provider Type, 2024 & 2032
- Figure 23: South Pet Insurance Market Value Share (%), by Provider Type, 2024
- Figure 24: West Pet Insurance Market Value (USD billion), by Pet Type, 2024 & 2032
- Figure 25: West Pet Insurance Market Value Share (%), by Pet Type, 2024
- Figure 26: West Pet Insurance Market Value (USD billion), by Coverage Type, 2024 & 2032
- Figure 27: West Pet Insurance Market Value Share (%), by Coverage Type, 2024
- Figure 28: West Pet Insurance Market Value (USD billion), by Provider Type, 2024 & 2032
- Figure 29: West Pet Insurance Market Value Share (%), by Provider Type, 2024
- Figure 30: U.S. Pet Insurance Market Share Analysis, 2024
