PUBLISHER: IMARC | PRODUCT CODE: 1831991
PUBLISHER: IMARC | PRODUCT CODE: 1831991
Pet Insurance Market Report by Policy (Illnesses and Accidents, Chronic Conditions, and Others), Animal (Dogs, Cats, and Others), Provider (Public, Private), and Region 2025-2033
The global pet insurance market size reached USD 8.9 Billion in 2024. Looking forward, IMARC Group expects the market to reach USD 21.9 Billion by 2033, exhibiting a growth rate (CAGR) of 10.5% during 2025-2033. The market is experiencing steady growth driven by increased awareness of veterinary care costs, rising pet ownership, growing demand for comprehensive coverage, advancements in medical treatments for pets, and a heightened focus on pet well-being.
Pet Insurance Market Trends:
Rising veterinary costs
One of the primary factors driving the market is the consistent and substantial increase in veterinary costs. Based on findings by the American Society for the Prevention of Cruelty to Animals (ASPCA), in the first year of owning a pet, pet parents spend anywhere between $3,221 to $1,904. For instance, routine medical costs for dogs and cats are around $225 and $160 per year, respectively, including vaccines, wellness visits, etc. Also, Preventative medication like heartworm and flea/tick prevention costs around $185 per year for dogs and $140 per year for cats. Pet insurance can be an effective way to help offset vet visit costs.
As advancements in veterinary medicine led to more sophisticated and effective treatments for pets, the associated expenses have also escalated. Pet owners are increasingly willing to invest in the well-being of their animals, and insurance serves as a financial safety net, ensuring that they can afford the best possible care without being burdened by exorbitant veterinary bills. According to an article in Forbes ADVISOR, the average monthly premium for accident and illness pet insurance in the US is about $53 for month for dogs, and about $32 per month for cats. This is further supporting the pet insurance market statistics across the globe. According to an article published in 2023 in The Times of India, there is an increase in the pet ownership especially after the pandemic, with an average spending of INR 4500-INR 5000 per month in India.
Growing pet ownership and humanization trend
The rise in pet ownership, coupled with the prevailing trend of humanizing pets, has significantly influenced the market. According to an article in USA Today, the average annual cost of owning a dog is $376 a month or $ 4,512 a year, as per a recent survey of 1,000 US dog owners. The initial medical costs for a new dog, such as for vaccines and spaying and neutering, can run from dollar fifty to dollar 500. As more individuals' welcome pets into their homes, the emotional attachment to these animals intensifies. Pet owners increasingly seek ways to provide the best possible healthcare for their furry companions, mirroring the way they approach their own health needs. According to an article in Forbes ADVISOR, 90.5 million homes own a pet, or 70% of U.S. households, with more households owning dogs than cats. The number of US households that own pets has increased from 73 million in 2010 to 87 million in 2022 which is further creating a positive pet insurance market outlook.
Significant Technological Advancements and Customization
The rising technological advancement is acting as a major growth-inducing factor in the market. Insurers are leveraging technology to streamline processes, and hence customer experiences, and provide more personalized and customizable coverage options. Digital platforms enable seamless claims processing, and data analytics help insurers better understand customer needs and preferences. The ability to tailor insurance plans to individual pets' health profiles and the inclusion of wellness programs as part of coverage highlights the industry's commitment to adapting to the evolving expectations of pet owners. For instance, on 8th April 2024, HDFC ERGO General Insurance launched a comprehensive insurance policy for pet dogs and cats called paws and claws. Crafted to offer a safety net for pet owners facing the financial burden of their pets' medical needs, this policy offers coverage for illness, injuries, and surgeries. This is further expected to fuel the pet insurance market revenue.
Pet Insurance Industry Segmentation:
Breakup by Policy:
- Illnesses and Accidents
- Chronic Conditions
- Others
Illnesses and accidents account for the majority of the pet insurance market share
Illness and accident policies in the pet insurance market provide comprehensive coverage for a variety of medical expenses associated with unexpected health issues and mishaps. These policies are designed to alleviate the financial burden on pet owners in the event of sudden illnesses or accidents that require medical attention, surgeries, hospital stays, or emergency veterinary care. By providing financial protection against high costs related to diagnostic tests, treatments, and medications, these policies ensure pets receive the necessary care without compromising due to financial constraints.
Breakup by Animal:
- Dog
- Cat
- Others
Dog holds the largest share of the industry
The dog segment dominates the industry, holding the largest market share. Dog owners, recognizing the increasing costs of veterinary care, are increasingly turning to insurance to ensure comprehensive coverage for their canine companions which is driving the pet insurance market growth. With a wide range of breeds, sizes, and potential health issues, dog insurance covers everything from routine vaccinations to emergency surgeries. The popularity of dog insurance can be attributed to the deep emotional connection people have with their dogs, fostering a commitment to providing the best possible healthcare. Also, dogs are gaining significant preference among pet owners. For instance, as according to an article published in The Economist, in 2023, India had 19.4 million pet dogs, which increased to 31 million in 2023.
Breakup by Provider:
- Public
- Private
Public represents the leading market segment
The public sector is the leading segment in the market, representing a significant portion of the industry. Publicly traded companies in this insurance sector often have extensive resources, broad market reach, and the ability to access capital markets for funding. Public providers are well-positioned to invest in technological advancements, marketing strategies, and customer outreach initiatives. Their prominence in the market is driven by factors such as brand recognition, financial stability, and the ability to implement large-scale innovations. Publicly traded pet insurance companies play a pivotal role in shaping industry trends, influencing market dynamics, and contributing to the overall growth and development of the sector.
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
North America leads the market, accounting for the largest pet insurance market share
The market research report has also provided a comprehensive analysis of all the major regional markets, which include North America (the United States and Canada); Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, and others); Europe (Germany, France, the United Kingdom, Italy, Spain, Russia, and others); Latin America (Brazil, Mexico, and others); and the Middle East and Africa. According to the report, North America accounted for the largest market share.
North America emerges as the dominant region in the market, holding the largest market share. The region's robust pet industry, increased awareness of pet health, and a cultural inclination towards viewing pets as family members contribute to the high demand for this insurance which is propelling the pet insurance market demand. For instance, on 8th May 2023, the Humane Society of the United States launched a new campaign called More Than a Pet, with the help of campaign partners Small, Ollie, Motel 6, TQL, and others. The mission of the camp is to raise awareness and provide solutions to increase access and keep families and their pets together, happy, and healthy. Well-established economies in the United States and Canada facilitate greater affordability and accessibility to insurance products. The pet humanization trend, coupled with a high level of pet ownership, drives the need for comprehensive coverage, making North America a key player in shaping the global landscape.
Leading Key Players in the Pet Insurance Industry:
- The market research report has provided a comprehensive analysis of the competitive landscape. Detailed profiles of all major companies have also been provided. Some of the key players in the market include Agria Pet Insurance Ltd., Anicom Holdings Inc., Direct Line Insurance Group plc, dotsure.co.za, Embrace Pet Insurance Agency LLC, Figo Pet Insurance LLC, PTZ Insurance Agency, Ltd., 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., Trupanion, etc.
- The key players in the market are driving growth through strategic initiatives that focus on innovation, customer-centric offerings, and market expansion. These companies are investing in technological advancements to enhance user experiences, employing data analytics for more personalized coverage, and streamlining processes for efficient claims management. Strategic partnerships with veterinary service providers are becoming common, enabling insurers to offer comprehensive and integrated solutions. The competitive landscape is characterized by mergers and acquisitions, fostering consolidation and resource-sharing for increased market penetration. Moreover, leading players are continuously diversifying their product portfolios, introducing novel coverage options, and incorporating wellness programs into their offerings.
Key Questions Answered in This Report
- 1.How big is the pet insurance market?
- 2.What is the expected growth rate of the global pet insurance market during 2025-2033?
- 3.What are the key factors driving the global pet insurance market?
- 4.What has been the impact of COVID-19 on the global pet insurance market?
- 5.What is the breakup of the global pet insurance market based on the policy?
- 6.What is the breakup of the global pet insurance market based on the animal?
- 7.What is the breakup of the global pet insurance market based on the provider?
- 8.What are the key regions in the global pet insurance market?
- 9.Who are the key players/companies in the global pet insurance market?
Table of Contents
1 Preface
2 Scope and Methodology
- 2.1 Objectives of the Study
- 2.2 Stakeholders
- 2.3 Data Sources
- 2.3.1 Primary Sources
- 2.3.2 Secondary Sources
- 2.4 Market Estimation
- 2.4.1 Bottom-Up Approach
- 2.4.2 Top-Down Approach
- 2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
- 4.1 Overview
- 4.2 Key Industry Trends
5 Global Pet Insurance Market
- 5.1 Market Overview
- 5.2 Market Performance
- 5.3 Impact of COVID-19
- 5.4 Market Forecast
6 Market Breakup by Policy
- 6.1 Illnesses and Accidents
- 6.1.1 Market Trends
- 6.1.2 Market Forecast
- 6.2 Chronic Conditions
- 6.2.1 Market Trends
- 6.2.2 Market Forecast
- 6.3 Others
- 6.3.1 Market Trends
- 6.3.2 Market Forecast
7 Market Breakup by Animal
- 7.1 Dog
- 7.1.1 Market Trends
- 7.1.2 Market Forecast
- 7.2 Cat
- 7.2.1 Market Trends
- 7.2.2 Market Forecast
- 7.3 Others
- 7.3.1 Market Trends
- 7.3.2 Market Forecast
8 Market Breakup by Provider
- 8.1 Public
- 8.1.1 Market Trends
- 8.1.2 Market Forecast
- 8.2 Private
- 8.2.1 Market Trends
- 8.2.2 Market Forecast
9 Market Breakup by Region
- 9.1 North America
- 9.1.1 United States
- 9.1.1.1 Market Trends
- 9.1.1.2 Market Forecast
- 9.1.2 Canada
- 9.1.2.1 Market Trends
- 9.1.2.2 Market Forecast
- 9.1.1 United States
- 9.2 Asia-Pacific
- 9.2.1 China
- 9.2.1.1 Market Trends
- 9.2.1.2 Market Forecast
- 9.2.2 Japan
- 9.2.2.1 Market Trends
- 9.2.2.2 Market Forecast
- 9.2.3 India
- 9.2.3.1 Market Trends
- 9.2.3.2 Market Forecast
- 9.2.4 South Korea
- 9.2.4.1 Market Trends
- 9.2.4.2 Market Forecast
- 9.2.5 Australia
- 9.2.5.1 Market Trends
- 9.2.5.2 Market Forecast
- 9.2.6 Indonesia
- 9.2.6.1 Market Trends
- 9.2.6.2 Market Forecast
- 9.2.7 Others
- 9.2.7.1 Market Trends
- 9.2.7.2 Market Forecast
- 9.2.1 China
- 9.3 Europe
- 9.3.1 Germany
- 9.3.1.1 Market Trends
- 9.3.1.2 Market Forecast
- 9.3.2 France
- 9.3.2.1 Market Trends
- 9.3.2.2 Market Forecast
- 9.3.3 United Kingdom
- 9.3.3.1 Market Trends
- 9.3.3.2 Market Forecast
- 9.3.4 Italy
- 9.3.4.1 Market Trends
- 9.3.4.2 Market Forecast
- 9.3.5 Spain
- 9.3.5.1 Market Trends
- 9.3.5.2 Market Forecast
- 9.3.6 Russia
- 9.3.6.1 Market Trends
- 9.3.6.2 Market Forecast
- 9.3.7 Others
- 9.3.7.1 Market Trends
- 9.3.7.2 Market Forecast
- 9.3.1 Germany
- 9.4 Latin America
- 9.4.1 Brazil
- 9.4.1.1 Market Trends
- 9.4.1.2 Market Forecast
- 9.4.2 Mexico
- 9.4.2.1 Market Trends
- 9.4.2.2 Market Forecast
- 9.4.3 Others
- 9.4.3.1 Market Trends
- 9.4.3.2 Market Forecast
- 9.4.1 Brazil
- 9.5 Middle East and Africa
- 9.5.1 Market Trends
- 9.5.2 Market Breakup by Country
- 9.5.3 Market Forecast
10 SWOT Analysis
- 10.1 Overview
- 10.2 Strengths
- 10.3 Weaknesses
- 10.4 Opportunities
- 10.5 Threats
11 Value Chain Analysis
12 Porters Five Forces Analysis
- 12.1 Overview
- 12.2 Bargaining Power of Buyers
- 12.3 Bargaining Power of Suppliers
- 12.4 Degree of Competition
- 12.5 Threat of New Entrants
- 12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
- 14.1 Market Structure
- 14.2 Key Players
- 14.3 Profiles of Key Players
- 14.3.1 Agria Pet Insurance Ltd.
- 14.3.1.1 Company Overview
- 14.3.1.2 Product Portfolio
- 14.3.2 Anicom Holdings Inc.
- 14.3.2.1 Company Overview
- 14.3.2.2 Product Portfolio
- 14.3.2.3 Financials
- 14.3.3 Direct Line Insurance Group plc
- 14.3.3.1 Company Overview
- 14.3.3.2 Product Portfolio
- 14.3.3.3 Financials
- 14.3.4 dotsure.co.za
- 14.3.4.1 Company Overview
- 14.3.4.2 Product Portfolio
- 14.3.5 Embrace Pet Insurance Agency LLC
- 14.3.5.1 Company Overview
- 14.3.5.2 Product Portfolio
- 14.3.6 Figo Pet Insurance LLC
- 14.3.6.1 Company Overview
- 14.3.6.2 Product Portfolio
- 14.3.7 PTZ Insurance Agency, Ltd.
- 14.3.7.1 Company Overview
- 14.3.7.2 Product Portfolio
- 14.3.8 Healthy Paws Pet Insurance LLC
- 14.3.8.1 Company Overview
- 14.3.8.2 Product Portfolio
- 14.3.9 Medibank Private Limited
- 14.3.9.1 Company Overview
- 14.3.9.2 Product Portfolio
- 14.3.9.3 Financials
- 14.3.9.4 SWOT Analysis
- 14.3.10 MetLife Services and Solutions LLC
- 14.3.10.1 Company Overview
- 14.3.10.2 Product Portfolio
- 14.3.10.3 Financials
- 14.3.10.4 SWOT Analysis
- 14.3.11 Nationwide Mutual Insurance Company
- 14.3.11.1 Company Overview
- 14.3.11.2 Product Portfolio
- 14.3.11.3 SWOT Analysis
- 14.3.12 Pethealth Inc.
- 14.3.12.1 Company Overview
- 14.3.12.2 Product Portfolio
- 14.3.13 Petplan (Allianz Insurance plc)
- 14.3.13.1 Company Overview
- 14.3.13.2 Product Portfolio
- 14.3.14 The Oriental Insurance Company Ltd.
- 14.3.14.1 Company Overview
- 14.3.14.2 Product Portfolio
- 14.3.15 Trupanion
- 14.3.15.1 Company Overview
- 14.3.15.2 Product Portfolio
- 14.3.15.3 Financials
- 14.3.1 Agria Pet Insurance Ltd.
List of Figures
- Figure 1: Global: Pet Insurance Market: Major Drivers and Challenges
- Figure 2: Global: Pet Insurance Market: Sales Value (in Billion USD), 2019-2024
- Figure 3: Global: Pet Insurance Market Forecast: Sales Value (in Billion USD), 2025-2033
- Figure 4: Global: Pet Insurance Market: Breakup by Policy (in %), 2024
- Figure 5: Global: Pet Insurance Market: Breakup by Animal (in %), 2024
- Figure 6: Global: Pet Insurance Market: Breakup by Provider (in %), 2024
- Figure 7: Global: Pet Insurance Market: Breakup by Region (in %), 2024
- Figure 8: Global: Pet Insurance (Illnesses and Accidents) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 9: Global: Pet Insurance (Illnesses and Accidents) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 10: Global: Pet Insurance (Chronic Conditions) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 11: Global: Pet Insurance (Chronic Conditions) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 12: Global: Pet Insurance (Other Policies) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 13: Global: Pet Insurance (Other Policies) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 14: Global: Pet Insurance (Dog) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 15: Global: Pet Insurance (Dog) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 16: Global: Pet Insurance (Cat) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 17: Global: Pet Insurance (Cat) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 18: Global: Pet Insurance (Other Animals) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 19: Global: Pet Insurance (Other Animals) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 20: Global: Pet Insurance (Public) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 21: Global: Pet Insurance (Public) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 22: Global: Pet Insurance (Private) Market: Sales Value (in Million USD), 2019 & 2024
- Figure 23: Global: Pet Insurance (Private) Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 24: North America: Pet Insurance Market: Sales Value (in Million USD), 2019 & 2024
- Figure 25: North America: Pet Insurance Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 26: United States: Pet Insurance Market: Sales Value (in Million USD), 2019 & 2024
- Figure 27: United States: Pet Insurance Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 28: Canada: Pet Insurance Market: Sales Value (in Million USD), 2019 & 2024
- Figure 29: Canada: Pet Insurance Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 30: Asia-Pacific: Pet Insurance Market: Sales Value (in Million USD), 2019 & 2024
- Figure 31: Asia-Pacific: Pet Insurance Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 32: China: Pet Insurance Market: Sales Value (in Million USD), 2019 & 2024
- Figure 33: China: Pet Insurance Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 34: Japan: Pet Insurance Market: Sales Value (in Million USD), 2019 & 2024
- Figure 35: Japan: Pet Insurance Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 36: India: Pet Insurance Market: Sales Value (in Million USD), 2019 & 2024
- Figure 37: India: Pet Insurance Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 38: South Korea: Pet Insurance Market: Sales Value (in Million USD), 2019 & 2024
- Figure 39: South Korea: Pet Insurance Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 40: Australia: Pet Insurance Market: Sales Value (in Million USD), 2019 & 2024
- Figure 41: Australia: Pet Insurance Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 42: Indonesia: Pet Insurance Market: Sales Value (in Million USD), 2019 & 2024
- Figure 43: Indonesia: Pet Insurance Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 44: Others: Pet Insurance Market: Sales Value (in Million USD), 2019 & 2024
- Figure 45: Others: Pet Insurance Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 46: Europe: Pet Insurance Market: Sales Value (in Million USD), 2019 & 2024
- Figure 47: Europe: Pet Insurance Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 48: Germany: Pet Insurance Market: Sales Value (in Million USD), 2019 & 2024
- Figure 49: Germany: Pet Insurance Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 50: France: Pet Insurance Market: Sales Value (in Million USD), 2019 & 2024
- Figure 51: France: Pet Insurance Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 52: United Kingdom: Pet Insurance Market: Sales Value (in Million USD), 2019 & 2024
- Figure 53: United Kingdom: Pet Insurance Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 54: Italy: Pet Insurance Market: Sales Value (in Million USD), 2019 & 2024
- Figure 55: Italy: Pet Insurance Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 56: Spain: Pet Insurance Market: Sales Value (in Million USD), 2019 & 2024
- Figure 57: Spain: Pet Insurance Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 58: Russia: Pet Insurance Market: Sales Value (in Million USD), 2019 & 2024
- Figure 59: Russia: Pet Insurance Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 60: Others: Pet Insurance Market: Sales Value (in Million USD), 2019 & 2024
- Figure 61: Others: Pet Insurance Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 62: Latin America: Pet Insurance Market: Sales Value (in Million USD), 2019 & 2024
- Figure 63: Latin America: Pet Insurance Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 64: Brazil: Pet Insurance Market: Sales Value (in Million USD), 2019 & 2024
- Figure 65: Brazil: Pet Insurance Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 66: Mexico: Pet Insurance Market: Sales Value (in Million USD), 2019 & 2024
- Figure 67: Mexico: Pet Insurance Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 68: Others: Pet Insurance Market: Sales Value (in Million USD), 2019 & 2024
- Figure 69: Others: Pet Insurance Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 70: Middle East and Africa: Pet Insurance Market: Sales Value (in Million USD), 2019 & 2024
- Figure 71: Middle East and Africa: Pet Insurance Market: Breakup by Country (in %), 2024
- Figure 72: Middle East and Africa: Pet Insurance Market Forecast: Sales Value (in Million USD), 2025-2033
- Figure 73: Global: Pet Insurance Industry: SWOT Analysis
- Figure 74: Global: Pet Insurance Industry: Value Chain Analysis
- Figure 75: Global: Pet Insurance Industry: Porter's Five Forces Analysis
List of Tables
- Table 1: Global: Pet Insurance Market: Key Industry Highlights, 2024 and 2033
- Table 2: Global: Pet Insurance Market Forecast: Breakup by Policy (in Million USD), 2025-2033
- Table 3: Global: Pet Insurance Market Forecast: Breakup by Animal (in Million USD), 2025-2033
- Table 4: Global: Pet Insurance Market Forecast: Breakup by Provider (in Million USD), 2025-2033
- Table 5: Global: Pet Insurance Market Forecast: Breakup by Region (in Million USD), 2025-2033
- Table 6: Global: Pet Insurance Market: Competitive Structure
- Table 7: Global: Pet Insurance Market: Key Players
