Pet Insurance Market: Current Analysis and Forecast (2022-2028)

The global pet insurance market is expected to grow at a significant rate of around 12% during the forecast period. The veterinary costs associated with treating a sick or injured pet are covered by a pet insurance plan. Owners typically choose pet insurance to reduce the burden of paying for veterinary care. The approaches are presented by different public and confidential suppliers for various pet animals like dogs, cats, horses, and others.

This market is being driven primarily by the rising adoption of pets and the rising incidence of diseases affecting dogs and cats. In addition, the market growth is anticipated to be boosted in the near future by the rising demand for pet insurance to help reduce out-of-pocket expenses for serious medical conditions like cancer and accidental injuries. For instance, according to the North American Pet Health Insurance Association (NAPHIA), in 2020, approximately 3.45 million pets in North America were covered by insurance. This number far exceeded the 2.81 million insured pets in North America in 2019. It is also anticipated that an increase in demand for veterinary healthcare facilities will increase demand for pet insurance. In addition to requiring specialized veterinarians, skilled technicians, and specifically designed diagnostic equipment, veterinary services typically consume a lot of capital. This can drive up the expense of treatment for pet people consequently expanding interest for reasonable pet insurance contracts.

Trupanion Inc., DFV Deutsche Familienversicherung AG, Animal Friends Insurance Services, Limited, Figo Pet Insurance LLC, U.K. Insurance Limited, Nationwide Mutual Insurance Company, Embrace Pet Insurance Agency LLC, Anicom Holdings Inc., MetLife Services and Solutions LLC, Pumpkin Insurance Services Inc. are some of the key players in the market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.

Insights Presented in the Report:

"Amongst animal type, cat's category to witness fastest CAGR during the forecast period"

Based on animal type, the market is segmented into dogs, cats, and others. Among these, the cats' category to witness the fastest growth during the forecast period owing to the growing pet adoption, expanding insurance company service offerings, and rising disposable income in key markets are the primary contributors to this share. For instance, according to the European Pet Food Industry Federation (FEDIAF), in 2020, approximately 88.0 million households in the European Union owned at least one pet, 110 million cats, 89 million dogs, 51 million birds, 29 million small mammals, and 9 million reptiles were thought to be kept as pets.

"Amongst coverage type, the accident & illness to hold a significant share in the market in 2020"

On the basis of coverage type, the market is categorized into accident & illness, accident only, and others. Among these, accidents & illness to hold a significant share of the market in 2020. This is mainly due to the majority of pet insurance policies being offered by insurance companies. These policies provide coverage for different conditions like chronic and acute illnesses, diagnostic tests, and medications. It is anticipated that these factors will drive market growth during the forecast period.

"Europe to hold a significant share in the market"

For a better understanding of the market adoption of the pet insurance industry, the market is analyzed based on its worldwide presence in the countries such as North America (U.S., Canada, and the Rest of North America), Europe (Germany, U.K., France, Spain, Italy, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. Europe is anticipated to grow at a substantial CAGR during the forecast period. This is mainly due to the more people buying pet insurance and the rising number of pet owners. For instance, according to the National Institutes of Health (NIH), in the United States, there are an estimated 63.4 million households that own at least one dog and 42.7 million households that own at least one cat

In the Asia Pacific region, the market is expected to grow at the fastest rate. This is owing to the growth of the economy in this region and the emerging trend of pet adoption. The market in the region is also being driven by an increase in awareness of veterinary health and improvements to the infrastructure for veterinary healthcare.

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Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.

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Deep dive regional level analysis of the industry.

Customization Options:

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