The global pet insurance market is expected to be worth USD 8,102.4 million in 2021 and USD 19,945.75 million by 2028, growing at a CAGR of nearly 16.20% during the forecast period.
Pet Insurance Market: Overview
Pet insurance is a type of protection for pet owners that helps to cover the costs of expensive medical bills. Pet insurance frequently covers the cost of treating an insured owner’s injured or sick animal. It is also paid if the animal is killed, stolen, or goes missing. Pet insurance policies primarily cover dogs, cats, and horses, with some coverage for more exotic animals. Dogs’ accident and illness insurance is more expensive than cat insurance. Routine care, general exams, preventative treatment, teeth cleaning and deworming, and vaccines are all covered by some insurance plans. The increasing prevalence of feline and canine-related illnesses, as well as increased pet adoption, are key factors in this industry.
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Insurance policies that cover pets of all ages, as well as policies that cover multiple pets, are novel. Private companies may increase their market share in the pet health insurance industry by taking such steps. Growth is expected to be driven by demand for pet insurance to help reduce out-of-pocket costs for major medical issues such as cancer and accidental injuries. Concerns such as a lack of clearly defined pet health payment categories, risks for pet insurance businesses, a barrier to entry, fierce competition, and a lack of understanding of pet insurance all limit market growth.
Pet Insurance Market: Segmentation
The global pet insurance market is divided into four segments: policy coverage, animal type, sales channel, and geography.
The market is divided into three sections based on policy coverage: accident and illness, accident only, and others. The accident and sickness category dominates the market, accounting for 84.0% of revenue in 2021. The primary drivers of this expansion are rising veterinarian care and diagnostic costs, an increase in the number of companion animals, and increased knowledge of pet insurance. Accident and illness coverage is most likely provided by pet insurance companies. Medication, diagnostic procedures, acute and chronic disorders, and other topics are covered. Following the accident, the segment is expected to grow at the fastest rate.
The market is divided into brokers, agencies, and others based on sales channels. During the forecast period, the agency segment is expected to grow at the fastest rate.
The market is divided into categories such as dog, cat, and other animals. The dog segment leads the market, accounting for half of all revenue in 2021. The primary drivers of this share are increased pet adoption, the expansion of insurance companies’ service offerings, and rising disposable income in key areas. Furthermore, future market growth will be aided by an increase in the number of pet dogs in the area, as well as the availability of various insurance policies to meet a variety of pet demands.
Pet Insurance Market: Competitive Landscape
Some of the main competitors dominating the global pet insurance market include – Pet Insurance Agency, LLC, Figo Pet Insurance LLC., PetFirst, Pet Insurance, Pets Best Insurance Services, LLC, Hartville Group, Nationwide, Pet Assure Corp., Royal & Sun Alliance (RSA), and Trupanion.
The Global Pet Insurance market is segmented as follows:
By Policy Coverage
Accident and Illness
Accident Only
Others
By Animal Type
Dogs
Cats
Others
By Sales Channel
Broker
Agency
Others
By Region
North America
The U.S.
Canada
Europe
France
The UK
Spain
Germany
Italy
Rest of Europe
Asia Pacific
China
Japan
India
South Korea
Southeast Asia
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East & Africa
GCC
South Africa
Rest of Middle East & Africa
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