Market Overview:
Global Pet Insurance Market size was valued at USD 9.4 Billion in 2022 and is projected to reach USD 33.10 Billion by 2030, growing at a CAGR of 17.04% from 2023 to 2030.
The industry that offers pet owners insurance coverage for their animals in case of sickness, accidents, or other unforeseen occurrences is referred to as the worldwide pet insurance market. Since more pet owners now understand the need of having insurance coverage for their animals, this industry has been expanding quickly in recent years. Although the coverage provided by pet insurance policies might vary, they normally pay for costs associated with mishaps, illnesses, hospitalization, operations, medications, and diagnostic testing. Vaccinations, checkups, and teeth cleaning are all examples of routine and preventative care that may be covered by some insurance plans.
Top Key Players in Pet Insurance Market:
Nationwide (USA), Trupanion (USA), Petplan (USA), Healthy Paws (USA), Embrace (USA), ASPCA (USA), Figo (USA), Lemonade (USA), PetFirst (USA), Petsecure (Canada), Petplan UK(UK), Direct Line (UK), Agria (Sweden), Anicom Holdings (Japan), Petplan Australasia (Australia), and Other Major Players.
Market Dynamics and Factors for Pet Insurance Market:
Drivers:
Growing Prevalence of Chronic Diseases in Pets
a significant factor in the demand for complete and targeted pet insurance coverage. Chronic disorders like cancer, diabetes, and arthritis are becoming more prevalent in pets, and they can be expensive to treat. Pet owners who have comprehensive pet insurance policies that cover both sickness and accidents as well as continuous care and medicines for chronic ailments may find it easier to budget for medical expenses. This trend is anticipated to continue in the years to come.
Opportunities:
Increasing Pet Ownership and Humanization of Pets
More people around the world become pet owners, there is a growing recognition of the importance of pets as members of the family. This trend towards humanization means that pet owners are willing to spend more on their pets' health and well-being, including veterinary care and pet insurance. In addition, the humanization of pets has led to increased demand for specialized pet insurance coverage. Pet owners want policies that not only cover veterinary expenses, but also offer additional benefits such as coverage for alternative therapies, pet behavioral training, and wellness programs.
Segmentation Analysis of the Pet Insurance Market:
By Coverage Type, the accident & Illness segment had the largest market share in 2021. Accident and illness coverage provides comprehensive protection for pets, including coverage for accidents, injuries, and illnesses. It gives pet owners peace of mind knowing that their pets are financially protected in case of unexpected medical expenses.
By Animal Type, the Dogs segment is Anticipated to Dominate the Market Over the Forecast period. This is due to several factors, such as that dogs are the most commonly owned pets worldwide, and that they tend to require more veterinary care than other pets.
By Sales Channel, the Brokers segment is expected to hold the largest market share, pet insurance companies work with independent insurance brokers or agents who act as intermediaries between the insurance provider and the pet owner. These brokers/agents provide personalized assistance, guidance, and recommendations to pet owners, helping them choose the right policy.
Regional Analysis of the Pet Insurance Market:
The Europe region is expected to hold the largest market share, the high pet ownership rates in the region, and the well-established pet insurance industry. Europe has a large and growing pet population, with an estimated 85 million dogs and cats alone. In addition, the region has a well-established veterinary healthcare infrastructure, which has helped to drive demand for pet insurance among pet owners.
Key Industry Development:
In May 2023, PetSure launched its 2023 Pet Health Monitor report, in time for World Vet Day, to review key pet health trends in Australia. Aussie pet owners are missing a trick when it comes to ensuring the health and happiness of their furry loved ones, as new research from PetSure, Australia’s leading pet insurance underwriter, reveals just one in 10 (10%) prioritize regular at-home pet health checks or routines.
In February 2021, The pet insurance market has seen a flurry of mergers and acquisitions in recent years, with larger players acquiring smaller ones to expand their market share. Insurance giant Allianz acquired Petplan, one of the largest pet insurance providers in the United States.
