The global pet insurance market is experiencing significant growth, driven by increasing pet adoption rates, rising veterinary costs, and growing awareness about pet health. As pet owners seek comprehensive healthcare solutions for their companions, the demand for pet insurance policies is on the rise.
According to Fortune Business Insights, the global pet insurance market size was valued at USD 6.05 billion in 2018 and is projected to reach USD 18.11 billion by 2032, growing at a compound annual growth rate (CAGR) of 8.1% during the forecast period. In 2018, North America accounted for USD 1.42 billion of the market, representing a 23.47% share.
Top Companies in the Pet Insurance Market
Leading players in the pet insurance industry include:
- Trupanion
- Nationwide Mutual Insurance Company
- ASPCA
- Healthy Paws Pet Insurance, LLC.
- Embrace Pet Insurance Agency, LLC
- Figo Pet Insurance LLC.
- Anicom Holdings
- Agria Pet Insurance Ltd
- 24PetWatch
- Pets Best Insurance Services, LLC.
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Key Industry Developments
- In June 2021, Trupanion announced plans to expand its overseas growth by hiring Wheeler from Agria Pet Insurance Ltd. Wheeler will assist in Trupanion’s international expansion across new markets in Japan, the U.K., Brazil, and Western Europe.
Market Drivers:
- Increasing Pet Adoption: The rising number of pet adoptions globally is a significant factor propelling the pet insurance market growth.
- Rising Veterinary Costs: The escalating costs of veterinary services are encouraging pet owners to opt for insurance policies to mitigate expenses.
- Growing Awareness: Enhanced awareness about pet health and the benefits of insurance coverage is influencing market expansion.
- Innovative Insurance Schemes: Introduction of multi-pet insurance policies, allowing coverage for multiple pets under a single policy, is attracting more pet owners.
Market Restraints:
- Lack of Awareness in Emerging Markets: In developing regions, limited awareness about pet insurance hampers market growth.
- High Premium Costs: The cost of premiums can be a deterrent for some pet owners, affecting the adoption rate of insurance policies.
Market Segments
By Policy Coverage Type
- Accident & Illness
- Accident Only
- Others
The accident & illness pet insurance segment is the leading segment in the global pet insurance market, owing to its comprehensive coverage options that appeal to a broad customer base.
By Animal Type
- Dog
- Cat
- Others
By Provider
- Public
- Private
Market Regional Insights
Europe: Europe held the maximum revenue in 2018 and is projected to dominate the market throughout the forecast period. The increasing number of start-ups and government initiatives to promote pet adoption in European countries are major market drivers. Notably, the concept of pet insurance originated in Sweden in 1924, and since then, it has become the biggest user of pet insurance by the proportion of pets covered.
North America: The market in North America is estimated to flourish owing to the increasing pet insurance penetration rate in the U.S. and Canada. Although the penetration rate of pet insurance in the U.S. is lower than 2%, the growth in pet adoption across the past few years positions the U.S. to hold significant shares across the forecast period.
Asia-Pacific: The Asia-Pacific region is anticipated to witness substantial growth, attributed to rising disposable incomes, increasing pet ownership, and growing awareness about pet health insurance. Anicom Holdings is a leading pet insurance company operating in Japan, holding approximately 60% of Japan’s growing market.
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Future Market Scope
The pet insurance market is poised for robust growth, projected to expand significantly during the forecast period. Factors such as technological advancements in policy management, the introduction of innovative insurance products, and strategic partnerships are expected to drive market expansion. Additionally, the emergence of new companies entering the industry is expected to lead to market fragmentation, encouraging established players to offer innovative schemes and discounts to maintain their market position.
Conclusion
The pet insurance industry is on a trajectory of significant growth, fueled by increasing pet adoption, rising veterinary costs, and growing awareness about pet health. As companies continue to innovate and expand their offerings, the market is set to offer improved and accessible insurance solutions for pet owners globally.
Frequently Asked Questions (FAQ’s)
- What is the market size of Pet Insurance Market?
- What factors are driving Pet Insurance Market growth in North America?
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