According to the latest report by IMARC Group, titled, “Pet Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global pet insurance market size reached US$ 7.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 14.2 Billion by 2028, exhibiting a growth rate (CAGR) of 12.1% during 2023-2028.
Pet insurance is a policy acquired by pet parents that provides reimbursement against veterinary bills and treatment expenditures. It commonly covers poisoning, hospitalization, surgeries, emergencies, illnesses, and injuries due to accidents. It comprises the expenditure of monthly premiums as per the species, age, breed, and medical condition of the pet. It assists in providing easy access to premium healthcare services, veterinary professionals and reducing the overall expenses of pet healthcare. Nowadays, key players are covering services for routine care, like general checkups, regular preventative care, teeth cleaning, and deworming to vaccinations.
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Pet Insurance Market Trends and Drivers:
The increasing pet ownership and rising concerns among pet parents about the health of their pets are among the major factors driving the demand for pet insurance around the world. The emerging pet humanization trend wherein pet parents treat their pets as family members is also favoring the market growth. Moreover, the growing prevalence of chronic conditions among pets, such as cancer, obesity, and diabetes, and inflating costs of healthcare services are influencing the market positively. In addition, there is an increase in awareness among pet owners about the pet insurance policies that cover treatment expenses for accidental injuries, including burns, broken bones, and X-rays, which is contributing to the market growth. Apart from this, leading players are introducing multi-pet insurance policies that cover numerous pets in a single plan. These players are also offering customization in pet insurance policies to meet the requirements of the buyers. In addition, they are focusing on integrating insurance fraud detection systems to detect suspicious events made by an insurance adjuster, agent, and consumer for unauthorized gains during the selling, buying, and underwriting of insurance. Furthermore, the launch of activity monitors for monitoring exercise levels and the weight of the pets is offering lucrative growth opportunities to key players operating in the industry. Besides this, the expanding number of pet insurance applications that are incorporated with artificial intelligence (AI), the internet of things (IoT), and big data to digitize the claim process and policy management is providing a thrust to the growth of the market. There is a rise in the adoption of cloud-based services that have facilitated real-time consultations with experienced industry experts and help provide insightful recommendations to pet owners. Additionally, governing agencies of numerous countries are undertaking initiatives about pet insurance regulations. This, coupled with the growing number of veterinary diagnostic centers and the increasing need for financial security in case of contingent liabilities and uncertain situations, is creating a positive outlook for the market.
Pet Insurance Market 2023-2028 Competitive Analysis and Segmentation:
Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
- Agria Pet Insurance Ltd.
- Anicom Holdings Inc.
- Direct Line Insurance Group plc
- co.za
- Embrace Pet Insurance Agency LLC
- Figo Pet Insurance LLC
- Hartville Group
- 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.
The report has segmented the market based on policy, animal and provider.
Breakup by Policy:
- Illnesses and Accidents
- Chronic Conditions
- Others
Breakup by Animal:
- Dog
- Cat
- Others
Breakup by Provider:
- Public
- Private
Breakup by Region:
- North America
- Asia-Pacific
- Europe
- Latin America
- Middle East and Africa
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