Pet Insurance Market to Reach Valuation of USD 19.56 Billion by 2028 - Increase in the Number of Pets Across the Globe, the Requirement to Reduce the Financial Risk, and High Veterinary Care Costs is Driving the Market Growth

Vantage Market Research

May 04, 2022

In terms of revenue, the Global Pet Insurance Market is probable to reach USD 19.56 Billion by 2028, growing at a Compound Annual Growth Rate (CAGR) of 16.06% from 2022 to 2028.

The increased demand for the Pet Insurance Market policies and the intensifying requirement for financial protection in case of a surge in uncertainties are expected to boost the growth of the Pet Insurance Market during the forecast period.

Key Highlights from the Report:

  • The accident and illness sub-segment is anticipated to grow at a substantial Compound Annual Growth Rate (CAGR). The growth of this segment is attributed to high veterinary treatment and the diagnostics cost, an increase in the awareness about the pet insurance, and growth in the companion animal population. Whereas, accident and illness policies are the most frequently offered by Pet Insurance companies.
  • The dog sub-segment holds a substantial market share in 2021. The animal segment includes horses, small mammals, etc. The growth of this segment is attributed to growth in the adoption of pets, enhancement of the service offerings by the insurance companies, and an increase in disposable income in developing and developed countries.
  • Asia Pacific is the fastest regional segment. The growth of Asia Pacific is attributed to the developing trend of adoption of pets and the development of the economy in the Asia Pacific region. In addition, the rising awareness regarding veterinary health and educating the veterinary healthcare infrastructure are the other factors boosting the growth of the Pet Insurance Market in the Asia Pacific region in the upcoming years.

Market Dynamics:

The upsurge in the number of veterinary centers is experiencing a positive impact on the Pet Insurance Market growth during the forecast period. Furthermore, the implementation of the technologies in the existing service line and products, and the increasing government initiatives associated with the Pet Insurance are projected to provide significant opportunities for enlarging the market growth during the forecast period. In addition, the adoption of pets is also done to assist with depression, low blood pressure, and loneliness and thus drives the Pet Insurance Market expansion in the years to come.

Pet Insurance is an insurance policy purchased by the owner of the pet to pay in total for the veterinary treatment for the protected pet’s injury or illness. Moreover, some Pet Insurance policies cover the death of the pet or in case it is stolen or lost. Additionally, the increasing expenses in the employing of expensive medical techniques, veterinary medicines, and drugs are projected to boost the demand for the Pet Insurance Market in the upcoming years.

Europe is the largest market. The growth of Europe is attributed to the increasing adoption of pet insurance, growing pet ownership, and the occurrence of key companies.

Pet Insurance Market Size, Share & Trends Analysis Report by Coverage Type (Accident & Illness, Accident & Illness, Others), by Animal Type (Dogs, Cats, Others), by Sales Channel (Agency, Broker, Direct, Bancassurance), by Region (North America, Europe, Asia Pacific, Latin America, Middle East & Africa) - Global Industry Assessment (2016 - 2021) & Forecast (2022 - 2028)