USD 8.03 billion
Global Pet Insurance Market Size, Share, Growth Analysis, By Policy Coverage Type(Accident & illness, accident only and others), By Animal Type(Dogs, cats and others), By Service Type(Public insurance provider and private insurance provider) - Industry Forecast 2024-2031
Report ID:
SQMIG40O2005 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|
Tables:
86 |
Figures:
79
Global Pet Insurance Market Insights
Pet Insurance Market size was valued at USD 8.03 billion in 2019 and is poised to grow from USD 9.4 billion in 2023 to USD 33.1 billion by 2031, growing at a CAGR of 17.04% in the forecast period (2024-2031).
Some of the major factors driving this market are an increase in the number of pets, the adoption of pet insurance in underserved regions, rising veterinary care costs, initiatives by important companies, and the humanization of pets. According to Trupanion, approximately 800,000 pets were covered by the company's insurance in 2019 spanning important markets in the United States, Canada, and Australia. Pet owners, veterinarians, veterinary clinics, and animal health businesses have all faced challenges due to the COVID-19 pandemic. However, the region quickly began implementing protective measures to guarantee access to veterinary care and other services in response to the pandemic. The hardships caused by the pandemic made pet owners aware of the benefits of obtaining pet insurance coverage to reduce financial risk. Pet ownership rises in 2019, according to a survey by Petplan, in the U.K. In the market cats and dogs are the two most common pets. Around 26% of pet owners in the UK bought a pet during the recession and around 47% of respondents bought a pet for the first time.
The 3 main reasons for having a pet were identified as working from home conditions, the desire to have companionship, and spending more time at home due to the lockdown and movement restrictions. Companies like Animal Friend Insurance started offering remote consultation coverage to pet parents by partnering with Joii Pet Care. Furthermore, the growing need for the insurance to help limit out-of-pocket costs for serious medical problems, such as accidental injuries and cancer is predicted to drive the growth of the market in the near future. Additionally, there is a rise in the need for veterinary hospitals, which is considered to be a factor in the demand for pet insurance.
The high cost of the insurance plans, lack of consumer knowledge, stringent laws, and government regulations are all important issues that limit the growth of the market. Additionally, regions such as Asia-Pacific, the Middle East, and Africa have relatively less knowledge about pet insurance, which is estimated to restrain market growth.
US Pet Insurance Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Accident & illness
Fastest Growth
Accident & illness
Growth Rate
17.04% CAGR
Global Pet Insurance Market ($ Bn)
Country Share for Europe Region (%)
Global Pet Insurance Market By Type ($ Bn)
Global Pet Insurance Market By Type (%)
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Global Pet Insurance Market Segmental Analysis
Global pet insurance market is segmented on the basis of policy coverage type, animal type, service type, sales channel and region. By policy coverage type, the market is segmented into accident & illness, accident only and others. By animal type, market is segmented into dogs, cats, and other animals. By service type, market is segmented into public insurance provider and private insurance provider. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Pet Insurance Market Analysis by Policy Coverage Type
The accident and illness segment led the market with a share of 84.0% of the total revenue in 2021. In the coming years, it is expected to witness the fastest CAGR. High veterinary treatment and diagnostic costs, an increase in the number of companion animals and greater awareness of pet insurance are the main drivers of this expansion. The providers frequently provide accident and illness coverage. These offer coverage for a variety of issues including medications, diagnostic procedures, acute and chronic illnesses, and more. This segment is expected to grow rapidly in the coming years as accident and illness policies offer comprehensive coverage to pet owners.
Other segments, which include, among other things, liability insurance plans, are expected to grow faster in Europe. This is because some nations, such as Germany, require dog liability insurance for pet owners. For example, Luco provides dog liability insurance in France, Germany, and Spain, among other nations in Europe. Physical or material damage caused by pets is covered by up to 30 million euros for pet owners.
Pet Insurance Market Analysis by Animal Type
In 2021, the dog market segment dominated the market and contributed more than 50% of the total revenue. Horses, small mammals and other related segments are expected to expand at a CAGR of more than 17% during the forecast period. Rising pet adoption, development of insurance companies' service offerings and growing disposable income in key sectors are the main drivers of the market.
According to FEDIAF, in 2020 there were approximately 88.0 million households in the European Union with at least one pet. It is estimated that 110 million cats, 89 million dogs, 51 million birds, 29 million small animals, and 9 million reptiles are kept as pets. The growing population of pets in the area as well as the availability of various insurance policies to cater to the varied demands of pets is expected to fuel market growth.
Global Pet Insurance Market By Type, 2023 (%)
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Global Pet Insurance Market Regional Insights
Europe dominated the global market in 2021, accounting for over 43.0% revenue share. This is due to the increasing use of pet insurance, increase in pet ownership, and presence of important corporations. As of 2017, 23.0% of pets in the UK and 30.0% of pets in Sweden were covered by pet insurance policies, and according to the Department of Clinical Veterinary Science and the Pet Food Institute, this proportion is predicted to increase over time. Important market participants such as Petplane are headquartered in the United Kingdom, while DFV is headquartered in Germany. These businesses regularly take different strategic measures to increase their market share and thereby help regional development.
By 2021, the pet insurance market in North America accounted for the second-largest revenue share. Only 1-2 percent of American pets are insured, creating potential growth opportunities. As per the forecast, the Asia Pacific region will grow at a rate of around 18%. This is due to the growing trend of pet adoption and the expansion of the local economy. Other factors influencing the market in this region include veterinary health awareness and improved veterinary healthcare infrastructure.
Global Pet Insurance Market By Region, 2024-2031
- Largest
- Fastest
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Global Pet Insurance Market Dynamics
Pet Insurance Market Drivers
Increasing the health of the pet
- The market is expected to grow during the forecast period as a result of factors such as an increase in the number of companion animals, increasing health benefits of pet ownership, growing demand for creative pet insurance, and the rising cost of veterinary care. On the other hand, a low penetration rate will drive the market during the forecast period.
Increase in pet adoption
- The market is mainly driven by increasing pet adoption and the incidence of diseases related to cats and dogs in various parts of the world. Additionally, the market is expanding due to an increase in the number of companion animals and increasing consumer awareness about pet insurance. Pet owners are also more readily accepting pet health insurance as healthcare costs continue to rise, fueling the market.
Pet adoption is becoming more popular among consumers
- Growing global consumer preference for pet adoption and humanization is the major driver for market expansion. The market is expanding as pet owners become savvier about insurance plans that pay for the treatment of illnesses and accidents such as urinary tract infections (UTIs), burns, broken bones, and X-rays. Additionally, the increasing rate of cancer in dogs affects the need for pet insurance.
Pet Insurance Market Restraints
Insufficient knowledge on pet insurance policies
- Lack of knowledge regarding pet insurance plans and services in developing nations may limit the market expansion. Per capita, disposable income of emerging countries is relatively low compared to industrialized nations. Lack of knowledge about several infectious and zoonotic diseases is another problem hampering the market growth.
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Global Pet Insurance Market Competitive Landscape
The global pet insurance market is fragmented and highly competitive. Key industry players are focused on product developments, new product launches, and geographical expansions to gain a significant amount of market share.
For example, in June 2020, Trupanion and Vetter Software, a provider of technology solutions for animal healthcare, agreed to a partnership. The collaboration includes a connection between Trupanion software, which allows veterinarians to make direct payments at checkout, and the cloud-based veterinary practice management platform from Vetter Software.
In November 2021, AXIS Insurance, the specialty insurance business arm of AXIS Capital Holdings Limited, entered the market in collaboration with managing general underwriter Petplan. Through its accident and health division, the company entered into a strategic collaboration with Petplan to further its growth objectives.
Pet Insurance Market Top Player’s Company Profiles
- Trupanion, Inc.
- Petplan (Allianz)
- Nationwide Pet Insurance
- ASPCA Pet Health Insurance
- Embrace Pet Insurance
- PetFirst Pet Insurance
- Healthy Paws Pet Insurance
- Figo Pet Insurance
- Lemonade Pet Insurance
- Petsecure Pet Health Insurance
- Pets Best
- AKC Pet Insurance
- Prudent Pet Insurance
- Spot Pet Insurance
- Hartville Pet Insurance
- 24PetWatch
- PetPartners
- Pumpkin Pet Insurance
- Ethos Pet Health
- Oneplan Pet Insurance
Pet Insurance Market Recent Developments
- In June 2021, Trupanion announced plans to expand its overseas business by hiring Wheeler from Agria Pet Insurance Ltd. Wheeler is located in Western Europe, Brazil, Japan, and the UK. will support the expansion of Trupanion's global expansion into new markets.
- In March 2021, Waffle and Crum & Foster Pet Insurance Group announced a partnership with ASPCA Pet Health Insurance to provide pet owners in the United States with customizable, high-quality coverage.
- In January 2021, Nationwide Mutual Insurance Company established a partnership with Walmart to assist families with pets in saving time and money when filling pet prescription prescriptions at all Walmart pharmacies.
Global Pet Insurance Key Market Trends
- The need for financial security in case of increasing uncertainty and increasing demand for pet insurance policies is driving the growth of the global market. Additionally, the expansion of veterinary clinics is beneficial for market expansion. However, a lack of knowledge about pet insurance coverage and high premium rates are hampering the market expansion. However, during the forecast period, integration of the technology into pre-existing product and service lines as well as government initiatives related to pet insurance schemes is estimated to provide market expansion potential.
Global Pet Insurance Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global pet insurance market analysis, by police coverage type, the accident and illness segment led the market with a share of 84.0% of the total revenue in 2021. By animal type, in 2021, the dog market segment dominated the market and contributed more than 50% of the total revenue. Europe dominated the market in 2021, accounting for over 43.0% revenue share. This is due to the increasing use of pet insurance, the increase in pet ownership, and the presence of important corporations. However, the high cost of insurance plans, lack of consumer knowledge, stringent laws, and government regulations are all important issues that limit the growth of the market. Additionally, regions such as Asia-Pacific, the Middle East, and Africa have relatively less knowledge about the insurance, which is estimated to restrain market growth.
| Report Metric | Details |
|---|---|
| Market size value in 2023 | USD 8.03 billion |
| Market size value in 2031 | USD 33.1 billion |
| Growth Rate | 17.04% |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
|
| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
Pet Insurance Market Recent Developments
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
| Historical Year | 2019 |
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Global Pet Insurance Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Global Pet Insurance Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Global Pet Insurance Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Pet Insurance Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Global Pet Insurance Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Global Pet Insurance Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
Global Pet Insurance Market Report Snapshots
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