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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).

The 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. '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', '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 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.'

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. 

The need for financial security in case of increasing uncertainty and increasing demand for pet insurance policies is driving the growth of the 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.

Europe dominated the 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.

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Global Pet Insurance Market

Product ID: SQMIG40O2005