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Pet Insurance Market Size By Policy Coverage (Accident Only, Accident & Illness), By Animal (Cat, Dog), By Provider (Public, Private), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2023-2032

  • Report ID: GMI4284
  • Published Date: Dec 2022
  • Report Format: PDF

Industry Overview

Pet Insurance Market size exceeded USD 8.5 billion in 2022 and is poised to depict more than 6% CAGR through 2023-2032, on account of the rise in the prices of pet food and veterinary care.
 

Veterinary hospitals have witnessed an increase in the cost of health supplies. Vet care and pet food prices have also been surging. Based on statistics from the Federal Reserve Bank of St. Louis, as of September 2022, the consumer price index for pet foods surged by nearly 14% over 2021. Additionally, the pet care industry is adopting advanced medical procedures including CT scans and magnetic imaging. These factors will lead to higher medical bills for pet owners and in consequence, bolster the demand for pet health insurance solutions.
 

Pet Insurance Market

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In developed nations, standard diagnosis coding systems to maintain human medical records have evolved, simplifying the reimbursement claim process. However, there is a lack of standardized pet health codes since most veterinary records are free text. These limitations may hamper industry development to a certain extent. Despite these challenges, the rising life expectancy of pets will likely boost the requirement for animal insurance to meet their medical needs.
 

High zoonotic disease prevalence to increase reliance on accident & illness policy coverage

Pet insurance market from the accident & illness policy coverage segment is anticipated to cross USD 15.5 billion by 2032, owing to the comprehensive nature of these policies. Since a majority of accidents and illnesses are covered, owners of young pets are showing increasing preference for this form of policy coverage. The prevalence of zoonotic diseases has also surged significantly. For example, dog-mediated rabies, a disease that claims the lives of several people in Africa every year, remains endemic in affected economies, contributing to the growing demand for pet insurance.
 

Increase in pet dog adoption to augment requirement for health insurance plans

Pet Insurance Market Share By Animal

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In terms of the animal, the dog segment accounted for over 80% share of the pet insurance market in 2022, owing to the growing adoption of this companion animal. As per data from the APPA (American Pet Products Association), in the U.S., 90.5 million families own a pet as of 2021, among which, 69 million households own a dog. The pet dog population is also high in European countries including France and the U.K. This will, in turn, amplify the need for pet dog insurance coverage, in order to gain access to more options for disease treatments.
 

Public pet insurance providers gain favor due to delivery of customized coverage plans

Pet insurance market from the public insurance provider segment is slated to exceed USD 868 million by 2032, as a result of the delivery of customized insurance coverage for pets. Additionally, public pet insurance providers offer policies catering to a vast range of pets such as cats, horses, dogs, rabbits, and pigs. This factor will encourage owners to rely on healthcare solutions to improve the wellness of their pets through beneficial insurance plans, creating lucrative prospects for these public insurance providers.
 

Rising exotic pet population to fuel demand for pet insurance across Europe

Pet Insurance Market By Region

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Europe pet insurance market size is set to be worth more than USD 6 billion by 2032. Pet owners are opting for insurance for exotic breeds of dogs and cats in the region. The European Parliament has also been targeting the improvement of the EU regulations for exotic and wild animals to be kept as pets. Furthermore, the acceleration of pet rescue programs is likely to increase the reliance of owners on pet insurance coverage across the region.
 

Strategic collaborations among industry players to define the competitive landscape

The strategic landscape of the pet insurance market comprises companies such as Figo Pet Insurance LLC, The Oriental Insurance Company Ltd., Anicom Holding Inc., Hartville Group, Embrace Pet Insurance Agency LLC, Health for Pet, Hollard, Petfirst Healthcare LLC, Oneplan, Pet Health, Petplan, ProtectaPet, Royal & Sun Alliance, Nationwide, and Trupanion, among others. These market players are incorporating strategies such as collaborations and acquisitions to expand their presence in the market.
 

Influence of COVID-19 outbreak on pet insurance market trends

The imposition of lockdown measures and other restrictions in wake of the COVID-19 pandemic has asserted a negative impact on operations and supply of pet care services. However, an uptick in pet ownership and adoption rates has been observed since the lockdowns, resulting in robust demand for veterinary products. The introduction of favorable schemes and services to ensure optimum care of these pets at nominal costs will also rise and, in turn, foster the pet insurance industry expansion over the estimated timeline.
 

The pet insurance market report includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD million from 2018 to 2032 for the following segments:

By Policy Coverage

  • Accident only
  • Accident & illness
  • Others

By Animal

  • Cat
  • Dog
  • Others

By Provider

  • Public
  • Private

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
    • Denmark
    • Norway
    • Sweden
    • The Netherlands
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
  • Latin America
    • Brazil
    • Mexico
    • Argentina 
  • Middle East and Africa
    • Saudi Arabia
    • South Africa

 

Authors: Sumant Ugalmugle, Rupali Swain

Frequently Asked Questions (FAQ) :

Global market for pet insurance exceeded USD 8.5 billion in 2022 and is projected to depict more than 6% CAGR through 2023-2032, on account of the rise in pet food and veterinary care prices.

Accident & illness segment is anticipated to cross USD 15.5 billion by 2032, due to the rising burden of zoonotic diseases.

Europe pet insurance market value is set to reach more than USD 6 billion by 2032, owing to the introduction of favorable regulations for exotic pet animals in the region.

Key players in the pet insurance industry include Anicom Holding Inc, Hollard, Nationwide, ProtectaPet, Royal & Sun Alliance, The Oriental Insurance Company Ltd, Figo Pet Insurance LLC, Embrace Pet Insurance Agency LLC, and Trupanion, among others.

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Premium Report Details

  • Base Year: 2022
  • Companies covered: 15
  • Tables & Figures: 217
  • Countries covered: 20
  • Pages: 149

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