Pet Insurance Market Size By Policy Coverage (Accident Only, Accident & Illness), By Animal (Cat, Dog), By Provider (Public Private), Industry Growth Report, Regional Outlook, COVID-19 Impact Analysis, Price Trends, Competitive Market Share & Forecast, 2021 - 2027

Industry trends

Pet Insurance Market size exceeded USD 6.9 billion in 2020 and is poised to grow at over 7.7% between 2021 and 2027. With increasing healthcare cost for pets, the pet owners are readily adopting pet health insurance. Moreover, rising veterinary cost will attract pet owners to opt for insurance policies for various diseases, accidents, and illnesses.
 

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Number of pet animals adopted widely for companionship has increased significantly in the past few years. Furthermore, increasing social acceptance of pets has stimulated pet adoption. Pet adoption is also perceived to assist in low blood pressure, depression, and loneliness, thus driving the market expansion.
 

Standard diagnosis coding system has highly evolved for maintaining human medical records in developed nations such as the U.S. and Canada. This simplifies the overall process of claiming reimbursement and availing the insurance benefits that are offered by federal governments of respected countries. However, there is a lack of standardized pet health codes. Most of the veterinary records are free text and do not have a standard diagnosis coding. This is one of the major barriers in using the veterinary records for claiming the pet insurance.
 

 Accident & illness policy is the most favorable policy for young animals

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The accident & illness policy segment value was around USD 6.6 billion in 2020, attributed to comprehensive nature of these insurance policies. Also, as majority of the illnesses and accidents are both covered in these insurance policies, the customers tend to prefer accident & illness policy coverage for their pets. High veterinary treatment and diagnostic cost coupled with increase in awareness regarding the accident & illness insurance will further boost the market revenue. 
 

Increasing adoption of dogs across the globe

Dog segment dominated more than 80% pet insurance market share in 2020, owing to increasing adoption of dogs across the globe. Insurance providers offer dog health insurance plans for injuries, illnesses, and wellness care. Countries such as U.S., Argentina, France have the highest population of pet dogs and that will attract pet owners to opt for various policy coverage. Furthermore, few of the insurance companies provide offers to include chronic and new recurring conditions at no additional cost, augmenting the segment growth.
 

Private providers offer maximum coverage with minimum premiums

Private insurance providers accounted for USD 6.4 billion revenue in 2020 and is expected to show significant growth of 7.8% during the forecast period. Adoption of various strategies such as digital marketing and competitive pricing of the monthly premiums are the major factors leading to market growth. Also, development of innovative insurance schemes coupled with various efforts to increase the customer awareness and satisfaction will fuel the segmental demand.

Growing adoption of pet cats and pet dogs in the U.S.

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North America pet insurance market size is anticipated to cross USD 3.9 billion by 2027, due to increasing consumer awareness regarding various novel pet insurance policies coupled with presence of several major industry players.

Additionally, increasing trend of pet adoption in the U.S. along with rising concerns among the population pertaining to their pet’s health will impel the regional market demand. For instance, according to the American Society for Prevention of Cruelty to Animals (ASPCA) report, approximately 3.2 million shelter animals are adopted every year in U.S. Among those shelter animals, 1.6 million are dogs and 1.6 million are cats.
 

Adoption of inorganic growth strategies by companies operating in the market

Prominent players operating in the market include Health for Pet, Nationwide, Trupanion, Petfirst, Pethealth, Embrace Pet Insurance Agency, Crum & Forster, and Petplan. These companies majorly concentrate on various strategies including collaborations, acquisitions, mergers, and partnerships to create a global footprint and sustain market competition.

The market research report on pet insurance includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027, for the following segments:

Market, By Policy Coverage

• Accident only
• Accident & illness
• Others

Market, By Animal

• Cat
• Dog
• Others

Market, By Provider

• Public
• Private
• Others

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 & Africa
  • South Africa
  • Saudi Arabia