Home > Animal Health & Nutrition > Pet Insurance Market

Pet Insurance Market - By Policy Coverage (Accident only, Accident & Illness, Others), By Animal (Cat, Dog), By Provider (Pubic, Private), By Region - Global Forecast to 2032

  • Report ID: GMI4284
  • Published Date: Mar 2023
  • Report Format: PDF

Pet Insurance Market Size

Pet Insurance Market size was valued at over USD 8.6 billion in 2022 and is estimated to register over 7% CAGR between 2023 and 2032. Increasing number of pet adoptions, rising awareness about pet insurance policies, availability of innovative and attractive pet insurance policies, and rising cost of veterinary treatment and services.

Pet Insurance Market

To understand key trends  
Download Free Sample

Pet adoptions significantly increased during and post COVID-19 pandemic. The emotional impact of isolation during lockdowns resulted in pet owners getting dependent on their pets for companionship, more like a family member, instead of being viewed as property. In 2020, at the height of the pandemic, people who worked remotely were eight times as likely to acquire a pet. 

According to AVMA Pet Ownership and Demographics Sourcebook published in 2022, the percentage of US households that own at least one dog increased from 38% in 2016 to 45% between 2016 and 2020 but had levelled off by 2022. On the other hand, the percentage of households that own at least one cat increased slightly between 2016 and 2020, from 25% to 26%, and then increased to 29% in 2022.

Increasing cost of veterinary services is anticipated to amplify the pet insurance market growth

Consumer spending on dogs and cats between 2020 and 2022 increased across the board. According to AVMA Pet Ownership and Demographics Sourcebook published in 2022, the mean annual expenditures on veterinary visits for households with one dog increased more than 60% from USD 224 in 2020 to USD 362 in 2022. For households with cats, mean annual expenditures on veterinary visits were USD 189 in 2020 and USD 321 in 2022, almost a 70% increase. The mean cost of an annual wellness visit for a dog and a cat was, respectively, USD 168 and USD 141 in 2016, USD 195 and USD 133 in 2020, and USD 192 and USD 169 in 2022. 

The affordability to pay for veterinary services is a challenge for some pet owners. The presence of pet health insurance is one tool that can help alleviate this burden.  Availability of pet health insurance is expected to increase frequency of veterinarian visits and ultimately spending on healthcare.

Pet Insurance Market Analysis

To understand key market trends  
Download Free Sample

Based on type of policy coverage, the pet insurance market is segmented as accident only, accident & illness, and others. The accident & illness segment is expected to reach around USD 14.4 billion by 2030. The comprehensive nature and wide coverage of accident & illness policy stimulates its adoption rate among pet owners. Treatments for poison ingestion, broken bones, allergies, swallowed objects, burns, urinary tract infections, laboratory tests, X-rays, surgeries, and hospitalizations are generally covered under this policy. Pet insurance companies are undertaking numerous efforts to increase consumer awareness pertaining to various policies and the benefits associated with pet healthcare insurance. They are using social media and digital marketing as a tool to maximize the customer outreach by sharing information regarding various insurance policies designed for animals.

Authors: Mariam Faizullabhoy, Gauri Wani

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.

Pet Insurance Market Scope

Buy Now

Access to only 1 person; cannot be shared; cannot be printed
Access for 2 to 5 users only within same department of one company
Access to a company wide audience; includes subsidiary companies or other companies within a group of companies

Premium Report Details

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