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Muni Kumar Meravath is a seasoned Healthcare Market Research Analyst with over 6 years of experience in the healthc.....
Pet Insurance Market: By Policy coverage, By Animal, By Provider, and Geography
Pet Insurance Market: By Policy coverage, By Animal, By Provider, and Geography
Pet insurance market size was valued at US$ 4.6 billion in the year 2023 and is anticipated to grow at US$ 11.87 billion by 2030 recording a CAGR of 14.5% from 2024-2030. The growth of the market will be enhanced by growing preferences for pet humanization and increasing demand for pet grooming and care products. Growing companion animal number, rising health benefits of ownership of pets, increasing demand for creative insurance along with rising veterinary service costs are likely to fuel the growth of the market. On the other hand, the low penetration rate will further fuel several opportunities that will lead to the growth of the market in the forecast period.
The lack of knowledge of pet insurance in emerging economies, together with the high cost of pet insurance policies, would hinder the growth of the market during the forecast. The report studies market dynamics elaborately to identify the current trends & drivers, future opportunities and possible challenges to the key stakeholders operating in the market. In addition, the report includes human demographics; regulatory scenario, and competition analysis with vividly illustrated the competition dashboard to assess the market competition.
Study Period
2023 -2029Base Year
2023CAGR
14.5%Largest Market
EuropeFastest Growing Market
North America
In the future, the pet insurance industry will see inflows of new and private entrants providing creative and affordable coverage. Present players are also making efforts to inform customers about the veterinarian costs and the different benefits of pet health insurance policies. In addition, different government agencies are making efforts to streamline and standardize pet health codes in order to ensure a seamless and reliable process of reimbursement. There are various and ongoing campaigns by pet insurance providers to raise customer understanding of different plans and the incentives associated with them.
Players in the industry use social media and digital marketing as a way to improve consumer outreach by exchanging knowledge on different cat and dog breed insurance plans. The untapped and poorly penetrated markets are targeted by the majority of companies with the primary goal of acquiring a greater share.
Europe, with over 53% share of the global economy in 2019, was the main market. The area is projected to contribute significantly to the adoption of safety cover policies with more than 102 million cats, 85 million dogs, and about 50 million birds as pets. The idea of humanization and the rising preference for the pet industry are important drivers for the industry. The growth of the market in this area will also be supported by a growing number of government measures to support animal protection and wellbeing, combined with incentives for pet adoption.
Latin America
Europe
Asia Pacific
Middle East
North America
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Report Benchmarks |
Details |
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Report Study Period |
2023 -2029 |
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Market Size in 2030 |
US$ 11.87 billion |
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Market CAGR |
14.5% |
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By Policy Coverage |
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By Animal Type |
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By Provider |
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By Region |
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Download Free Sample Report
Pet insurance market size was valued at US$ 4.6 billion in the year 2023 and is set to grow at US$ 11.87 billion by 2030, at a CAGR of 14.5% from 2024-2030
The report covers the five regions and 15+ countries market data: North America (United States, Canada), Europe (Germany, France, Italy, Spain, and United Kingdom (UK), Asia Pacific (China, India, Japan, Australia & New Zealand), Latin America (Brazil, Mexico, Argentina) and Middle East and Africa (Saudi Arabia, United Arab Emirates, South Africa).
In our report, we provide 12-15 market players’ information into the report. However, based on the client’s request we will provide additional country and regional market players information as well.
| 1.Executive Summary |
| 2.Global Pet Insurance Market Introduction |
| 2.1.Global Pet Insurance Market - Taxonomy |
| 2.2.Global Pet Insurance Market - Definitions |
| 2.2.1.Policy coverage |
| 2.2.2.Animal |
| 2.2.3.Provider |
| 2.2.4.Route of Administration |
| 2.2.5.Region |
| 3.Global Pet Insurance Market Dynamics |
| 3.1. Drivers |
| 3.2. Restraints |
| 3.3. Opportunities/Unmet Needs of the Market |
| 3.4. Trends |
| 3.5. Product Landscape |
| 3.6. New Product Launches |
| 3.7. Impact of COVID 19 on Market |
| 4.Global Pet Insurance Market Analysis, 2019-2023 and Forecast 2024-2030 |
| 4.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) |
| 4.3. Market Opportunity Analysis |
| 5.Global Pet Insurance Market By Policy coverage, 2019-2023 and Forecast 2024-2030 (Sales Value USD Million) |
| 5.1. Accident only |
| 5.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 5.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.1.3. Market Opportunity Analysis |
| 5.2. Accident & illness |
| 5.2.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 5.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.2.3. Market Opportunity Analysis |
| 5.3. other |
| 5.3.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 5.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 5.3.3. Market Opportunity Analysis |
| 6.Global Pet Insurance Market By Animal, 2019-2023 and Forecast 2024-2030 (Sales Value USD Million) |
| 6.1. Cat |
| 6.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 6.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.1.3. Market Opportunity Analysis |
| 6.2. Dog |
| 6.2.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 6.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.2.3. Market Opportunity Analysis |
| 6.3. other |
| 6.3.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 6.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 6.3.3. Market Opportunity Analysis |
| 7.Global Pet Insurance Market By Provider, 2019-2023 and Forecast 2024-2030 (Sales Value USD Million) |
| 7.1. Private |
| 7.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 7.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.1.3. Market Opportunity Analysis |
| 7.2. Public |
| 7.2.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 7.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 7.2.3. Market Opportunity Analysis |
| 8.Global Pet Insurance Market By Route of Administration, 2019-2023 and Forecast 2024-2030 (Sales Value USD Million) |
| 8.1. Injection |
| 8.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 8.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.1.3. Market Opportunity Analysis |
| 8.2. Nasal Spray |
| 8.2.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 8.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 8.2.3. Market Opportunity Analysis |
| 9.Global Pet Insurance Market By Region, 2019-2023 and Forecast 2024-2030 (Sales Value USD Million) |
| 9.1. North America |
| 9.1.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 9.1.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.1.3. Market Opportunity Analysis |
| 9.2. Europe |
| 9.2.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 9.2.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.2.3. Market Opportunity Analysis |
| 9.3. Asia Pacific (APAC) |
| 9.3.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 9.3.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.3.3. Market Opportunity Analysis |
| 9.4. Middle East and Africa (MEA) |
| 9.4.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 9.4.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.4.3. Market Opportunity Analysis |
| 9.5. Latin America |
| 9.5.1. Market Analysis, 2019-2023 and Forecast, 2024-2030, (Sales Value USD Million) |
| 9.5.2. Year-Over-Year (Y-o-Y) Growth Analysis (%) and Market Share Analysis (%) |
| 9.5.3. Market Opportunity Analysis |
| 10.North America Pet Insurance Market ,2019-2023 and Forecast 2024-2030 (Sales Value USD Million) |
| 10.1. Policy coverage Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.1.1.Accident only |
| 10.1.2.Accident & illness |
| 10.1.3.other |
| 10.2. Animal Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.2.1.Cat |
| 10.2.2.Dog |
| 10.2.3.other |
| 10.3. Provider Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.3.1.Private |
| 10.3.2.Public |
| 10.4. Route of Administration Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.4.1.Injection |
| 10.4.2.Nasal Spray |
| 10.5. Country Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 10.5.1.United States of America (USA) |
| 10.5.2.Canada |
| 11.Europe Pet Insurance Market ,2019-2023 and Forecast 2024-2030 (Sales Value USD Million) |
| 11.1. Policy coverage Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.1.1.Accident only |
| 11.1.2.Accident & illness |
| 11.1.3.other |
| 11.2. Animal Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.2.1.Cat |
| 11.2.2.Dog |
| 11.2.3.other |
| 11.3. Provider Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.3.1.Private |
| 11.3.2.Public |
| 11.4. Route of Administration Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.4.1.Injection |
| 11.4.2.Nasal Spray |
| 11.5. Country Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 11.5.1.Germany |
| 11.5.2.France |
| 11.5.3.Italy |
| 11.5.4.United Kingdom (UK) |
| 11.5.5.Spain |
| 11.5.6.Rest of EU |
| 12.Asia Pacific (APAC) Pet Insurance Market ,2019-2023 and Forecast 2024-2030 (Sales Value USD Million) |
| 12.1. Policy coverage Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.1.1.Accident only |
| 12.1.2.Accident & illness |
| 12.1.3.other |
| 12.2. Animal Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.2.1.Cat |
| 12.2.2.Dog |
| 12.2.3.other |
| 12.3. Provider Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.3.1.Private |
| 12.3.2.Public |
| 12.4. Route of Administration Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.4.1.Injection |
| 12.4.2.Nasal Spray |
| 12.5. Country Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 12.5.1.China |
| 12.5.2.India |
| 12.5.3.Australia and New Zealand (ANZ) |
| 12.5.4.Japan |
| 12.5.5.Rest of APAC |
| 13.Middle East and Africa (MEA) Pet Insurance Market ,2019-2023 and Forecast 2024-2030 (Sales Value USD Million) |
| 13.1. Policy coverage Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.1.1.Accident only |
| 13.1.2.Accident & illness |
| 13.1.3.other |
| 13.2. Animal Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.2.1.Cat |
| 13.2.2.Dog |
| 13.2.3.other |
| 13.3. Provider Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.3.1.Private |
| 13.3.2.Public |
| 13.4. Route of Administration Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.4.1.Injection |
| 13.4.2.Nasal Spray |
| 13.5. Country Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 13.5.1.GCC Countries |
| 13.5.2.South Africa |
| 13.5.3.Rest of MEA |
| 14.Latin America Pet Insurance Market ,2019-2023 and Forecast 2024-2030 (Sales Value USD Million) |
| 14.1. Policy coverage Analysis and Forecast by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 14.1.1.Accident only |
| 14.1.2.Accident & illness |
| 14.1.3.other |
| 14.2. Animal Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 14.2.1.Cat |
| 14.2.2.Dog |
| 14.2.3.other |
| 14.3. Provider Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 14.3.1.Private |
| 14.3.2.Public |
| 14.4. Route of Administration Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 14.4.1.Injection |
| 14.4.2.Nasal Spray |
| 14.5. Country Analysis 2019-2023 and Forecast 2024-2030 by Sales Value USD Million, Y-o-Y Growth (%), and Market Share (%) |
| 14.5.1.Brazil |
| 14.5.2.Mexico |
| 14.5.3.Rest of LA |
| 15. Competition Landscape |
| 15.1. Market Player Profiles (Introduction, Brand/Product Sales, Financial Analysis, Product Offerings, Key Developments, Collaborations, M & A, Strategies, and SWOT Analysis) |
| 15.2.1.Anicom Holdings Inc. |
| 15.2.2.Embrace Pet Insurance Agency LLC. |
| 15.2.3.Figo Pet Insurance LLC. |
| 15.2.4.Hartville Group |
| 15.2.5.Health for Pet |
| 15.2.6.Hollard |
| 15.2.7.Petfirst Healthcare LLC. |
| 15.2.8.Pethealth |
| 15.2.9.Petplan |
| 15.2.10.Royal & Sun Alliance |
| 16. Research Methodology |
| 17. Appendix and Abbreviations |
Key Market Players
Author
Muni Kumar Meravath is a seasoned Healthcare Market Research Analyst with over 6 years of experience in the healthcare domain, encompassing pharmaceuticals, medical devices, and diagnostics. A graduate in Pharmacy, he possesses a strong foundation in the intricacies of the healthcare sector. He further enhanced his expertise by pursuing an MBA in Pharmaceuticals, equipping him with valuable business acumen. His analytical skills and market insights have contributed to strategic decision-making and enhanced market positioning for various healthcare organizations. Committed to driving innovation and excellence, Muni continues to seek opportunities to improve healthcare delivery through data-driven insights.