The worldwide pet insurance market, which was valued at US$ 8.5 billion in 2021, is anticipated to grow at a constant CAGR of 16.5% over the course of the forecast period. By 2032, this industry’s market is expected to be worth $45.6 billion, based on this growth rate. The pet insurance market is a growing industry that provides pet owners with coverage for their pets’ medical expenses. Pet insurance policies typically cover accidents, illnesses, and routine care such as vaccinations and annual checkups. The market has been growing steadily in recent years, driven by an increasing number of pet owners who are willing to pay for high-quality care for their pets
North America dominates the global pet insurance market, accounting for the largest share of the market in terms of revenue. The region is home to a large number of pet owners who are willing to spend on their pets’ healthcare. Europe is also a significant market for pet insurance, with countries like the UK, Germany, and France leading the way.
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Key Takeaways from the Market Study
- Global pet insurance market revenue to reach US$ 9.9 Bn by the end of 2022
- Europe to hold a revenue share of over 44% of the pet insurance market by 2022
- Asia Pacific region is projected to grow at the fastest rate of over 18% during the forecast period, 2022-2032.
- It is estimated that the accident and illness segment will hold the largest revenue share in 2022 at 85%.
- In 2022, the dogs segment will account for more than 50% of the market’s revenue.
- Direct sales dominated the market in 2021, projected to hold 34% of market revenue by 2022.
Competitive Landscape
Players implement various strategic strategies, such as launching new policies, forming partnerships and collaborations, and expanding regionally, in order to increase their market share.
- In June 2020, Veter Software, a provider of technology solutions for animals, signed an agreement with Trupanion. In this partnership, Vetter Software’s cloud-based veterinary practice management platform software was integrated with Trupanion’s software, enabling direct payments to veterinarians.
- AXIS Capital Holdings Limited entered the specialty insurance market in November 2021 by partnering with Managing General Underwriter Petplan. To gain steady growth in the market, its Accident and Health unit partnered up with Petplan.
Key Companies Profiled
- Trupanion, Inc.
- Deutsche Familienversicherung AG (DFV)
- Petplan (Allianz)
- Animal Friends Insurance Services Limited
- Figo Pet Insurance, LLC
- Direct Line
- PetWatch
- Embrace Pet Insurance Agency, LLC
- Anicom Insurance
- Agria Pet Insurance Co., Ltd.
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Regional Analysis
- North America: North America dominates the global pet insurance market, accounting for the largest share of the market in terms of revenue. The region has a high pet ownership rate, and pet owners are increasingly aware of the benefits of pet insurance. The US and Canada are the major markets in the region, with a large number of pet insurance providers offering a range of policies.
- Europe: Europe is also a significant market for pet insurance, with countries like the UK, Germany, and France leading the way. The market in Europe is driven by factors such as rising pet ownership rates, increasing healthcare expenditure, and growing awareness of pet insurance policies.
- Asia-Pacific: The Asia-Pacific region is a fast-growing market for pet insurance, driven by rising pet ownership rates and increasing disposable incomes in countries such as China, Japan, and India. The market in the region is relatively nascent, but there is significant growth potential in the coming years.
- Latin America: The pet insurance market in Latin America is also growing, driven by increasing pet ownership rates and rising healthcare expenditure. Brazil and Mexico are the major markets in the region, with several pet insurance providers offering customized policies.
- Middle East and Africa: The pet insurance market in the Middle East and Africa is relatively small, but there is significant growth potential in the coming years. The market is driven by rising pet ownership rates, increasing healthcare expenditure, and growing awareness of pet insurance policies.
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More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the Pet insurance market, presenting historical market data (2015-2021) and forecast statistics for the period of 2022-2032.
The study reveals essential insights on the basis of coverage type (accident & illness, accident only and others), animal type (dogs, cats and others) and sales channel (agency, broker, direct, bancassurance and others) across five major regions (North America, Latin America, Europe, Asia Pacific and Middle East & Africa).
