Latest News- Pet Insurance Market: Dogs is expected to lead the Type segment during 2025-2029

The Pet Insurance Market is being driven by Rising pet population

The Pet Insurance Market is expected to grow at a CAGR of 42.9% during 2024 and 2029. During this period, the market is also expected to show a growth of USD 57507.2 million. The global pet insurance market is characterized by a high level of competition among numerous small and large players. Notable growth trends are evident, with the North American pet health insurance sector experiencing a remarkable 21.9% increase in premium revenue in 2023, surpassing USD4 billion for the first time. Companies are employing various strategies, including mergers and acquisitions, the introduction of new policies, and geographical expansion, to expand their market presence. Strategic partnerships and collaborations have also become commonplace in the global pet insurance market. Companies are forming alliances with veterinary clinics, pet wellness providers, and animal welfare organizations to offer additional value-added services to policyholders. 

Get more information on Pet Insurance Market by requesting a sample report

Which Factors Are Causing a Surge in Market Growth?

The market is segmented based on

• Type
  • Dogs
  • Cats
  • Others
• Application
  • Accidents and illness
  • Accidents only
  • Others
• Channel
  • Direct sales
  • Broker or agency
  • Bancassurance
• Geography
  • North America
    • Canada
    • US
  • Europe
    • Germany
    • UK
    • France
    • Italy
  • APAC
    • China
    • India
    • Japan
    • South Korea
  • South America
  • Middle East and Africa

According to Technavio, There are several factors that are causing the market to flourish during the forecast period, which are as follows: 

• Rising pet population
• Increasing use of virtual assistants to automate documentation in insurance sector
• Rising concerns over well-being of pets

However, the market also witnesses some limitations, which are as follows:

• Several exclusions and limits in pet insurance coverage
• High cost of pet insurance policies
• Growing awareness of pet allergies among human beings

Benefits of Buying Global Pet Insurance Market Research Report by Technavio

Rich Experience: 20+ years leading global market research, trusted insights across industries.

Unlock Business Potential with Technavio: Maximize ROI with Technavio's tailored market research: deep dives and actionable insights.

Your Guide to Market Success: Empower your business with Technavio's market research and future-proof your decisions.

Market Scope in Pet Insurance Market Research Report

Request Free Sample

Find out which segment is leading the market by accessing the free PDF report

Research Analysis Overview

The Pet Insurance Market offers various coverage options, but it's important to note some exclusions. These may include pre-existing conditions, waiting periods for certain benefits, and benefit and lifetime maximums. Wellness services like parasite prevention and dental care are typically covered, but behavioral issues, hereditary conditions, chronic illnesses, and surgical procedures may have additional costs or exclusions. Emergency care, prescription medications, alternative therapies, pet cremation, burial, pet sitter, boarding, grooming, training, transportation, travel, liability, theft, and loss support are also common offerings.

Market Research Overview

The pet health insurance sector, a niche segment within the broader diversified financial services market, experiences steady growth due to increasing pet ownership and rising veterinary expenses. Companies offer various plans, including wellness and preventive care, to cater to pet owners' needs. Coverage limits and premiums vary, necessitating careful consideration. The market's expansion is influenced by digital transformation, enabling seamless customer experiences and efficient claims processing. Technavio's market analysis calculates the sector's size based on revenue generated from pet health insurance policies.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/