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 significant surge of 21.9% in 2023, reaching a record-breaking premium revenue of over USD4 billion. Strategies such as mergers and acquisitions, product innovation, and geographical expansion are employed by companies to expand their market presence. Strategic partnerships and collaborations have emerged as a popular trend, with pet insurance providers forming alliances with veterinary clinics, pet wellness providers, and animal welfare organizations to offer enhanced value-added services to policyholders.

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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 America
  - Brazil
  - Argentina
- Middle East and Africa
  - Egypt

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

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Market Scope in Pet Insurance Market Research Report

Market Scope
Report Coverage	Details
Page number	217
Base year	2024
Historic period	2019-2023
Forecast period	2025-2029
Growth momentum & CAGR	Accelerate at a CAGR of 42.9%
Market growth 2025-2029	USD 57507.2 million
Market structure	fragmentation
YoY growth 2024-2025(%)	34.2
Key countries	US, Canada, Germany, UK, Italy, France, China, India, Japan, Brazil, Egypt, UAE, Oman, Argentina, KSA, UAE, Brazil, Rest of World (ROW), US, China, UK, Canada, France, Japan, Germany, India, South Korea, and Italy
Competitive landscape	Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks

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

Research Analysis Overview

In the Pet Insurance Market, coverage can be limited by exclusions for pre-existing conditions, waiting periods, benefit limits, and lifetime maximums. Wellness services like parasite prevention and dental care are typically covered, but some policies may exclude behavioral issues, hereditary conditions, chronic illnesses, and certain surgical procedures. Emergency care, prescription medications, alternative therapies, pet cremation, and burial are also common coverages. Additional options include pet sitter, pet boarding, pet grooming, pet training, pet transportation, pet travel insurance, pet liability insurance, and pet theft insurance. Pet loss support is also provided by some companies.

Market Research Overview

The pet health insurance sector, a niche segment within the broader diversified financial services market, is experiencing significant growth due to the increasing demand for pet wellness plans and preventive care. As veterinary expenses continue to rise, pet owners seek financial protection through comprehensive coverage. Technavio projects that digital transformation will be a key growth driver, enabling insurers to offer more personalized services and streamlined claims processing. Coverage limits and customizable plans cater to varying pet owner needs, further expanding market potential. The market's size is determined by the consolidated revenue generated from pet insurance offerings, including preventative care and wellness plans.. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.

Contacts

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/

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