Pet Insurance Market Report 2022-2027: Trends, Size, Share, Growth and Forecast
The global pet insurance market reached a value of US$ 6.2 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 12.6 Billion by 2027, exhibiting a CAGR of 12.5% during 2022-2027.
According to the latest report by IMARC Group, titled, “Pet Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027“, The global pet insurance market reached a value of US$ 6.2 Billion in 2021. Looking forward, IMARC Group expects the market to reach US$ 12.6 Billion by 2027, exhibiting a CAGR of 12.5% during 2022-2027.
Pet insurance is a policy acquired by pet parents that provides reimbursement against veterinary bills and treatment expenditures. It commonly covers poisoning, hospitalization, surgeries, emergencies, illnesses, and injuries due to accidents. It comprises the expenditure of monthly premiums as per the species, age, breed, and medical condition of the pet. It assists in providing easy access to premium healthcare services, veterinary professionals and reducing the overall expenses of pet healthcare. Nowadays, key players are covering services for routine care, like general checkups, regular preventative care, teeth cleaning, and deworming to vaccinations.
Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
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The increasing pet ownership and rising concerns among pet parents about the health of their pets are among the major factors driving the demand for pet insurance around the world. The emerging pet humanization trend wherein pet parents treat their pets as family members is also favoring the market growth. Moreover, the growing prevalence of chronic conditions among pets, such as cancer, obesity, and diabetes, and inflating costs of healthcare services are influencing the market positively. In addition, there is an increase in awareness among pet owners about the pet insurance policies that cover treatment expenses for accidental injuries, including burns, broken bones, and X-rays, which is contributing to the market growth. Apart from this, leading players are introducing multi-pet insurance policies that cover numerous pets in a single plan. These players are also offering customization in pet insurance policies to meet the requirements of the buyers. In addition, they are focusing on integrating insurance fraud detection systems to detect suspicious events made by an insurance adjuster, agent, and consumer for unauthorized gains during the selling, buying, and underwriting of insurance.
Furthermore, the launch of activity monitors for monitoring exercise levels and the weight of the pets is offering lucrative growth opportunities to key players operating in the industry. Besides this, the expanding number of pet insurance applications that are incorporated with artificial intelligence (AI), the internet of things (IoT), and big data to digitize the claim process and policy management is providing a thrust to the growth of the market. There is a rise in the adoption of cloud-based services that have facilitated real-time consultations with experienced industry experts and help provide insightful recommendations to pet owners. Additionally, governing agencies of numerous countries are undertaking initiatives about pet insurance regulations. This, coupled with the growing number of veterinary diagnostic centers and the increasing need for financial security in case of contingent liabilities and uncertain situations, is creating a positive outlook for the market.
Pet Insurance Market 2022-2027 Competitive Analysis and Segmentation:
The competitive landscape of the industry has also been examined along with the profiles of the key players.
Agria Pet Insurance Ltd.
Anicom Holdings Inc.
Direct Line Insurance Group plc
Embrace Pet Insurance Agency LLC
Figo Pet Insurance LLC
Healthy Paws Pet Insurance LLC
Medibank Private Limited
MetLife Services and Solutions LLC
Nationwide Mutual Insurance Company
Petplan (Allianz Insurance plc)
The Oriental Insurance Company Ltd.
The report has segmented the market based on policy, animal and provider.
Breakup by Policy:
Illnesses and Accidents
Breakup by Animal:
Breakup by Provider:
Breakup by Region:
Middle East and Africa
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IMARC Group is a leading market research company that offers management strategy and market research worldwide. We partner with clients in all sectors and regions to identify their highest-value opportunities, address their most critical challenges, and transform their businesses.
IMARC’s information products include major market, scientific, economic and technological developments for business leaders in pharmaceutical, industrial, and high technology organizations. Market forecasts and industry analysis for biotechnology, advanced materials, pharmaceuticals, food and beverage, travel and tourism, nanotechnology and novel processing methods are at the top of the company’s expertise.
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