IMARC Group, a leading market research company, has recently releases report titled, “Pet Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The study provides a detailed analysis of the industry, including the global pet insurance market size, share, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights

How big is the pet insurance market?

The global pet insurance market size reached US$ 7.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 14.2 Billion by 2028, exhibiting a growth rate (CAGR) of 12.1% during 2023-2028.

What is pet insurance?

Pet insurance refers to a healthcare policy that covers the expenses of veterinary clinic bills. It also helps cover the cost of unexpected medical expenses, chronic illness treatments, and severe injuries caused by accidents. It reduces the financial burden for damages or injuries to third parties and after-death compensations and facilitates pet care for various hereditary conditions, dental care, and behavioral issues. As it also incorporates additional benefits, such as discounts on pet food and access to veterinary telemedicine services, the demand for pet insurance is rising across the globe.

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What are the growth prospects and trends in the pet insurance industry?

The increasing number of nuclear families and rising adoption of pets represent one of the major factors positively influencing the market. In addition, the increasing awareness about the proper maintenance and health of pets, along with the increasing costs of animal healthcare and the growing advancements in animal treatment procedures, are creating a favorable market. Apart from this, the rising number of non-government organizations (NGOs) rescuing animals that are victims of cruelty and abuse and providing shelter, meals, and healthcare to them is contributing to the market growth. Furthermore, key market players are introducing low fees insurance plans and also covering expenses for physical and material damages caused by pets, which is stimulating the market growth worldwide.

What is included in market segmentation?

The report has segmented the market into the following categories:

Breakup by Policy
Illnesses and Accidents
Chronic Conditions
Others

Breakup by Animal
Dog
Cat
Others

Breakup by Provider
Public
Private

Breakup by Region
North America
Asia-Pacific
Europe
Latin America
Middle East and Africa

Who are the key players operating in the industry?

The report covers the major market players including:

Agria Pet Insurance Ltd.
Anicom Holdings Inc.
Direct Line Insurance Group plc
co.za
Embrace Pet Insurance Agency LLC
Figo Pet Insurance LLC
Hartville Group
Healthy Paws Pet Insurance LLC
Medibank Private Limited
MetLife Services and Solutions LLC
Nationwide Mutual Insurance Company
Pethealth Inc.
Petplan (Allianz Insurance plc)
The Oriental Insurance Company Ltd.

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