Pet Insurance Market

Pet Insurance Market Size Survey Report – In a Glance

As per the survey report on global Pet Insurance Market, the market is projected to foresee a CAGR of 16.5% between 2024-2033, and further generate a market size of USD 44.9 billion revenue by the end of 2033. In the year 2023, the market size was valued at USD 15.2 billion revenue.

• The global Pet Insurance Market is projected to grow on account of rising pet ownership and pet humanization.
• In Japan, the expanding veterinary care expenditure can be attributed to the increased innovation in the pet insurance market.
• KDMI analyst’s growth analysis foresees restricted understanding and awareness to challenge the market growth.
• North America, having the highest market share in the Pet Insurance Market, is projected to dominate the global market.

Pet Insurance Market Analysis

Pet insurance, a policy acquired by a pet owner to counterbalance the entire cost of their pet’s medical bills, is identical to human health insurance and is related to veterinary and pet costs. The pet ownership trends are closely associated with worldwide demographic shifts, where adults or millennials in between their initial period of 20s and late 30s indicate a mounting community of pet owners. Growth is predominant in those regions, which is evidencing the emergence of the middle class, leading to changing attitudes of the novel “pet culture” dependent on the expanding pet’s humanization and growing number of pets for companionship purposes. Furthermore, pet ownership and humanization are increasing because of health benefits associated with pet companionship, leading to reduced threat of heart attacks, increased emotional support & sensory stimulation and reduced blood pressure. Several Australians, nearing millions, adopted a pet in the pandemic, leading to increase in pet population from 5.1 million owned dogs in 2019 to 6.34 million as of 2021. The increasing pet ownership and humanization bodes well for the growth of the pet insurance market. Nationwide, Trupanion and Petplan are some of the significant parties in the global market for Pet Insurance.

Analyst’s Observation on Japan Pet Insurance Market Survey

Pet owners know that routine vet care is essential, and with increasing pet ownership and humanization, considerable rise in pet care expenditure. The country has questionably the world’s most coddled pooches, dachshunds and chihuahuas, and the Japanese take extraordinary care of their pets. From ensuring feed them top-quality food to taking care of their vaccination status. Around 29.6% spend around USD 327 to USD 655, and 39.6% of pet owners spend less than USD 327. The percentage spending more than USD 655 increased by 4.3 points from the last year to register for 40% of the entire. The increasing pet care expenditure is due to injury or illness treatment, vaccination & health checks and food & snacks. In comparison to 2020, food & snacks surged by 8.9 points for dogs and 12.2 points for cats. Pet owners are further expecting to have online health check or consultation platforms for their pets. The increasing pet care expenditure is the significant growth driver of the pet insurance market size. Anicorm Group and Rakuten Pet Insurance are some of the significant parties in the Japanese market for Pet Insurance.

Pet Insurance Market Growth Driver

Digitalization and online podiums:

Influence of the digital technology in insurance sectors aids insurers by speeding up the dispensation of claims and altering underwriting. The pet insurance sector is going through a noteworthy transformation because pets are being treated as family members, and pet parents desire financial security for their beloved companions. Digitalization has helped the application of digital technologies in the pet care industry and is shaping the pet insurance trends. Around 90% of the companies had applied cloud technologies as of 2023, and the digital transformation investment reached USD 2.5 trillion in 2024. Pet insurers are using several technologies to rationalize procedures and enhance consumer experience and chief technological advancements such as AI-powered entitlements processing for quicker payouts, wearable devices for real-time pet health control and telemedicine podiums for online vet consultations. Such technological inventions are establishing new standards for consumer service and threat assessments in the broader insurance market. The growing digitalization predicts the growth of pet insurance market size.

Pet Insurance Market Segmentation

Our experts at KD Market Insights have segmented the global Pet Insurance Market research report as:

Pet Insurance Market Regional Synopsis

North America dominates the Pet Insurance market as 70% of the United States households have a pet, and the rate of pet ownership has increased from a projected 56% of households as of 1988, with millennials being the highest cohort of pet owners at 32%. 14% of the non-pet and pet owners adopted a new pet during the pandemic. Moreover, the total United States Pet Industry expenditure as of 2024 was USD 150.6, according to the American Pet Products Association. According to the North American Pet Health Insurance Association, over 5.36 million pets were insured in 2022, indicating a 21.7% enhancement since last year. The growing awareness of pet insurance in North America is one of the significant growth drivers of its market size.

Regional Company Names

• Trupanion
• American Pet Insurance Company
•  MetLife
• Jab Holding Company

Pet Insurance Market Competitive Landscape

Some of the key players who top the global Pet Insurance Market share:

• Nationwide
• Trupanion
• Petplan
• ASPCA Pet Health Insurance
• Embrace Pet Insurance
• Healthy Paws Pet Insurance
• Pets Best
• Lemonade Pet Insurance
• Figo Pet Insurance
• PetFirst

1. Executive Summary
   1. Market Overview
   2. Key Findings
   3. Market Trends
   4. Market Outlook
2. Introduction
   1. Scope of the Report
   2. Research Methodology
   3. Definitions and Assumptions
   4. Acronyms and Abbreviations
3. Market Dynamics
   1. Drivers
   2. Restraints
   3. Opportunities
   4. Challenges
4. Global Pet Insurance Market
   1. Market Overview
   2. Market Size and Forecast
   3. Market Segmentation
      1. By Coverage Type
      2. By Animal Type
      3. By Sales Channel
      4. By Region
5. Market Segmentation by Coverage Type
   1. Accident Only
   2. Accident and Illness
   3. Others
6. Market Segmentation by Animal Type
   1. Dogs
   2. Cats
   3. Birds
   4. Others
7. Market Segmentation by Sales Channel
   1. Agency
   2. Broker
   3. Others
8. Regional Analysis
   1. North America
      1. United States
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Coverage Type, Animal Type and Sales Channel
      2. Canada
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Coverage Type, Animal Type and Sales Channel
      3. Mexico
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Coverage Type, Animal Type and Sales Channel
   2. Europe
      1. United Kingdom
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Coverage Type, Animal Type and Sales Channel
      2. Germany
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Coverage Type, Animal Type and Sales Channel
      3. France
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Coverage Type, Animal Type and Sales Channel
      4. Italy
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Coverage Type, Animal Type and Sales Channel
      5. Spain
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Coverage Type, Animal Type and Sales Channel
      6. Rest of Europe
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Coverage Type, Animal Type and Sales Channel
   3. Asia Pacific
      1. China
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Coverage Type, Animal Type and Sales Channel
      2. Japan
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Coverage Type, Animal Type and Sales Channel
      3. India
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Coverage Type, Animal Type and Sales Channel
      4. Australia
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Coverage Type, Animal Type and Sales Channel
      5. South Korea
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Coverage Type, Animal Type and Sales Channel
      6. Rest of Asia Pacific
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Coverage Type, Animal Type and Sales Channel
   4. Latin America
      1. Brazil
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Coverage Type, Animal Type and Sales Channel
      2. Argentina
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Coverage Type, Animal Type and Sales Channel
      3. Colombia
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Coverage Type, Animal Type and Sales Channel
      4. Rest of Latin America
         1. Market Size and Forecast
         2. Key Trends and Developments
         3.               Market Analysis by Coverage Type, Animal Type and Sales Channel
   5. Middle East & Africa
      1. South Africa
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Coverage Type, Animal Type and Sales Channel
      2. Saudi Arabia
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Coverage Type, Animal Type and Sales Channel
      3. UAE
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Coverage Type, Animal Type and Sales Channel
      4. Rest of Middle East & Africa
         1. Market Size and Forecast
         2. Key Trends and Developments
         3. Market Analysis by Coverage Type, Animal Type and Sales Channel
9. Competitive Landscape
   1. Market Share Analysis
   2. Company Profiles
      1. Trupanion
      2. Nationwide
      3. Petplan
      4. ASPCA Pet Health Insurance
      5. Embrace Pet Insurance
      6. Healthy Paws Pet Insurance
      7. Pets Best
      8. Lemonade Pet Insurance
      9. Figo Pet Insurance
      10. PetFirst
      11. Others
      12. Ainsworth Pet Nutrition
      13. Champion Petfoods
      14. Others
10. Strategic Recommendations
11. Appendix
    1. List of Tables
    2. List of Figures
12. References