Pet Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2022-2027

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. Keeping in mind the uncertainties of COVID-19, we are continuously tracking and evaluating the direct as well as the indirect influence of the pandemic. These insights are included in the report as a major market contributor.

Pet insurance is a health care policy that provides reimbursement against veterinary bills and treatment expenditures. It provides partial or complete coverage against veterinary procedures. Pet owners purchase the insurance policy to cover treatment costs of injuries, death due to illnesses, accidents, poisoning, hospitalization and surgeries. It involves the payment of monthly premiums based on the species, breed, age and existing illnesses of the pet. It assists the owners in choosing treatments at the best medical institutions for their ailing and injured pets. Pet insurance also aids in providing access to premium healthcare services, veterinary professionals and minimizing the overall costs of pet healthcare.

Pet Insurance Market Trends:
The increasing consumer preference for pet adoption and humanization across the globe is one of the key factors driving the growth of the market. Moreover, the rising awareness among pet owners regarding insurance policies that cover treatment costs of accidental injuries and medical conditions, such as urinary tract infection (UTI), burns, broken bones and X-rays, is favoring the market growth. Additionally, the increasing prevalence of cancer among dogs is also impacting the requirement of pet insurance. Various breeds of dogs, such as Labrador retrievers, boxers, Bernese Mountain, German shepherds and rottweilers, have a higher tendency for developing cancer at a young age and require extensive medical attention and care. Moreover, various technological advancements, such as the development of activity monitors for tracking exercise levels, rest and weight of the pets, are providing a thrust to the market growth. In line with this, the launch of multi-pet insurance policies that cover multiple pets in a single plan is also contributing to the growth of the market. Other factors, including the implementation of various government initiatives regarding strict pet insurance regulations, along with the increasing demand for veterinary healthcare facilities, are anticipated to drive the market toward growth.

Key Market Segmentation:
IMARC Group provides an analysis of the key trends in each sub-segment of the global pet insurance market, along with forecasts at the global, regional and country level from 2022-2027. Our report has categorized the market based on policy, animal and provider.

Breakup by Policy:

Illnesses and Accidents
Chronic Conditions

Breakup by Animal:


Breakup by Provider:


Breakup by Region:

North America
United States
South Korea
United Kingdom
Latin America
Middle East and Africa

Competitive Landscape:
The competitive landscape of the industry has also been examined along with the profiles of the key players being Agria Pet Insurance Ltd., Anicom Holdings Inc., Direct Line Insurance Group plc,, 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. and Trupanion.
Key Questions Answered in This Report:
How has the global pet insurance market performed so far and how will it perform in the coming years?
What has been the impact of COVID-19 on the global pet insurance market?
What are the key regional markets?
What is the breakup of the market based on the policy?
What is the breakup of the market based on the animal?
What is the breakup of the market based on the provider?
What are the various stages in the value chain of the industry?
What are the key driving factors and challenges in the industry?
What is the structure of the global pet insurance market and who are the key players?
What is the degree of competition in the industry?

1 Preface
2 Scope and Methodology
2.1 Objectives of the Study
2.2 Stakeholders
2.3 Data Sources
2.3.1 Primary Sources
2.3.2 Secondary Sources
2.4 Market Estimation
2.4.1 Bottom-Up Approach
2.4.2 Top-Down Approach
2.5 Forecasting Methodology
3 Executive Summary
4 Introduction
4.1 Overview
4.2 Key Industry Trends
5 Global Pet Insurance Market
5.1 Market Overview
5.2 Market Performance
5.3 Impact of COVID-19
5.4 Market Forecast
6 Market Breakup by Policy
6.1 Illnesses and Accidents
6.1.1 Market Trends
6.1.2 Market Forecast
6.2 Chronic Conditions
6.2.1 Market Trends
6.2.2 Market Forecast
6.3 Others
6.3.1 Market Trends
6.3.2 Market Forecast
7 Market Breakup by Animal
7.1 Dog
7.1.1 Market Trends
7.1.2 Market Forecast
7.2 Cat
7.2.1 Market Trends
7.2.2 Market Forecast
7.3 Others
7.3.1 Market Trends
7.3.2 Market Forecast
8 Market Breakup by Provider
8.1 Public
8.1.1 Market Trends
8.1.2 Market Forecast
8.2 Private
8.2.1 Market Trends
8.2.2 Market Forecast
9 Market Breakup by Region
9.1 North America
9.1.1 United States Market Trends Market Forecast
9.1.2 Canada Market Trends Market Forecast
9.2 Asia-Pacific
9.2.1 China Market Trends Market Forecast
9.2.2 Japan Market Trends Market Forecast
9.2.3 India Market Trends Market Forecast
9.2.4 South Korea Market Trends Market Forecast
9.2.5 Australia Market Trends Market Forecast
9.2.6 Indonesia Market Trends Market Forecast
9.2.7 Others Market Trends Market Forecast
9.3 Europe
9.3.1 Germany Market Trends Market Forecast
9.3.2 France Market Trends Market Forecast
9.3.3 United Kingdom Market Trends Market Forecast
9.3.4 Italy Market Trends Market Forecast
9.3.5 Spain Market Trends Market Forecast
9.3.6 Russia Market Trends Market Forecast
9.3.7 Others Market Trends Market Forecast
9.4 Latin America
9.4.1 Brazil Market Trends Market Forecast
9.4.2 Mexico Market Trends Market Forecast
9.4.3 Others Market Trends Market Forecast
9.5 Middle East and Africa
9.5.1 Market Trends
9.5.2 Market Breakup by Country
9.5.3 Market Forecast
10 SWOT Analysis
10.1 Overview
10.2 Strengths
10.3 Weaknesses
10.4 Opportunities
10.5 Threats
11 Value Chain Analysis
12 Porters Five Forces Analysis
12.1 Overview
12.2 Bargaining Power of Buyers
12.3 Bargaining Power of Suppliers
12.4 Degree of Competition
12.5 Threat of New Entrants
12.6 Threat of Substitutes
13 Price Analysis
14 Competitive Landscape
14.1 Market Structure
14.2 Key Players
14.3 Profiles of Key Players
14.3.1 Agria Pet Insurance Ltd. Company Overview Product Portfolio
14.3.2 Anicom Holdings Inc. Company Overview Product Portfolio Financials
14.3.3 Direct Line Insurance Group plc Company Overview Product Portfolio Financials
14.3.4 Company Overview Product Portfolio
14.3.5 Embrace Pet Insurance Agency LLC Company Overview Product Portfolio
14.3.6 Figo Pet Insurance LLC Company Overview Product Portfolio
14.3.7 Hartville Group Company Overview Product Portfolio
14.3.8 Healthy Paws Pet Insurance LLC Company Overview Product Portfolio
14.3.9 Medibank Private Limited Company Overview Product Portfolio Financials SWOT Analysis
14.3.10 MetLife Services and Solutions LLC Company Overview Product Portfolio Financials SWOT Analysis
14.3.11 Nationwide Mutual Insurance Company Company Overview Product Portfolio SWOT Analysis
14.3.12 Pethealth Inc. Company Overview Product Portfolio
14.3.13 Petplan (Allianz Insurance plc) Company Overview Product Portfolio
14.3.14 The Oriental Insurance Company Ltd. Company Overview Product Portfolio
14.3.15 Trupanion Company Overview Product Portfolio Financials

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