Pet Insurance Market Size, Share & Trends Analysis Report By Coverage Type (Accident-only, Accident & Illness), By Animal Type (Dogs, Cats), By Sales Channel (Agency, Broker, Direct), By Region, And Segment Forecasts, 2024 - 2030
- Report ID: GVR-3-68038-571-7
- Number of Pages: 125
- Format: Electronic (PDF)
- Historical Range: 2018 - 2023
- Industry: Healthcare
Market Segmentation
- Pet Insurance Coverage Type Outlook (Revenue, USD Million, 2018 - 2030)
- Accident & Illness
- Accident only
- Others
- Pet Insurance Animal Type Outlook (Revenue, USD Million, 2018 - 2030)
- Dogs
- Cats
- Others
- Pet Insurance Sales Channel Outlook (Revenue, USD Million, 2018 - 2030)
- Agency
- Broker
- Direct
- Bancassurance
- Others
- Pet Insurance Regional Outlook (Revenue, USD Million, 2018 - 2030)
- North America
- North America Pet Insurance Market, By Coverage Type
- Accident & Illness
- Accident only
- Others
- North America Pet Insurance Market, By Animal Type
- Dogs
- Cats
- Others
- North America Pet Insurance Market, By Sales Channel
- Agency
- Broker
- Direct
- Bancassurance
- Others
- U.S.
- U.S. Pet Insurance Market, By Coverage Type
- Accident & Illness
- Accident only
- Others
- U.S. Pet Insurance Market, By Animal Type
- Dogs
- Cats
- Others
- U.S. Pet Insurance Market, By Sales Channel
- Agency
- Broker
- Direct
- Bancassurance
- Others
- U.S. Pet Insurance Market, By Coverage Type
- Canada
- Canada Pet Insurance Market, By Coverage Type
- Accident & Illness
- Accident only
- Others
- Canada Pet Insurance Market, By Animal Type
- Dogs
- Cats
- Others
- Canada Pet Insurance Market, By Sales Channel
- Agency
- Broker
- Direct
- Bancassurance
- Others
- Canada Pet Insurance Market, By Coverage Type
- North America Pet Insurance Market, By Coverage Type
- Europe
- Europe Pet Insurance Market, By Coverage Type
- Accident & Illness
- Accident only
- Others
- Europe Pet Insurance Market, By Animal Type
- Dogs
- Cats
- Others
- Europe Pet Insurance Market, By Sales Channel
- Agency
- Broker
- Direct
- Bancassurance
- Others
- Germany
- Germany Pet Insurance Market, By Coverage Type
- Accident & Illness
- Accident only
- Others
- Germany Pet Insurance Market, By Animal Type
- Dogs
- Cats
- Others
- Germany Pet Insurance Market, By Sales Channel
- Agency
- Broker
- Direct
- Bancassurance
- Others
- Germany Pet Insurance Market, By Coverage Type
- U.K.
- U.K. Pet Insurance Market, By Coverage Type
- Accident & Illness
- Accident only
- Others
- U.K. Pet Insurance Market, By Animal Type
- Dogs
- Cats
- Others
- U.K. Pet Insurance Market, By Sales Channel
- Agency
- Broker
- Direct
- Bancassurance
- Others
- U.K. Pet Insurance Market, By Coverage Type
- France
- France Pet Insurance Market, By Coverage Type
- Accident & Illness
- Accident only
- Others
- France Pet Insurance Market, By Animal Type
- Dogs
- Cats
- Others
- France Pet Insurance Market, By Sales Channel
- Agency
- Broker
- Direct
- Bancassurance
- Others
- France Pet Insurance Market, By Coverage Type
- Italy
- Italy Pet Insurance Market, By Coverage Type
- Accident & Illness
- Accident only
- Others
- Italy Pet Insurance Market, By Animal Type
- Dogs
- Cats
- Others
- Italy Pet Insurance Market, By Sales Channel
- Agency
- Broker
- Direct
- Bancassurance
- Others
- Italy Pet Insurance Market, By Coverage Type
- Spain
- Spain Pet Insurance Market, By Coverage Type
- Accident & Illness
- Accident only
- Others
- Spain Pet Insurance Market, By Animal Type
- Dogs
- Cats
- Others
- Spain Pet Insurance Market, By Sales Channel
- Agency
- Broker
- Direct
- Bancassurance
- Others
- Spain Pet Insurance Market, By Coverage Type
- Netherlands
- Netherlands Pet Insurance Market, By Coverage Type
- Accident & Illness
- Accident only
- Others
- Netherlands Pet Insurance Market, By Animal Type
- Dogs
- Cats
- Others
- Netherlands Pet Insurance Market, By Sales Channel
- Agency
- Broker
- Direct
- Bancassurance
- Others
- Netherlands Pet Insurance Market, By Coverage Type
- Sweden
- Sweden Pet Insurance Market, By Coverage Type
- Accident & Illness
- Accident only
- Others
- Sweden Pet Insurance Market, By Animal Type
- Dogs
- Cats
- Others
- Sweden Pet Insurance Market, By Sales Channel
- Agency
- Broker
- Direct
- Bancassurance
- Others
- Sweden Pet Insurance Market, By Coverage Type
- Norway
- Norway Pet Insurance Market, By Coverage Type
- Accident & Illness
- Accident only
- Others
- Norway Pet Insurance Market, By Animal Type
- Dogs
- Cats
- Others
- Norway Pet Insurance Market, By Sales Channel
- Agency
- Broker
- Direct
- Bancassurance
- Others
- Norway Pet Insurance Market, By Coverage Type
- Europe Pet Insurance Market, By Coverage Type
- Asia Pacific
- Asia Pacific Pet Insurance Market, By Coverage Type
- Accident & Illness
- Accident only
- Others
- Asia Pacific Pet Insurance Market, By Animal Type
- Dogs
- Cats
- Others
- Asia Pacific Pet Insurance Market, By Sales Channel
- Agency
- Broker
- Direct
- Bancassurance
- Others
- China
- China Pet Insurance Market, By Coverage Type
- Accident & Illness
- Accident only
- Others
- China Pet Insurance Market, By Animal Type
- Dogs
- Cats
- Others
- China Pet Insurance Market, By Sales Channel
- Agency
- Broker
- Direct
- Bancassurance
- Others
- China Pet Insurance Market, By Coverage Type
- India
- India Pet Insurance Market, By Coverage Type
- Accident & Illness
- Accident only
- Others
- India Pet Insurance Market, By Animal Type
- Dogs
- Cats
- Others
- India Pet Insurance Market, By Sales Channel
- Agency
- Broker
- Direct
- Bancassurance
- Others
- India Pet Insurance Market, By Coverage Type
- Japan
- Japan Pet Insurance Market, By Coverage Type
- Accident & Illness
- Accident only
- Others
- Japan Pet Insurance Market, By Animal Type
- Dogs
- Cats
- Others
- Japan Pet Insurance Market, By Sales Channel
- Agency
- Broker
- Direct
- Bancassurance
- Others
- Japan Pet Insurance Market, By Coverage Type
- Australia
- Australia Pet Insurance Market, By Coverage Type
- Accident & Illness
- Accident only
- Others
- Australia Pet Insurance Market, By Animal Type
- Dogs
- Cats
- Others
- Australia Pet Insurance Market, By Sales Channel
- Agency
- Broker
- Direct
- Bancassurance
- Others
- Australia Pet Insurance Market, By Coverage Type
- South Korea
- South Korea Pet Insurance Market, By Coverage Type
- Accident & Illness
- Accident only
- Others
- South Korea Pet Insurance Market, By Animal Type
- Dogs
- Cats
- Others
- South Korea Pet Insurance Market, By Sales Channel
- Agency
- Broker
- Direct
- Bancassurance
- Others
- South Korea Pet Insurance Market, By Coverage Type
- Asia Pacific Pet Insurance Market, By Coverage Type
- Latin America
- Latin America Pet Insurance Market, By Coverage Type
- Accident & Illness
- Accident only
- Others
- Latin America Pet Insurance Market, By Animal Type
- Dogs
- Cats
- Others
- Latin America Pet Insurance Market, By Sales Channel
- Agency
- Broker
- Direct
- Bancassurance
- Others
- Brazil
- Brazil Pet Insurance Market, By Coverage Type
- Accident & Illness
- Accident only
- Others
- Brazil Pet Insurance Market, By Animal Type
- Dogs
- Cats
- Others
- Brazil Pet Insurance Market, By Sales Channel
- Agency
- Broker
- Direct
- Bancassurance
- Others
- Brazil Pet Insurance Market, By Coverage Type
- Mexico
- Mexico Pet Insurance Market, By Coverage Type
- Accident & Illness
- Accident only
- Others
- Mexico Pet Insurance Market, By Animal Type
- Dogs
- Cats
- Others
- Mexico Pet Insurance Market, By Sales Channel
- Agency
- Broker
- Direct
- Bancassurance
- Others
- Mexico Pet Insurance Market, By Coverage Type
- Argentina
- Argentina Pet Insurance Market, By Coverage Type
- Accident & Illness
- Accident only
- Others
- Argentina Pet Insurance Market, By Animal Type
- Dogs
- Cats
- Others
- Argentina Pet Insurance Market, By Sales Channel
- Agency
- Broker
- Direct
- Bancassurance
- Others
- Argentina Pet Insurance Market, By Coverage Type
- Latin America Pet Insurance Market, By Coverage Type
- MEA
- MEA Pet Insurance Market, By Coverage Type
- Accident & Illness
- Accident only
- Others
- MEA Pet Insurance Market, By Animal Type
- Dogs
- Cats
- Others
- MEA Pet Insurance Market, By Sales Channel
- Agency
- Broker
- Direct
- Bancassurance
- Others
- South Africa
- South Africa Pet Insurance Market, By Coverage Type
- Accident & Illness
- Accident only
- Others
- South Africa Pet Insurance Market, By Animal Type
- Dogs
- Cats
- Others
- South Africa Pet Insurance Market, By Sales Channel
- Agency
- Broker
- Direct
- Bancassurance
- Others
- South Africa Pet Insurance Market, By Coverage Type
- Saudi Arabia
- Saudi Arabia Pet Insurance Market, By Coverage Type
- Accident & Illness
- Accident only
- Others
- Saudi Arabia Pet Insurance Market, By Animal Type
- Dogs
- Cats
- Others
- Saudi Arabia Pet Insurance Market, By Sales Channel
- Agency
- Broker
- Direct
- Bancassurance
- Others
- Saudi Arabia Pet Insurance Market, By Coverage Type
- Israel
- Israel Pet Insurance Market, By Coverage Type
- Accident & Illness
- Accident only
- Others
- Israel Pet Insurance Market, By Animal Type
- Dogs
- Cats
- Others
- Israel Pet Insurance Market, By Sales Channel
- Agency
- Broker
- Direct
- Bancassurance
- Others
- Israel Pet Insurance Market, By Coverage Type
- MEA Pet Insurance Market, By Coverage Type
- North America
Pet Insurance Market Dynamics
Driver: Increasing companion animal population
The pet insurance market is anticipated to grow mainly owing to increase in companion animal population. The pet population is growing due to increase in per capita income across the globe. There has been a rise in disposable income and purchasing power in many countries. The rise in disposable income is anticipated to increase willingness of pet owners to pay for insurance and provide better healthcare facilities. There has been an increase in the prevalence of mental illnesses in humans such as clinical depression, anxiety-related issues, personality disorder, and psychotic disorder. One of the currently popular treatments for mental illness is animal-assisted therapy, as animals can provide patients with emotional support. This is anticipated to be a key factor for increase in companion animal population. Differently abled people can gain assistance from trained pets who can help them cope with depression, anxiety, and low esteem. Trained dogs can also help them in performing certain daily activities. These factors are leading to an increase in companion animal population.
Driver: High veterinary cost
Growth in companion animal population is expected to lead to an increase in the demand for veterinary healthcare services. Veterinary costs are high due to requirement of veterinary doctors, skilled technicians, and specially designed diagnostic equipment. These costs create a need for pet owners to seek options for reducing their out-of-pocket expenditure on veterinary care. Key pet insurance providers cover major dog and cat illnesses, excluding pre-existing conditions. Insurance is available in the market providing minimum coverage of 60% of veterinary bills, which can reduce financial pressure on pet owners. The number of surgeries performed on animals has increased in the recent past. Soft tissue, cardiovascular, ophthalmic, dental, and orthopedic surgeries are some of the common types of veterinary surgeries. Costs associated with surgery, hospitalization, post-surgery follow-up, and medication can create major financial pressure on pet owners. Among these, high cost associated with surgery is anticipated to compel higher number of pet owners to avail pet insurance.
Restraint: Lack of knowledge of pet owners
Lack of awareness about pet insurance is a key factor that may limit the growth of pet insurance market. The level of awareness and penetration of pet insurance varies across different countries. The adoption of pet insurance is higher in European countries. According to Department of Clinical Veterinary Science and the Pet Food Institute, 23.0% of pets in the UK and 30.0% of pets in Sweden are covered by pet insurance, whereas only 1% of pets in the U.S. are covered. Owners in developed regions are generally more informed about the benefits of pet insurance than those in developing economies. Insurance providers are organizing various marketing campaigns and events to spread awareness about pet insurance policies and their benefits. Furthermore, rising influence of social media and other digital platforms is expected to increase awareness regarding pet insurance.
What Does This Report Include?
This section will provide insights into the contents included in this pet insurance market report and help gain clarity on the structure of the report to assist readers in navigating smoothly.
Pet insurance market qualitative analysis
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Industry overview
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Industry trends
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Market drivers and restraints
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Market size
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Growth prospects
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Porter’s analysis
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PESTEL analysis
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Key market opportunities prioritized
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Competitive landscape
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Company overview
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Financial performance
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Product benchmarking
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Latest strategic developments
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Pet insurance market quantitative analysis
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Market size, estimates, and forecast from 2018 to 2030
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Market estimates and forecast for product segments up to 2030
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Regional market size and forecast for product segments up to 2030
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Market estimates and forecast for application segments up to 2030
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Regional market size and forecast for application segments up to 2030
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Company financial performance
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