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

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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.

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.

Pet insurance refers to a healthcare policy for pets that provides reimbursement against treatment expenditures and veterinary bills. It involves the payment of monthly premiums based on the age, species, breed and illness of the pet. The insurance policy covers the treatment costs of accidents, injuries, death due to illness, hospitalization, poisoning and surgeries. It provides partial or complete coverage against veterinary procedures for dogs, cats and other animals. It also aids in minimizing the overall expenditure of pet healthcare and providing access to premium veterinary services and professionals.

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Pet Insurance Market Trends and Drivers:

The global pet insurance market is primarily being driven by the increasing preference for pet ownership and humanization among the masses. Pet owners are widely adopting insurance policies that cover treatment costs for burns, chronic ailments and urinary tract infections (UTIs). Moreover, various technological advancements, such as the development of portable activity monitors for tracking weight and exercise levels of animals, are providing a thrust to the market growth. Other factors, including the increasing prevalence of cancer among dogs, along with the implementation of various government initiatives promoting the adoption of pet insurance, are anticipated to drive the market toward growth.

Pet Insurance Market 2022-2027 Competitive Analysis and Segmentation:

Competitive Landscape:
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
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.

The report has segmented the market based oncomponent, mobility, application and vertical.

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

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