Global Pet Insurance Market Trends Analysis Report 2024-2030: Rising Veterinary Care Costs Propel Growth, Direct Sales Channel Emerges as Key Driver

DUBLIN, March 19, 2024 /PRNewswire/ -- The "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 has been added to ResearchAndMarkets.com's offering.

The global pet insurance market size is expected to reach USD 33.57 billion by 2030, registering a CAGR of 16.73% from 2024 to 2030

The key factor driving the industry growth includes increasing veterinary care costs as a result of advancements in medical technology and treatments. Thus, pet owners are seeking insurance to help cover these expenses.

According to the American Pet Products Association (APPA), the total pet spending in the U.S. alone was estimated to reach a record high of over $100 billion in 2023. This includes expenses, such as pet food, supplies, over-the-counter medications, veterinary care, and other services. The increasing trend in pet spending reflects the growing importance of pets in people's lives and the willingness of pet owners to invest in the well-being of their animals.

Furthermore, pet insurance providers are offering a wider range of coverage options, including customizable plans that cater to different needs and budgets, making insurance more accessible and attractive to pet owners. For instance, in August 2023, Nationwide launched its most cutting-edge pet protection product, empowering pet owners to tailor coverage in each category to suit their pet's requirements and financial constraints. The introduction of highly customizable pet insurance plans signifies a significant trend in the market.

This innovative approach recognizes the diverse needs of pet owners and their animals, providing a flexible and personalized solution. As pet insurance becomes more tailored and adaptable, it is likely to attract a broader audience, fostering increased adoption rates. This trend emphasizes the industry's commitment to meeting individualized customer needs and contributes to the overall growth and evolution of the market.

In addition, increased regulatory support and legislation advocating for pet welfare are expected to drive the demand for pet insurance, as owners seek to comply with legal requirements and provide the best possible care for their pets. For example, in some European countries, pet insurance is not mandatory, while in others, it may be required by law. The National Association of Insurance Commissioners (NAIC) has developed a Pet Insurance Model Act to create regulatory guidance for states regarding pet health insurance.

Moreover, some regulations, such as mandatory microchipping or pet travel requirements, have made certain forms of insurance a necessity. For example, the EU Pet Travel Scheme necessitates compliance with specific health and identification measures when traveling with pets. This has directly increased the demand for pet insurance to meet these regulatory obligations.

Pet Insurance Market Report Highlights

• The accident & illness coverage type segment dominated the market with a share of about 84.94% in 2023 and is anticipated to grow at the fastest CAGR of 16.95% from 2024 to 2030. Since pet accidents and illnesses are more common, posing a significant financial strain on pet owners, which results in a higher need for pet insurance
• The dogs segment attributed to the largest market share in 2023 in terms of animal type. The other animal type segment includes small mammals, horses, reptiles, & birds, and is projected to grow at the fastest CAGR from 2024 to 2030
• By sales channel, the direct sales segment held the highest share in 2023 and is estimated to grow at the fastest CAGR from 2024 to 2030
• Europe held the largest share of about 44.19% of the overall market in 2023. Asia Pacific is anticipated to grow at the fastest CAGR of about 6.63% from 2024 to 2030
• The rising number of pet adoptions globally is a major factor driving market growth. In addition, there is a growing awareness and concern among pet owners about their pets' health, leading to an increased demand for pet insurance

Company Profiles

• Trupanion, Inc.
• Deutsche Familienversicherung AG (DFV)
• Petplan (Allianz)
• Animal Friends Insurance Services Limited.
• Figo Pet Insurance, LLC
• Direct Line
• Nationwide Mutual Insurance Company
• Embrace Pet Insurance Agency, LLC
• Anicom Insurance
• ipet Insurance Co., Ltd.
• Pumpkin Insurance Services Inc.
• MetLife Services and Solutions, LLC.

Key Topics Covered:

Chapter 1. Pet Insurance Market : Methodology and Scope
1.1. Market Segmentation and Scope
1.2. Market Definitions
1.3. Research Methodology
1.4. Information Procurement
1.5. Market Formulation & Validation

Chapter 2. Pet Insurance Market : Executive Summary
2.1. Market Outlook
2.2. Segment Outlook
2.3. Competitive Insights

Chapter 3. Pet Insurance Market: Variables, Trends, and Scope
3.1. Market Lineage Outlook
3.1.1. Parent Market Outlook
3.1.2. Related/Ancillary Market Outlook
3.2. Market Dynamics
3.2.1. Market Drivers Analysis
3.2.1.1. Increasing pet population & expenditure
3.2.1.2. Increasing pet humanization
3.2.1.3. Rising pet care costs
3.2.1.4. Supportive Initiatives by government, public & private stakeholders
3.2.2. Market Restraints Analysis
3.2.2.1. Lack of awareness
3.2.2.2. High Cost of Insurance
3.2.3. Market Opportunity Analysis
3.2.4. Market Challenges Analysis
3.3. Pet Insurance Market Analysis Tools
3.3.1. Porter's Analysis
3.3.2. PESTEL Analysis
3.4. Covid-19 Analysis
3.5. Estimated Pet Population, by key countries

Chapter 4. Pet Insurance Market: Coverage Type Estimates & Trend Analysis
4.1. Segment Dashboard
4.2. Pet Insurance Market: Coverage Type Movement Analysis, 2023 & 2030 (USD Million)
4.3. Accident & Illness
4.4. Accident Only

Chapter 5. Pet Insurance Market: Animal Type Estimates & Trend Analysis
5.1. Segment Dashboard
5.2. Pet Insurance Market: Animal Type Movement Analysis, 2023 & 2030 (USD Million)
5.3. Dogs
5.4. Cats
5.5. Other Animals

Chapter 6. Pet Insurance Market: Sales Channel Estimates & Trend Analysis
6.1. Segment Dashboard
6.2. Pet Insurance Market: Sales Channel Movement Analysis, 2023 & 2030 (USD Million)
6.3. Agency
6.4. Broker
6.5. Direct
6.6. Bancassurance

Chapter 7. Pet Insurance Market: Regional Estimates & Trend Analysis
7.1. Pet Insurance Market Share, By Region, 2023 & 2030, USD Million

Chapter 8. Competitive Landscape
8.1. Market Participant Categorization
8.2. Company Market Position Analysis/ Heap Map Analysis
8.3. Estimated Company Market Share Analysis, 2023
8.4. Strategy Mapping
8.4.1. Mergers & Acquisitions
8.4.2. Partnerships & Collaborations
8.4.3. Others

For more information about this report visit https://www.researchandmarkets.com/r/2e4jmv

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