Pet insurance market size to grow at a CAGR of 31.41% between 2022 and 2027 | North America will account for 61% of the market growth- Technavio

NEW YORK, Nov. 2, 2023 /PRNewswire/ -- According to Technavio, the global pet insurance market size is estimated to grow by USD 19,852.9 million between 2022 and 2027. The market is estimated to grow at a CAGR of 31.41% during the forecast period. By geography, the global pet insurance market is segmented into North America, Europe, APAC, South America, and the Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global pet insurance market. North America will account for 61% of the market growth during the forecast period. The region has the largest number of pets as well as the number of pet insurance services globally. High affordability limits and the availability of experienced service providers who offer security and safety to pets are the factors that drive the market in the region to a great extent. In addition, the higher spending capability and increasing disposable income of consumers are also fueling the growth of the regional market. For more insights on the historic information (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report

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Global Pet Insurance Market - Segmentation Assessment
Segment Overview
Technavio has segmented the market based on type (dogs, cats, and others), and insurance type (accidents and illness, accidents only, and others).

• The growth of the market in the dog segment will be significant during the forecast period. Dogs are the most preferred pet animals. Thus, with the increasing adoption of pet dogs, there is a corresponding rise in the demand for insurance for dogs. Also, the high cost of treatments and the increasing prevalence of various diseases among dogs are driving the growth of the segment.

Insights on the market contribution of various segments including country and region wise, historic (2017 to 2021), and forecast market size (2023 to 2027) - Download a Sample Report

Global Pet Insurance Market – Market Dynamics

Key Driver

The growth of the market is driven by rising concerns over the well-being of pets. Pet owners are becoming more conscious of the well-being of their pets. The prevalence of common illnesses such as canine parvovirus, distemper, and heartworms has increased the demand as well as the cost of pet care services. Hence, pet owners are opting for insurance coverage to bear all the annual or monthly expenses of their pets. Also, the rising instances of dog thefts and accidents related to pets have increased the demand for pet insurance. All these factors are driving the growth of the market.

Key trend influencing growth.

• Growing inclination toward premiumization in pet care services is the key trend in the market.
• The increasing number of dual-income households has improved the lifestyles of people.
• Pet owners are willing to spend a good amount of money as they consider their pets as a part of their family and to provide the best services for their pets.
• This is encouraging vendors to provide niche services that cover the expenses of illnesses, accidents, and other pet care services.
• The rising consumer demand for premium pet care services will positively influence the growth of the market.

Major challenges hindering the market growth

• The low adoption of pet insurance in developing countries is a major challenge in the market.
• Many developing countries, including India, Sri Lanka, China, Indonesia, and the Philippines, do not have stricter regulations to provide safety for pet animals.
• The governments in these countries focus more on the safety of endangered species and give less attention to regulations that promote the well-being of pets.
• This discourages pet owners from adopting pet insurance, which is reducing the growth potential in the market.

Insights on Market Drivers, trends, & Challenges, historic period (2017 to 2021), and forecast period (2023 to 2027) - Request a sample report!

What are the key data covered in this pet insurance market report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the growth of the pet insurance market between 2023 and 2027
• Precise estimation of the size of the pet insurance market and its contribution to the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the pet insurance market industry across North America, Europe, APAC, South America, and the Middle East and Africa
• A thorough analysis of the market's competitive landscape and detailed information about vendors
• Comprehensive analysis of factors that will challenge the growth of pet insurance market vendors

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Table of contents:

1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Type
7 Market Segmentation by Insurance Type
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Company Landscape
12 Company Analysis
13 Appendix

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SOURCE Technavio