Global Pet Insurance Market Growth Analysis Report 2025-2034

Key Trends in the Market

Pet insurance is a type of insurance that pet owners can get to assist in reducing the on-the-spot high costs of pet medical expenses. Most of the time, pet insurance pays for the care of a sick or injured animal belonging to an insured owner. Additionally, it may also be paid out if the animal is stolen, lost, or dies. Dogs, cats, and horses are the most common species of animals covered by pet insurance policies, while other exotic species may also be covered depending upon the provider and region.

• The major factors propelling the pet insurance market are the rising number of pet adoptions and the growing awareness of pet insurance. The acceptability of companion animals like dogs and cats has substantially increased in recent years. The most common pets are cats and dogs, which are also recognised to improve people's physical and mental health. This is aiding the market growth.

• There is also expansion of veterinary hospitals worldwide, which will likely increase the need for pet insurance. In addition to requiring expert veterinarians, experienced technicians, and specially created diagnostic equipment, veterinary services are frequently capital intensive. Due to the potential increase in treatment costs for pet owners, there may be a greater demand for pet insurance plans.

• One of the main factors driving the pet insurance market revenue growth is the rise in the number of people adopting pets due to the need for companionship and the increased prevalence of stress and depression. Additionally, the number of animals in rescue facilities is predicted to increase, as is the trend of adopting rescued animals, which is anticipated to fuel market expansion throughout the forecast period.

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Purchase the Regional Overview for USD 1099

If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.

Purchase the Regional Overview for USD 1099

If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.

Purchase the Regional Overview for USD 1099

If you choose to purchase the full report at a later stage, the amount already paid will be adjusted, and you will only need to pay the remaining balance.

Global Pet Insurance Market Segmentation

Market Share by Policy Coverage

The accident and illness segment is estimated to witness the fastest growth in the pet insurance market. High veterinarian care and diagnostic costs, an increasing number of companion animals, and growing knowledge of pet insurance are driving the growth of this segment. Pet insurance providers most frequently offer accident and illness coverage. This includes coverage for a range of disorders, including acute and chronic illnesses, drugs, diagnostic procedures, and more, in addition to accidents. 

Further, it is anticipated that rising zoonotic illnesses and high veterinary expenses for diagnosis and treatment will increase the market size for accident and illness pet insurance. The high risk of accidents, particularly in larger homes or areas where pets have greater access to outdoor spaces, is encouraging pet owners to invest in accident and illness pet insurance. 

Market Share by Region

North America is anticipated to account for the largest share in the market for pet insurance in the forecast period. The prevalence of pet illnesses and accidents, rising pet healthcare costs, and increasing adoption rates for pets are the main drivers anticipated to propel the market growth in the region. 

The number of pets in North America has significantly expanded in recent years. The region's pet insurance market is anticipated to develop in terms of revenue due to reasons including rising availability of acceptable coverage schemes, high veterinary costs, and an increase in the number of agencies and businesses selling pet insurance plans.

European countries with significant pet dog populations such as the United Kingdom, Poland, and France, as well as others, will encourage more pet owners to select various policy coverage options. As a result, it is predicted that counties with a high proportion of dogs compared to other companion animals will offer a lucrative potential for the expansion of the pet insurance market.

Competitive Landscape

Other market players include Pets Best Insurance Services, LLC, Trupanion, Inc., and MetLife Services and Solutions, LLC, among others.