Pet Insurance Market Size to Reach US$ 14.2 Billion, Globally, by 2028 at 12.1% CAGR

Pet Insurance Market Research and Forecast Report 2023-2028

The global pet insurance market size reach US$ 14.2 Billion by 2028, exhibiting a growth rate (CAGR) of 12.1% during 2023-2028.

NY 11249, BROOKLYN, UNITED STATES, July 12, 2023/EINPresswire.com/ -- IMARC Group, a leading market research company, has recently releases report titled, “Pet Insurance Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“ The study provides a detailed analysis of the industry, including the global pet insurance market share, size, trends, and growth forecasts. The report also includes competitor and regional analysis and highlights the latest advancements in the market.

Report Highlights:

How big is the pet insurance market?

The global pet insurance market size reached US$ 7.1 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 14.2 Billion by 2028, exhibiting a growth rate (CAGR) of 12.1% during 2023-2028.

What is pet insurance?

Pet insurance represents healthcare policies that are customized for pet owners to cover the expenses of veterinary clinic bills. They are broadly classified into illness policies, accident policies, and chronic disease policies. These pet insurance plans provide after-death compensation, coverage for damages or injuries to third parties, and pet care for various hereditary conditions, behavioral problems, dental care, etc. They even incorporate the expenses of spaying or neutering, that is essential for maintaining the proper health of pets and decreasing the occurrence of behavioral problems. Pet insurance solutions allow pet parents to avoid unexpected critical situations and save big-ticket expenses. Consequently, they are in extensive demand across the globe.

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What are the growth prospects and trends in the pet insurance industry?

The emerging trend of pet humanization of pets and the elevating awareness about the importance of proper health maintenance of pets are primarily driving the pet insurance market. Additionally, the inflating costs of animal healthcare and the increasing advancements in animal treatment procedures are also positively influencing the global market. Besides this, the rising number of non-government organizations (NGOs) rescuing injured animals or pets that are victims of cruelty and abuse to offer shelter, meals, and healthcare facilities to them is acting as another significant growth-inducing factor. Moreover, the escalating availability of virtual programs for the development and training of several pets, such as cats, dogs, birds, etc., is further catalyzing the market growth. Apart from this, the introduction of specialized insurance policies by leading market players to include more benefits at affordable premium fees and cover expenses of material and physical damages caused by pets and the launch of multi-pet insurance policies to diversify and facilitate coverage for multiple pets in a single plan are expected to bolster the pet insurance market in the coming years.

What is included in market segmentation?

The report has segmented the market into the following categories:

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

Who are the key players operating in the industry?

The report covers the major market players including:

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.

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