Pet insurance market to grow by USD 19,852.9 million from 2022 to 2027|Rising pet population to drive the market growth – Technavio

NEW YORK, July 28, 2023 /PRNewswire/ -- The pet insurance market size is estimated to grow by USD 19,852.9 million between 2022 and 2027 accelerating at a CAGR of 31.41% during the forecast period according to a recent market study by Technavio. North America is estimated to contribute 61% to the growth of the global market during the forecast period. North America offers the largest number of pet and animal insurance services in the world. There is a growing awareness among pet owners about the availability of different types of pet insurance services, such as accidents alone or accidents and illnesses, which is one of the major factors driving the market in this region. Also, increasing acceptance of such services by pet owners due to the convenience of pet insurance services also contributes to the growth of the region. For more insights on the historic period (2017 to 2021) and forecast market size (2023 to 2027) - Request a sample report

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Pet Insurance Market - Segmentation Assessment
Segment Overview
Technavio has segmented the market based by type (dogs, cats, and others) and geography (North America, Europe, APAC, South America, and Middle East and Africa).

• The dogs segment shows significant growth during the forecast period. In recent years, it has been observed a significant increase in adoptions of animals, especially dogs, as they are the favorite companions of humans. With the growing adoption rate, there is a corresponding rise in the number of insurance for dogs. The main reason for introducing pet insurance is the occurrence of various diseases in dogs and the high cost of treatment. Furthermore, a report published by the British Insurers Association in 2020 found that 4.8 million pets, including 2.8 million dogs, are insured in the UK. This is a sign of the widespread acceptance of pet insurance, as the cost of dog illness is so high. Hence, such factors are expected to drive the growth of the segment during the forecast period.

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

Pet Insurance Market – Market Dynamics
Key Driver - 

Pet humanization and the status associated with owning pets is a key factor driving the market growth. People with multiple pets invest in pet care services and insurance to reduce stress, increase activity and improve their social lives. In addition, owning a pet offers physical and mental health benefits such as lower blood pressure and increased physical activity.

Leading Trend - 

The increasing focus on offering high-end, premium services is a major trend in the market. Consumers treat their pets like family, so they see pet insurance as a luxury and are willing to pay more for it. The trend to humanize pets is also on the rise, especially among childless and single-parent populations. Hence, the growing preference for premium pet care services is expected to drive market growth during the forecast period.

Significant Challenge - 

Low adoption in developing countries is a significant challenge restricting market growth. Several countries have strict laws regarding pet safety and health. However, APAC countries such as India, Sri Lanka, China, Indonesia, and the Philippines do not have such stringent pet safety regulations. This is due to the lack of organizations and authorities to regulate these issues. Therefore, the above-mentioned factors are expected to restrain the market growth during the forecast period.

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 pet insurance market size and its contribution to the market in focus on the parent market
• Accurate predictions about upcoming trends and changes in consumer behavior
• Growth of the pet insurance market across North America, Europe, APAC, South America, and 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

• 1.1 Market overview
• Exhibit 01: Executive Summary – Chart on Market Overview
• Exhibit 02: Executive Summary – Data Table on Market Overview
• Exhibit 03: Executive Summary – Chart on Global Market Characteristics
• Exhibit 04: Executive Summary – Chart on Market by Geography
• Exhibit 05: Executive Summary – Chart on Market Segmentation by Type
• Exhibit 06: Executive Summary – Chart on Market Segmentation by Insurance Type
• Exhibit 07: Executive Summary – Chart on Incremental Growth
• Exhibit 08: Executive Summary – Data Table on Incremental Growth
• Exhibit 09: Executive Summary – Chart on Vendor Market Positioning

2 Market Landscape

• 2.1 Market ecosystem
• Exhibit 10: Parent market
• Exhibit 11: Market Characteristics

3 Market Sizing

• 3.1 Market definition
• Exhibit 12: Offerings of vendors included in the market definition

• 3.2 Market segment analysis 
• Exhibit 13: Market segments

• 3.3 Market size 2022

• 3.4 Market outlook: Forecast for 2022-2027 
• Exhibit 14: Chart on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 15: Data Table on Global - Market size and forecast 2022-2027 ($ million)
• Exhibit 16: Chart on Global Market: Year-over-year growth 2022-2027 (%)
• Exhibit 17: Data Table on Global Market: Year-over-year growth 2022-2027 (%)

4 Historic Market Size

• 4.1 Global pet insurance market 2017 - 2021 
• Exhibit 18: Historic Market Size – Data Table on Global pet insurance market 2017 - 2021 ($ million)

• 4.2 Type Segment Analysis 2017 - 2021 
• Exhibit 19: Historic Market Size – Type Segment 2017 - 2021 ($ million)

• 4.3 Insurance Type Segment Analysis 2017 - 2021 
• Exhibit 20: Historic Market Size – Insurance Type Segment 2017 - 2021 ($ million)

• 4.4 Geography Segment Analysis 2017 - 2021 
• Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 ($ million)

• 4.5 Country Segment Analysis 2017 - 2021 
• Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 ($ million)

5 Five Forces Analysis

• 5.1 Five forces summary
• Exhibit 23: Five forces analysis - Comparison between 2022 and 2027

• 5.2 Bargaining power of buyers 
• Exhibit 24: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027

• 5.3 Bargaining power of suppliers 
• Exhibit 25: Bargaining power of suppliers – Impact of key factors in 2022 and 2027

• 5.4 Threat of new entrants 
• Exhibit 26: Threat of new entrants – Impact of key factors in 2022 and 2027

• 5.5 Threat of substitutes 
• Exhibit 27: Threat of substitutes – Impact of key factors in 2022 and 2027

• 5.6 Threat of rivalry
• Exhibit 28: Threat of rivalry – Impact of key factors in 2022 and 2027

• 5.7 Market condition
• Exhibit 29: Chart on Market condition - Five forces 2022 and 2027

6 Market Segmentation by Type

• 6.1 Market segments
• Exhibit 30: Chart on Type - Market share 2022-2027 (%)
• Exhibit 31: Data Table on Type - Market share 2022-2027 (%)

• 6.2 Comparison by Type
• Exhibit 32: Chart on Comparison by Type
• Exhibit 33: Data Table on Comparison by Type

• 6.3 Dogs - Market size and forecast 2022-2027 
• Exhibit 34: Chart on Dogs - Market size and forecast 2022-2027 ($ million)
• Exhibit 35: Data Table on Dogs - Market size and forecast 2022-2027 ($ million)
• Exhibit 36: Chart on Dogs - Year-over-year growth 2022-2027 (%)
• Exhibit 37: Data Table on Dogs - Year-over-year growth 2022-2027 (%)

• 6.4 Cats - Market size and forecast 2022-2027 
• Exhibit 38: Chart on Cats - Market size and forecast 2022-2027 ($ million)
• Exhibit 39: Data Table on Cats - Market size and forecast 2022-2027 ($ million)
• Exhibit 40: Chart on Cats - Year-over-year growth 2022-2027 (%)
• Exhibit 41: Data Table on Cats - Year-over-year growth 2022-2027 (%)

• 6.5 Others - Market size and forecast 2022-2027 
• Exhibit 42: Chart on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 43: Data Table on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 44: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 45: Data Table on Others - Year-over-year growth 2022-2027 (%)

• 6.6 Market opportunity by Type 
• Exhibit 46: Market opportunity by Type ($ million)
• Exhibit 47: Data Table on Market opportunity by Type ($ million)

7 Market Segmentation by Insurance Type

• 7.1 Market segments
• Exhibit 48: Chart on Insurance Type - Market share 2022-2027 (%)
• Exhibit 49: Data Table on Insurance Type - Market share 2022-2027 (%)

• 7.2 Comparison by Insurance Type 
• Exhibit 50: Chart on Comparison by Insurance Type
• Exhibit 51: Data Table on Comparison by Insurance Type

• 7.3 Accidents and illness - Market size and forecast 2022-2027 
• Exhibit 52: Chart on Accidents and illness - Market size and forecast 2022-2027 ($ million)
• Exhibit 53: Data Table on Accidents and illness - Market size and forecast 2022-2027 ($ million)
• Exhibit 54: Chart on Accidents and illness - Year-over-year growth 2022-2027 (%)
• Exhibit 55: Data Table on Accidents and illness - Year-over-year growth 2022-2027 (%)

• 7.4 Accidents only - Market size and forecast 2022-2027 
• Exhibit 56: Chart on Accidents only - Market size and forecast 2022-2027 ($ million)
• Exhibit 57: Data Table on Accidents only - Market size and forecast 2022-2027 ($ million)
• Exhibit 58: Chart on Accidents only - Year-over-year growth 2022-2027 (%)
• Exhibit 59: Data Table on Accidents only - Year-over-year growth 2022-2027 (%)

• 7.5 Others - Market size and forecast 2022-2027 
• Exhibit 60: Chart on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 61: Data Table on Others - Market size and forecast 2022-2027 ($ million)
• Exhibit 62: Chart on Others - Year-over-year growth 2022-2027 (%)
• Exhibit 63: Data Table on Others - Year-over-year growth 2022-2027 (%)

• 7.6 Market opportunity by Insurance Type 
• Exhibit 64: Market opportunity by Insurance Type ($ million)
• Exhibit 65: Data Table on Market opportunity by Insurance Type ($ million)

8 Customer Landscape

• 8.1 Customer landscape overview 
• Exhibit 66: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria

9 Geographic Landscape

• 9.1 Geographic segmentation 
• Exhibit 67: Chart on Market share by geography 2022-2027 (%)
• Exhibit 68: Data Table on Market share by geography 2022-2027 (%)

• 9.2 Geographic comparison 
• Exhibit 69: Chart on Geographic comparison
• Exhibit 70: Data Table on Geographic comparison

• 9.3 North America - Market size and forecast 2022-2027 
• Exhibit 71: Chart on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 72: Data Table on North America - Market size and forecast 2022-2027 ($ million)
• Exhibit 73: Chart on North America - Year-over-year growth 2022-2027 (%)
• Exhibit 74: Data Table on North America - Year-over-year growth 2022-2027 (%)

• 9.4 Europe - Market size and forecast 2022-2027 
• Exhibit 75: Chart on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 76: Data Table on Europe - Market size and forecast 2022-2027 ($ million)
• Exhibit 77: Chart on Europe - Year-over-year growth 2022-2027 (%)
• Exhibit 78: Data Table on Europe - Year-over-year growth 2022-2027 (%)

• 9.5 APAC - Market size and forecast 2022-2027 
• Exhibit 79: Chart on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 80: Data Table on APAC - Market size and forecast 2022-2027 ($ million)
• Exhibit 81: Chart on APAC - Year-over-year growth 2022-2027 (%)
• Exhibit 82: Data Table on APAC - Year-over-year growth 2022-2027 (%)

• 9.6 South America - Market size and forecast 2022-2027 
• Exhibit 83: Chart on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 84: Data Table on South America - Market size and forecast 2022-2027 ($ million)
• Exhibit 85: Chart on South America - Year-over-year growth 2022-2027 (%)
• Exhibit 86: Data Table on South America - Year-over-year growth 2022-2027 (%)

• 9.7 Middle East and Africa - Market size and forecast 2022-2027 
• Exhibit 87: Chart on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 88: Data Table on Middle East and Africa - Market size and forecast 2022-2027 ($ million)
• Exhibit 89: Chart on Middle East and Africa - Year-over-year growth 2022-2027 (%)
• Exhibit 90: Data Table on Middle East and Africa - Year-over-year growth 2022-2027 (%)

• 9.8 US - Market size and forecast 2022-2027 
• Exhibit 91: Chart on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 92: Data Table on US - Market size and forecast 2022-2027 ($ million)
• Exhibit 93: Chart on US - Year-over-year growth 2022-2027 (%)
• Exhibit 94: Data Table on US - Year-over-year growth 2022-2027 (%)

• 9.9 China - Market size and forecast 2022-2027 
• Exhibit 95: Chart on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 96: Data Table on China - Market size and forecast 2022-2027 ($ million)
• Exhibit 97: Chart on China - Year-over-year growth 2022-2027 (%)
• Exhibit 98: Data Table on China - Year-over-year growth 2022-2027 (%)

• 9.10 UK - Market size and forecast 2022-2027 
• Exhibit 99: Chart on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 100: Data Table on UK - Market size and forecast 2022-2027 ($ million)
• Exhibit 101: Chart on UK - Year-over-year growth 2022-2027 (%)
• Exhibit 102: Data Table on UK - Year-over-year growth 2022-2027 (%)

• 9.11 France - Market size and forecast 2022-2027 
• Exhibit 103: Chart on France - Market size and forecast 2022-2027 ($ million)
• Exhibit 104: Data Table on France - Market size and forecast 2022-2027 ($ million)
• Exhibit 105: Chart on France - Year-over-year growth 2022-2027 (%)
• Exhibit 106: Data Table on France - Year-over-year growth 2022-2027 (%)

• 9.12 Germany - Market size and forecast 2022-2027 
• Exhibit 107: Chart on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 108: Data Table on Germany - Market size and forecast 2022-2027 ($ million)
• Exhibit 109: Chart on Germany - Year-over-year growth 2022-2027 (%)
• Exhibit 110: Data Table on Germany - Year-over-year growth 2022-2027 (%)

• 9.13 Market opportunity by geography 
• Exhibit 111: Market opportunity by geography ($ million)
• Exhibit 112: Data Tables on Market opportunity by geography ($ million)

10 Drivers, Challenges, and Trends

• 10.1 Market drivers

• 10.2 Market challenges

• 10.3 Impact of drivers and challenges 
• Exhibit 113: Impact of drivers and challenges in 2022 and 2027

• 10.4 Market trends

11 Vendor Landscape

• 11.1 Overview

• 11.2 Vendor landscape
• Exhibit 114: Overview on Criticality of inputs and Factors of differentiation

• 11.3 Landscape disruption
• Exhibit 115: Overview on factors of disruption

• 11.4 Industry risks
• Exhibit 116: Impact of key risks on business

12 Vendor Analysis

• 12.1 Vendors covered
• Exhibit 117: Vendors covered

• 12.2 Market positioning of vendors 
• Exhibit 118: Matrix on vendor position and classification

• 12.3 Agria Pet Insurance Ltd. 
• Exhibit 119: Agria Pet Insurance Ltd. - Overview
• Exhibit 120: Agria Pet Insurance Ltd. - Product / Service
• Exhibit 121: Agria Pet Insurance Ltd. - Key offerings

• 12.4 Anicom Holdings Inc.
• Exhibit 122: Anicom Holdings Inc. - Overview
• Exhibit 123: Anicom Holdings Inc. - Product / Service
• Exhibit 124: Anicom Holdings Inc. - Key offerings

• 12.5 Dotsure Ltd.
• Exhibit 125: Dotsure Ltd. - Overview
• Exhibit 126: Dotsure Ltd. - Product / Service
• Exhibit 127: Dotsure Ltd. - Key offerings

• 12.6 Hollard Insurance Group 
• Exhibit 128: Hollard Insurance Group - Overview
• Exhibit 129: Hollard Insurance Group - Product / Service
• Exhibit 130: Hollard Insurance Group - Key offerings

• 12.7 Independence Pet Group 
• Exhibit 131: Independence Pet Group - Overview
• Exhibit 132: Independence Pet Group - Product / Service
• Exhibit 133: Independence Pet Group - Key offerings

• 12.8 Intact Financial Corp. 
• Exhibit 134: Intact Financial Corp. - Overview
• Exhibit 135: Intact Financial Corp. - Product / Service
• Exhibit 136: Intact Financial Corp. - Key offerings

• 12.9 JAB Holding Co. Sarl
• Exhibit 137: JAB Holding Co. Sarl - Overview
• Exhibit 138: JAB Holding Co. Sarl - Product / Service
• Exhibit 139: JAB Holding Co. Sarl - Key news
• Exhibit 140: JAB Holding Co. Sarl - Key offerings

• 12.10 Metlife Inc.
• Exhibit 141: Metlife Inc. - Overview
• Exhibit 142: Metlife Inc. - Business segments
• Exhibit 143: Metlife Inc. - Key offerings
• Exhibit 144: Metlife Inc. - Segment focus

• 12.11 NSM Insurance Group
• Exhibit 145: NSM Insurance Group - Overview
• Exhibit 146: NSM Insurance Group - Product / Service
• Exhibit 147: NSM Insurance Group - Key offerings

• 12.12 Oneplan
• Exhibit 148: Oneplan - Overview
• Exhibit 149: Oneplan - Product / Service
• Exhibit 150: Oneplan - Key offerings

• 12.13 Petofy
• Exhibit 151: Petofy - Overview
• Exhibit 152: Petofy - Product / Service
• Exhibit 153: Petofy - Key offerings

• 12.14 Petplan Iberica S.L.
• Exhibit 154: Petplan Iberica S.L. - Overview
• Exhibit 155: Petplan Iberica S.L. - Product / Service
• Exhibit 156: Petplan Iberica S.L. - Key offerings

• 12.15 Porto Seguro Companhia de Seguros Gerais 
• Exhibit 157: Porto Seguro Companhia de Seguros Gerais - Overview
• Exhibit 158: Porto Seguro Companhia de Seguros Gerais - Product / Service
• Exhibit 159: Porto Seguro Companhia de Seguros Gerais - Key offerings

• 12.16 The Oriental Insurance Company Ltd. 
• Exhibit 160: The Oriental Insurance Company Ltd. - Overview
• Exhibit 161: The Oriental Insurance Company Ltd. - Product / Service
• Exhibit 162: The Oriental Insurance Company Ltd. - Key offerings

• 12.17 Trupanion Inc.
• Exhibit 163: Trupanion Inc. - Overview
• Exhibit 164: Trupanion Inc. - Business segments
• Exhibit 165: Trupanion Inc. - Key offerings
• Exhibit 166: Trupanion Inc. - Segment focus

13 Appendix

• 13.1 Scope of the report

• 13.2 Inclusions and exclusions checklist 
• Exhibit 167: Inclusions checklist
• Exhibit 168: Exclusions checklist

• 13.3 Currency conversion rates for US$ 
• Exhibit 169: Currency conversion rates for US$

• 13.4 Research methodology
• Exhibit 170: Research methodology
• Exhibit 171: Validation techniques employed for market sizing
• Exhibit 172: Information sources

• 13.5 List of abbreviations 
• Exhibit 173: List of abbreviations

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