April 22, 2024
Pet Insurance Market

Pet Insurance Market Is Increasingly Keeping Pace With Pet Care Trends

The pet insurance market provides coverage for unforeseen veterinary care costs and offers financial protection to pet owners and caregivers. Pet insurance helps cover veterinary services such as surgical procedures, prescriptions, hospitalization and more. Global pet ownership has surged in recent years as more households view pets as valued family members rather than mere animals. As pet care and health become increasingly important, pet insurance offers peace of mind against unexpected medical bills and ensures pets receive necessary treatment without financial burden on their owners.

The Global Pet Insurance Market is estimated to be valued at US$ 11.05 Mn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period from 2024 to 2030. Key players operating in the Pet Insurance market are Medibank Private Limited, Petplan, Oneplan Insurance, Dotsure.co.za (Hollard), Healthy Paws Pet Insurance LLC, Figo Pet Insurance LLC, Embrace Pet Insurance Agency LLC, Anicom Holdings Inc., Oriental Insurance Company Ltd., MetLife Services and Solutions LLC (PetFirst Healthcare LLC), and Crum & Forster Pet Insurance Group (Hartville Pet Insurance Group), among others.

Key Takeaways

Medibank Private Limited, Petplan, Oneplan Insurance, and Dotsure.co.za (Hollard) are leading pet insurance providers with large customer bases globally. These companies offer a range of plans at competitive pricing and invest in digital platforms for seamless claim processes.

Growing demand
Rising pet adoption and higher spending on pet care are fueling demand for pet insurance. As more pet owners provide specialized veterinary care and consider pets as valued companions, financial protection is growing in priority.

Global expansion
Leading pet insurers are expanding globally through partnerships to tap opportunities in emerging markets witnessing increases in pet ownership and healthcare spends. Regional players are also entering through online channels to gain customers.

Market key trends
Customized offerings as per pet breed and lifestyle are a growing trend among insurers. Companies provide additional coverage options for specific health risks faced by dogs. Technology integration with AI for faster claim processing and wellness programs rewarding preventive care through apparels are performance differentiators driving policy sales.

Porter’s Analysis
Threat of new entrants: Low barriers to entry due to limited regulations in pet insurance industry.

Bargaining power of buyers: High bargaining power of buyers due to availability of many insurers offering pet insurance policies with different coverage and premiums.

Bargaining power of suppliers: Limited bargaining power of suppliers as insurers can switch between veterinary clinics and other service providers easily.

Threat of new substitutes: Low threat as there are limited substitutes available for pet insurance and it provides financial protection for pet owners.

Competitive rivalry: High competitive rivalry among major insurers such as Medibank Private Limited, Petplan, Oneplan Insurance, and Healthy Paws Pet Insurance LLC to acquire more customers.

Geographical Regions:
North America region dominated the global Pet Insurance Market Demand in terms of value in 2024. United States held largest share in the North America pet insurance market owing to high pet ownership and increasing awareness about pet insurance in the country. Growing number of pet owners and their expenditure on pet care is expected to drive the demand for pet insurance in the United States during the forecast period.

Asia Pacific region is projected to be the fastest growing region for the global pet insurance market between 2024 and 2030. Increasing pet adoption and rising pet care expenditure are the key factors that will fuel the demand for pet insurance policies in Asia Pacific region, especially in China and India. Rapid urbanization and economic growth are also contributing significantly to the growth of pet insurance market in Asia Pacific region.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it