Pet insurance market size to grow at a CAGR of 31.41% between 2022 and 2027, Growth was driven by rising concerns over the well-being of pets - Technavio

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Oct 27, 2023, 23:00 ET

NEW YORK, Oct. 27, 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. 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. 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.

Geography Overview
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.

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 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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Pet Insurance Market Scope
Report Coverage	Details
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 31.41%
Market growth 2023-2027	USD 19,852.9 million
Market structure	Fragmented
YoY growth 2022-2023 (%)	29.94
Regional analysis	North America, Europe, APAC, South America, and Middle East and Africa
Performing market contribution	North America at 61%
Key countries	US, China, UK, France, Germany, Canada, Mexico, Italy, Spain, India, Japan, Australia, and South Korea
Competitive landscape	Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled	Agria Pet Insurance Ltd., Allianz SE, Anicom Holdings Inc., Dotsure Ltd., Embrace Pet Insurance Agency LLC, Healthy Paws Pet Insurance LLC, Hollard Insurance Group, Independence Pet Group, Intact Financial Corp., JAB Holding Co. Sarl, Metlife Inc., Nationwide Mutual Insurance Co., NSM Insurance Group, Oneplan, Petofy, Petplan Iberica S.L., Porto Seguro Companhia de Seguros Gerais, The Oriental Insurance Company Ltd., The Progressive Corp., and Trupanion Inc.
Market dynamics	Parent market analysis, market growth inducers and obstacles, fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and market condition analysis for the forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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 of 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 (USD million)
Exhibit 15: Data Table on Global - Market Size and Forecast 2022-2027 (USD 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 (USD million)

4.2 Type Segment Analysis 2017 - 2021

Exhibit 19: Historic Market Size – Type Segment 2017 - 2021 (USD million)

4.3 Insurance Type Segment Analysis 2017 - 2021

Exhibit 20: Historic Market Size – Insurance Type Segment 2017 - 2021 (USD million)

4.4 Geography Segment Analysis 2017 - 2021

Exhibit 21: Historic Market Size – Geography Segment 2017 - 2021 (USD million)

4.5 Country Segment Analysis 2017 - 2021

Exhibit 22: Historic Market Size – Country Segment 2017 - 2021 (USD 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 (USD million)
Exhibit 35: Data Table on Dogs - Market Size and Forecast 2022-2027 (USD 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 (USD million)
Exhibit 39: Data Table on Cats - Market Size and Forecast 2022-2027 (USD 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 (USD million)
Exhibit 43: Data Table on Others - Market Size and Forecast 2022-2027 (USD 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 (USD million)
Exhibit 47: Data Table on the Market Opportunity by Type (USD 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 (USD million)
Exhibit 53: Data Table on Accidents and Illness - Market Size and Forecast 2022-2027 (USD 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 (USD million)
Exhibit 57: Data Table on Accidents only - Market size and forecast 2022-2027 (USD 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 (USD million)
Exhibit 61: Data Table on Others - Market Size and Forecast 2022-2027 (USD 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 (USD million)
Exhibit 65: Data Table on the Market Opportunity by Insurance Type (USD 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 (USD million)
Exhibit 72: Data Table on North America - Market Size and Forecast 2022-2027 (USD 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 (USD million)
Exhibit 76: Data Table on Europe - Market Size and Forecast 2022-2027 (USD 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 (USD million)
Exhibit 80: Data Table on APAC - Market size and forecast 2022-2027 (USD 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 (USD million)
Exhibit 84: Data Table on South America - Market Size and Forecast 2022-2027 (USD 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 (USD million)
Exhibit 88: Data Table on Middle East and Africa - Market size and forecast 2022-2027 (USD 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 (USD million)
Exhibit 92: Data Table on US - Market size and forecast 2022-2027 (USD 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 (USD million)
Exhibit 96: Data Table on China - Market Size and Forecast 2022-2027 (USD 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 (USD million)
Exhibit 100: Data Table on UK - Market size and forecast 2022-2027 (USD 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 (USD million)
Exhibit 104: Data Table on France - Market size and forecast 2022-2027 (USD 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 (USD million)
Exhibit 108: Data Table on Germany - Market Size and Forecast 2022-2027 (USD 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 (USD million)
Exhibit 112: Data Tables on Market Opportunity by Geography (USD 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 of Criticality of Inputs and Factors of Differentiation

11.3 Landscape disruption

Exhibit 115: Overview of 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 USUSD

Exhibit 169: Currency conversion rates for USUSD

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

About US
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

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SOURCE Technavio