In 2023 market for pet insurance is generally valued at $10.1 billion, as reported by Allied Market Research which predicts a strong development of the sector in the next ten years with a compound annual growth rate (CAGR) of 14.5% for a value that will reach 38.3 billion dollars in 2033.
The increase in the number of pet owners and their willingness to invest in pet health care is driving the demand for pet care. Other factors that contribute to the growth of the market are the humanization of pets and the strong emotional bond between owners and their animals.
Also, the high cost of veterinary care, including treatment for chronic diseases and acute diseases, makes the insurance attractive, especially the accident and disease policy that covers many cases and conditions. New opportunities are expected from advances in pet health care technology, such as telemedicine and wearable devices, which will create new opportunities for insurers.
The emergency segment has the highest market share in 2023 of the market, accounting for nearly four-fifths of the company’s global revenue, and is expected to maintain this level in the year the upcoming ones.
The dog segment dominates the market in 2023, accounting for nearly four-fifths of global revenue. This ability is attributed to the high adoption rate of dogs, their role in protection, and the high cost of keeping them.
The “other” segment, however, is expected to achieve the highest CAGR of 19.3% from 2024 to 2033, as rising hospital costs make pet insurance more attractive than the general population. burden of pet owners.
Looking at distribution, the company’s channel has the highest market share in 2023, accounting for more than two-thirds of the world’s insurance revenue. This is due to the growing number of pet owners in North America and Europe and the increasing awareness of the health and well-being of pets.
Europe led the market in 2023, accounting for approximately two-fifths of pet insurance premiums, primarily due to high pet adoption rates in the United Kingdom, Italy, France, Russia and Germany as well as Different types of insurance are available.
Asia-Pacific is expected to register the highest CAGR of 18.6% from 2024 to 2033. Professionally, India’s pet population is growing by 12% annually, with dogs accounting for 85% of the total.