Pet Insurance Market Global Growth Opportunities, Industry Trends, and Forecast 2032
- sachi toshniwal
- Sep 1
- 4 min read
The pet insurance market offers policies aimed at covering veterinary costs for pets, most commonly dogs and cats, with coverage typically including accidents, illnesses, and sometimes routine preventive care. The market is growing steadily as pet ownership rises and veterinary expenses become more significant. This growth is further fueled by the trend of pet humanization, where pets are increasingly treated as family members deserving of quality healthcare. In mature markets such as North America and Europe, pet insurance has gained traction due to higher awareness, availability of various policy options, and competitive provider ecosystems. Asia-Pacific, particularly dynamic markets like India, is emerging rapidly with increased uptake driven by shifting consumer attitudes and expanding insurance infrastructure. Insurers are differentiating offerings through coverage bonuses, wellness packages, and user-friendly digital platforms for enrollment and claims, making pet insurance more accessible and appealing to modern pet owners.
According to Fortune Business Insights, the global pet insurance market size stood at USD 6.05 billion in 2018 and is projected to reach USD 18.11 billion by 2032, exhibiting a CAGR of 8.1% during the forecast period. North America dominated the pet insurance market with a market share of 23.47% in 2018.
Top Companies In The Market
Trupanion
Nationwide Mutual Insurance Company
ASPCA
Healthy Paws Pet Insurance, LLC.
Embrace Pet Insurance Agency, LLC
Figo Pet Insurance LLC.
Anicom Holdings
Agria Pet Insurance Ltd
24PetWatch
Pets Best Insurance Services, LLC.
Key Industry Development
In June 2021, Trupanion announced a strategic initiative to bolster its international presence by recruiting Wheeler from Agria Pet Insurance Ltd. This notable hire is poised to advance Trupanion’s global expansion, particularly targeting markets in Japan, the U.K., Brazil, and Western Europe. This move reflects the intensifying global aspirations of key market players in the pet insurance sector.
Market Drivers & Restraints
Key Drivers:
Rising Pet Adoption: Pet ownership continues to surge globally—e.g., the U.S. had approximately 78 million dogs and 85 million cats in 2018.
Escalating Veterinary Costs: High costs associated with surgeries and treatments (e.g., surgical visits averaging USD 621) motivate owners to seek insurance solutions.
Increasing Competition & Innovation: New entrants and existing players are introducing novel insurance schemes, including multi-pet policies and age-agnostic coverage, boosting market allure.
Regulatory and Government Support: European regulatory support and Sweden’s historical role (began in 1924) highlight the region’s high pet insurance penetration.
Awareness in Developing Economies: Growing awareness of pet insurance benefits in emerging markets fuels adoption.
Market Report Coverage
Fortune’s report provides a comprehensive analysis, encompassing:
Market size and forecast data (USD billion), period 2019–2032.
Segmentation by policy coverage (Accident & Illness, Accident Only, Others), animal type (Dog, Cat, Others), and provider type (Public vs. Private).
Geographic segmentation: North America; Europe (UK, Germany, France, Italy, Spain, Sweden, Rest of Europe); Asia Pacific (Japan, China, India, Australia, Southeast Asia, Rest of APAC); Latin America (Brazil, Mexico, Rest of LATAM); Middle East & Africa (South Africa, GCC, Rest of MEA).
Key insights into competitive landscape, industry trends, and strategic developments (such as mergers, acquisitions, and collaborations).
Market Competitive Landscape
Fortune highlights leading players, including Nationwide Mutual Insurance Company and Anicom Holdings. The landscape comprises firms offering Accident & Illness policies (the dominant segment), accident-only schemes, and diversified service offerings.
Market Segments
The market segmentation defined in the report includes:
By Policy Coverage Type: Accident & Illness (comprehensive plans covering surgeries, diagnostics, hospitalization, medications), Accident Only, and Others. Accident & Illness remains the leading, most widely adopted policy.
By Animal Type: Dogs (leading segment), Cats (with growing adoption), Others.
By Provider Type: Public vs. Private insurers.
Explore the full research report with detailed insights and TOC:https://www.fortunebusinessinsights.com/industry-reports/pet-insurance-market-101956
Market Regional Insights
Regionally:
North America: Held ~23.47% of market share in 2018; dominance rooted in high pet ownership and matured insurance infrastructure.
Europe: Generated highest revenue in 2018 and is expected to maintain leadership through 2032, supported by historical adoption and regulatory frameworks.
Asia Pacific (APAC): Poised for fastest growth due to rising health consciousness, growing discretionary income, and expanding insurance coverage.
Future Market Scope
Looking ahead, the pet insurance industry presents strong expansion opportunities: increasing pet populations, especially in emerging economies; evolving policy innovations (digital-first platforms, multi-pet plans); and heightened consumer demand for financial protection against veterinary costs. By 2032, the market is projected to triple in size from 2018 levels.
In conclusion, the pet insurance market is expected to witness strong growth as rising pet ownership, increasing awareness of veterinary care costs, and the trend of pet humanization drive demand for coverage solutions. With innovations in policy structures, digital platforms, and expanding global reach, insurers are well-positioned to capture new opportunities. As more pet owners recognize the value of financial protection for their pets’ health, the market will continue to evolve into an essential segment of the broader insurance industry.
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