Pet Insurance Market Size, Share, Growth Analysis, By Coverage Type(Only Accidents, Accidents & Illness, Others), By Animal Type(Dogs, cats and others), By Sales Channel(Public insurance provider, and private insurance provider), By Region(North America, Europe, Asia-Pacific, Latin America), By Region - Industry Forecast 2024-2031

Pet Insurance Market Drivers

Increasing the health of the pet

• The market is expected to grow during the forecast period as a result of factors such as an increase in the number of companion animals, increasing health benefits of pet ownership, growing demand for creative pet insurance, and the rising cost of veterinary care. On the other hand, a low penetration rate will drive the market during the forecast period. 

Increase in pet adoption

• The market is mainly driven by increasing pet adoption and the incidence of diseases related to cats and dogs in various parts of the world. Additionally, the market is expanding due to an increase in the number of companion animals and increasing consumer awareness about pet insurance. Pet owners are also more readily accepting pet health insurance as healthcare costs continue to rise, fueling the market.

Pet adoption is becoming more popular among consumers

• Growing global consumer preference for pet adoption and humanization is the major driver for market expansion. The market is expanding as pet owners become savvier about insurance plans that pay for the treatment of illnesses and accidents such as urinary tract infections (UTIs), burns, broken bones, and X-rays. Additionally, the increasing rate of cancer in dogs affects the need for pet insurance.

Pet Insurance Market Restraints

Insufficient knowledge on pet insurance policies

• Lack of knowledge regarding pet insurance plans and services in developing nations may limit the market expansion. Per capita, disposable income of emerging countries is relatively low compared to industrialized nations. Lack of knowledge about several infectious and zoonotic diseases is another problem hampering the market growth.