The pet insurance market is expected to increase at a compound annual growth rate (CAGR) of 17.97% from 2025 to 2035, from its estimated valuation of USD 18.32 billion in 2024 to USD 112.83 billion by that time. By enabling pet owners to base their healthcare decisions on the best available therapies rather than financial limitations, pet insurance provides protection while prolonging and improving the lives of their cherished animals.

One kind of specialty insurance plan that helps pet owners deal with the often-high costs of veterinary care for their animals is pet insurance. Like human health insurance, this policy requires recurring premium payments in exchange for reimbursement of approved veterinary expenses.

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GROWTH DRIVERS

The increasing tendency of pet humanization, which views animals as vital family members, has a significant impact on the need for pet insurance. Pet owners emphasize their pets' health and well-being as a result of this shift of viewpoint, often looking into the best medical care available, just as they do for their own medical needs. The number of pets worldwide is growing as a result of rising adoption rates in different nations.

Another significant aspect driving market expansion is the growing cost of veterinary care. The advances in veterinary medicine, including as advanced procedures like MRIs, cancer treatments, and intricate surgeries, are driving up the cost of veterinary care. The average cost of a routine veterinary visit, for instance, is estimated by Care Credit to be between $70 and $174 for dogs and between $53 and $124 for cats.

MARKET SEGMENTATION:

By Coverage Type -

·         Accident & Illness

·         Accident only

·         Chronic Conditions

·         Wellness

·         Others

By Animal –

·         Dogs

·         Cats

·         Exotic Pets

·         Others

By Sales Channel –

·         Agency

·         Broker

·         Direct

·         Bancassurance

·         Others

By Policy Type –

·         Lifetime/Comprehensive

·         Money-Limited Coverage

·         Time-Limited Coverage

·         Others

By Region -

·         North America

·         Europe

·         Asia Pacific

·         Latin America

·         Middle East & Africa

Key Players:

·         Trupanion, Inc.

·         Petplan (Allianz)

·         Jab Holding Company

·         Direct Line

·         Lassie

·         Getsafe GmbH

·         Waggel Limited

·         Feather Insurance

·         Napo Limited

·         Tesco

·         Sainsbury Bank Plc

·         EQT Group

·         Other Key & Niche Players

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