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(MoneyNewsWire.Net, March 22, 2025 ) Global Pet Insurance Market Size is valued at USD 13.3 Billion in 2024 and is predicted to reach USD 64.6 Billion by the year 2034 at a 17.2% CAGR during the forecast period for 2025-2034.
Global Pet Insurance Market 2025-2034 full Research Repot latest version is now available.
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Latest Drivers Restraint and Opportunities Market Snapshot:
Key factors influencing the global pet insurance market are:
Increasing popularity of adopting pets
Growing Expenditure on Pets Drives
Innovations in technology
The following are the primary obstacles to pet insurance market's expansion:
Competition and Market Splitting
High Costs
Lacking Knowledge and Attention
Future expansion opportunities for the global pet insurance market include:
Rising Number of People Owning Pets
Increasing the Bond Between People and Animals
Increasing disposable income
Key Industry Insights & Findings from the report:
The need for pet insurance has increased as a result of the steady increase in the proportion of families with pets.
The demand for pet insurance is growing as a result of the rising expense of veterinary care as well as the usage of pricey treatments and drugs.
North America dominated the market and accounted for a revenue share of global revenue in 2023.
Insufficient knowledge and comprehension of pet insurance is impeding the market's expansion by preventing prospective clients from appreciating its advantages.
Market Analysis:
Pet insurance describes the financial protection that pet owners have against the high cost of medical care for their animals. Because more pet owners are looking for complete medical protection for their animals, the pet insurance industry has grown significantly.
Increased ownership of livestock, developments in veterinary treatment, and the rising tendency to humanize pets are some of the reasons driving the industry.
List of Prominent Players in the Pet Insurance Market:
Petplan (Allianz)
Deutsche Familienversicherung AG (DFV)
Trupanion, Inc.
Animal Friends Insurance Services Limited
Figo Pet Insurance, LLC
Direct Line
Nationwide Mutual Insurance Company
Embrace Pet Insurance Agency, LLC
AnicomInsurance
ipet Insurance Co., Ltd.
MetLife Services and Solutions, LLC
Pumpkin Insurance Services Inc
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Recent Developments:
In January 2024, Figo Pet Insurance, a pet supply business, created the tiniest bark collar in the world, the NanoBark Bark Collar for Small Dogs. Dogs can learn to stop barking in reaction to common noises by wearing the collar, which fits tightly like a wristwatch. Because of its durability and waterproof nature, it is suitable for both home and travel use.
In March 2024, MetLife introduced a new Preferred Dentist (PDP) recognition scheme called MetLife SpotLite on Oral HealthSM. Through a customized screening process and an optimized digital experience, the initiative helps employees connect with certified dental providers. This venture marks MetLife's initial step into the value-based healthcare industry.
In January 2025, Dogness International Corporation ("Dogness" or the "Company") said it had received over four thousand units of its 2-liter programmable automated pet feeders from Petco's 1,600 retail locations in the United States.
Pet Insurance Market Dynamics:
Market Drivers: Growing Expenditure on Pets Drives
The demand for pet insurance is expanding due to rising pet expenses. More money being spent on pets is the term used to describe the expanding tendency of allocating more funds to pet-related goods and services, which reflects a greater focus on the companionship and well-being of PETs among customer preferences. The rising cost of veterinary treatment as a result of pet owners' increased concerns sped up the uptake of PET insurance services.
Challenges: Lacking Knowledge and Attention
The poor adoption of insurance coverage may be caused by the fact that many pet owners are either unaware that pet insurance is available or do not completely comprehend how it operates.
The absence of promotional efforts by insurers and pet owners' widespread ignorance regarding pet insurance are the causes of this ignorance. The biggest issue facing the industry is pet owners' lack of knowledge and comprehension of the advantages of having insurance for their animals.
North America Is Expected to Grow with The Highest CAGR During the Forecast Period
The North American pet insurance market is likely to register a significant revenue share and develop at a rapid CAGR in the near future. This is because this region is well-established and has a high percentage of pet owner penetration.
Additionally, the accessibility of a large variety of pet insurance offerings and the presence of significant market participants in the area support the company's expansion in the market. The sophisticated veterinarian infrastructure and advantageous reimbursement practices further bolster the development of the North American pet insurance industry.
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Segmentation of Pet Insurance Market-
By Coverage Type-
Accident & Illness
Accident only
Others
By Animal Type-
Dogs
Cats
Others
By Sales Channel-
Agency
Broker
Direct
Bancassurance
Others
By Region-
North America-
The US
Canada
Mexico
Europe-
Germany
The UK
France
Italy
Spain
Rest of Europe
Asia-Pacific-
China
Japan
India
South Korea
South East Asia
Rest of Asia Pacific
Latin America-
Brazil
Argentina
Rest of Latin America
Middle East & Africa-
GCC Countries
South Africa
Rest of Middle East and Africa
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