The pet insurance market is projected to grow from USD 14.35 billion in 2025 to USD 29.80 billion by 2030, with a CAGR of 15.7%. This increase is driven by several key factors that reflect the evolving landscape of animal health and disease management.
One of the main factors is the steady increase in pet ownership worldwide, especially among younger groups who increasingly see pets as important family members. This cultural shift has raised expectations for high-quality veterinary care, boosting the need for financial tools like pet insurance to cover related costs.
Another significant factor is the rising cost of veterinary treatments, which has led pet owners to seek financial protection through insurance. Advanced diagnostics, surgeries, and chronic disease management have become more accessible but also more expensive, prompting a greater demand for comprehensive insurance coverage that can offset these high medical expenses. The increasing humanization of pets, with owners treating their animals as family members and prioritizing their health and well-being, is another growth factor. This cultural shift has resulted in greater awareness and acceptance of pet insurance, particularly in developed regions. Additionally, the expansion of digital distribution channels and personalized policy options is making insurance more accessible and tailored to individual pet needs, further boosting market adoption.
One of the main factors is the steady increase in pet ownership worldwide, especially among younger groups who increasingly see pets as important family members. This cultural shift has raised expectations for high-quality veterinary care, boosting the need for financial tools like pet insurance to cover related costs.
Another significant factor is the rising cost of veterinary treatments, which has led pet owners to seek financial protection through insurance. Advanced diagnostics, surgeries, and chronic disease management have become more accessible but also more expensive, prompting a greater demand for comprehensive insurance coverage that can offset these high medical expenses. The increasing humanization of pets, with owners treating their animals as family members and prioritizing their health and well-being, is another growth factor. This cultural shift has resulted in greater awareness and acceptance of pet insurance, particularly in developed regions. Additionally, the expansion of digital distribution channels and personalized policy options is making insurance more accessible and tailored to individual pet needs, further boosting market adoption.
By policy coverage, the wellness/preventive care add-ons segment is projected to grow at the highest CAGR during the forecast period.
The wellness/preventive care add-ons segment is expected to experience the highest growth in the pet insurance market, driven by a focus on proactive pet health management. Pet owners are increasingly aware of the long-term benefits of routine care, such as vaccinations, dental cleanings, flea and tick prevention, and annual wellness exams. These services help detect health issues early, reduce the risk of serious illnesses, and ultimately lower overall veterinary costs. As a result, more consumers are choosing wellness add-ons to supplement their accident and illness coverage. Insurers are also promoting these options as value-added features that enhance customer retention, encourage policy upgrades, and support the growing trend of pet humanization and holistic care.By animal type, the dogs segment accounted for the largest market share in 2024.
In 2024, the dogs segment led the pet insurance market because of higher ownership rates and greater healthcare use compared to other pets. Dogs are more likely to need veterinary care for accidents, chronic conditions, hereditary issues, and behavioral problems, which results in higher medical costs over their lifetime. This encourages owners to buy insurance as a financial safety net. Additionally, many dog breeds tend to be prone to specific health issues, increasing the need for comprehensive coverage. Insurers often customize and promote their plans mainly for dog owners, further strengthening their dominance in the insured pet market.The Asia Pacific region is expected to witness the highest growth rate during the forecast period.
The Asia Pacific is poised for the highest growth in the pet insurance market due to a rapid increase in pet ownership, rising disposable incomes, and a cultural shift toward viewing pets as family members. Urbanization and evolving lifestyles, especially among younger populations in countries like China, India, and Southeast Asian nations, have driven up demand for quality veterinary care. As access to veterinary services improves across the region, awareness of the financial risks related to pet health issues also grows, leading more pet owners to consider insurance. Furthermore, the expansion of digital platforms and mobile-based insurance options has made it easier for consumers to buy and manage pet insurance, speeding up market growth in this region.Breakdown of supply-side primary interviews:
- By Company Type: Tier 1 (45%), Tier 2 (20%), and Tier 3 (35%)
- By Designation: C-level Executives (35%), Directors (25%), and Other Designations (40%)
- By Region: North America (40%), Europe (25%), Asia Pacific (20%), Latin America (10%), and the Middle East & Africa (5%)
Breakdown of demand-side primary interviews:
- By End User: Individual Pet Owners (40%), Veterinary Hospitals & Clinics (25%), Insurance Brokers & Agents (20%), and Pet Retailers & E-commerce Platforms (15%)
- By Designation: Pet Owners (35%), Veterinary Practice Managers (27%), Insurance Sales Professionals (22%), and Procurement/Benefits Managers (16%)
- By Region: North America (40%), Europe (25%), Asia Pacific (20%), Latin America (10%), and the Middle East & Africa (5%)
Research Coverage
The market study analyzes the pet insurance market across various segments. Its goal is to estimate the market size and growth potential based on policy coverage, sales channels, provider types, animal types, and regions. The study also provides an in-depth competitive analysis of key market players, including their company profiles, insights into their products and business offerings, recent developments, and strategic market approaches.Reasons to Buy the Report
The report can assist established companies and newer or smaller firms understand market trends, enabling them to capture a larger market share. Firms that acquire the report can implement one or more of the five strategies outlined below.This report provides insights into the following points:
- Analysis of key drivers (rise in pet ownership, advancements in veterinary sciences, increasing veterinary medical costs), restraints (high pet insurance premium costs, regulatory inconsistency, exclusion of pre-existing conditions), opportunities (customizable plans and wellness add-ons, embedded insurance models), and challenges (insufficiencies in processing insurance claims) influencing the growth of the pet insurance market.
- Product Development/Innovation: Detailed insights on upcoming technologies and product launches in the pet insurance market.
- Market Development: Comprehensive information about lucrative emerging markets. The report analyzes the markets for various types of pet insurance products across regions.
- Market Diversification: Exhaustive information about products, untapped regions, recent developments, and investments in the pet insurance market.
- Competitive Assessment: In-depth assessment of market shares, strategies, products, distribution networks, and manufacturing capabilities of the leading players in the pet insurance market.
Table of Contents
1 Introduction
2 Research Methodology
4 Premium Insights
5 Market Overview
6 Pet Insurance Market, by Policy Coverage
7 Pet Insurance Market, by Sales Channel
8 Pet Insurance Market, by Provider Type
9 Pet Insurance Market, by Animal Type
10 Pet Insurance Market, by Region
11 Competitive Landscape
12 Company Profiles
13 Appendix
List of Tables
List of Figures
Companies Mentioned
- Trupanion
- Nationwide (Subsidiary of Nationwide Mutual Insurance Company)
- Pet Plan Limited
- Anicom Holdings, Inc.
- Healthy Paws
- Pets Best Insurance Services, LLC
- Pumpkin Insurance Services Inc.
- Spot Pet Insurance Services, LLC
- Figo Pet Insurance LLC
- Agria Pet Insurance Ltd.
- Petpartners, Inc.
- Aspca
- Pet Protect Limited
- Embrace Pet Insurance Agency, LLC
- Getsafe
- Waggel Limited
- Napo Limited
- Many Group Ltd.
- Everypaw
- Lassie Ab
- Dalma
- Ipet Insurance Co. Ltd.
- Agila Haustierversicherung AG
- Wagmo Inc.
- Felix
Table Information
Report Attribute | Details |
---|---|
No. of Pages | 260 |
Published | August 2025 |
Forecast Period | 2025 - 2030 |
Estimated Market Value ( USD | $ 14.35 Billion |
Forecasted Market Value ( USD | $ 29.8 Billion |
Compound Annual Growth Rate | 15.7% |
Regions Covered | Global |
No. of Companies Mentioned | 25 |