Global Pet Insurance Market Set for Significant Growth
The global pet insurance market is expected to experience substantial growth, reaching $68.91 billion by 2032 from $15.4 billion in 2023, according to a report by SNS Insider. This represents a compound annual growth rate (CAGR) of 18.13% from 2024 to 2032. The increasing trend of pet owners seeking financial protection against rising veterinary expenses and advanced medical treatments for their pets is driving this growth.
The demand for pet insurance is being fueled by a shift in consumer mindset, with pets increasingly being regarded as family members. This change has heightened expectations for comprehensive health coverage for pets. In 2023, accident and illness coverage accounted for 84% of global pet insurance revenue, highlighting a strong preference for comprehensive plans among pet owners.
Dogs remained the most insured pet category in 2023, accounting for 61% of the global market. The higher frequency of vet visits, increased risk of accidents, and breed-specific health issues associated with dogs have made canine insurance more prevalent.
The growth of the pet insurance market is expected to continue as more pet owners recognize the importance of financial protection for their pets’ health needs. This trend is likely to be supported by the ongoing humanization of pets and the increasing availability of advanced veterinary treatments.
