The global pet insurance market size was valued at USD 5,681.1 million in 2023 and is estimated to reach USD 6,040.4 million in 2024, projected to grow to USD 9,862.0 million by 2031, expanding at a CAGR of 7.25% during the forecast period. The market growth is primarily fueled by the increasing rate of pet ownership worldwide, coupled with growing awareness about pet health, veterinary care costs, and preventive wellness.
Pet Insurance Market: Key Highlights
The Pet Insurance Market is undergoing significant transformation as pet humanization trends continue to rise globally. With pets increasingly regarded as family members, owners are seeking comprehensive healthcare and protection options similar to those available for humans.
Technological advancements in digital insurance platforms, telemedicine for pets, and AI-powered claim management are reshaping the industry, enhancing customer experience and transparency. Insurance providers are developing customized policies for different breeds, age groups, and health profiles, offering flexibility and convenience.
North America currently dominates the market, driven by high pet adoption rates, favorable insurance penetration, and robust veterinary infrastructure. Meanwhile, Europe remains a stronghold for established pet insurance companies, and Asia-Pacific is emerging rapidly as awareness of pet healthcare rises among the growing urban middle class.
The increasing cost of veterinary services and the need for financial protection against unexpected pet illnesses or accidents are further accelerating the global adoption of pet insurance.
Full Detailed PDF Report- https://www.kingsresearch.com/
Comments
0 comment