Pet Insurance Market to Reach USD $20.43 Billion by 2029 at 17.7% CAGR

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The Business Research Company's Pet Insurance Global Market Report 2025 – Market Size, Trends, And Global Forecast 2025-2034

LONDON, GREATER LONDON, UNITED KINGDOM, November 4, 2025 /EINPresswire.com/ -- How Big Is The Pet Insurance Market In 2025?
Over the past few years, the pet insurance market has experienced significant growth. It is forecasted to expand from a size of $9.18 billion in 2024 to $10.66 billion in 2025, reflecting a compound annual growth rate (CAGR) of 16.1%. The notable growth seen in the historic period can be linked to various factors including higher pet ownership figures, increasing expenses related to veterinary care, enhanced consciousness about pet health and wellness, treating pets as family members, and the evolution in veterinary medical procedures.

The market size of pet insurance is projected to experience a significant upsurge in the upcoming years, reaching $20.43 billion in 2029 with a compound annual growth rate (CAGR) of 17.7%. This growth during the estimated period can be traced back to the emergence of innovative pet insurance plans tailored to specific needs, the increase in rates of pet adoption, the continuing development of pet-related laws and regulations, the rise in urbanization, and the growth in the innovative pet insurance schemes offered by different companies. Key trends during this predicted period include advances in technology used for processing claims, the introduction of telemedicine and online vet consultations, the addition of alternative treatments into pet insurance coverage, the rise of comprehensive pet insurance and wellness packages, and partnerships between pet insurance companies and pet care enterprises.

Download a free sample of the pet insurance market report:
https://www.thebusinessresearchcompany.com/sample.aspx?id=6558&type=smp

What Are The Key Driving Factors For The Growth Of The Pet Insurance Market?
An upward trend in pet adoption is predicted to persist over the forecast period, thereby pushing forward the pet insurance market. Amidst the global COVID-19 pandemic, there was a surge in the desire to adopt or foster pets across the world, stretching from Canada to India. Owning pets offers several health benefits to individuals, for example, it helps in reducing blood pressure, stress, and anxiety. The American Society for the Prevention of Cruelty to Animals, a non-profit establishment based in the US, reported in July 2022 that only 3.2 million out of an estimated 6.5 million animals that are admitted into shelters every year, are adopted. Likewise, in the same month, the Humane Society, an India-based organization for animal protection, stated that annually, 31% of cats and 28% of dogs are adopted from shelters. Therefore, the rising tendency to adopt pets will contribute significantly to the expansion of the pet insurance market.

Who Are The Key Players In The Pet Insurance Industry?
Major players in the Pet Insurance include:
• Trupanion Inc.
• DFV Deutsche Familienversicherung AG
• Pet Plan Limited
• Animal Friends Insurance Ltd.
• Figo Pet Insurance LLC
• 24Petwatch Pet Insurance
• Allstate Property and Casualty Insurance Company
• American Society for the Prevention of Cruelty to Animals
• Fetch Pet Insurance
• Berkshire Hathaway Inc.

What Are The Upcoming Trends Of Pet Insurance Market In The Globe?
Technological advancements and heightened awareness about pet insurance have significantly influenced this market. Digital solution companies are seeking partnerships with insurance providers to uplift the customer journey with additional value-driven services. Case in point, the American firm Figo Pet Insurance provides the Figo Pet Cloud which is a cloud-enabled service for real-time GPS pet tracking, medical record handling, mobile claim filing, social pet profiles, a database of pet-friendly establishments, as well as vaccine and appointment notifications through a mobile application. Pet insurance companies would benefit from implementing a targeted digital marketing strategy to foster trust with and reach out to the millennial customer base.

What Segments Are Covered In The Pet Insurance Market Report?
The pet insurancemarket covered in this report is segmented –

1) By Policy Coverage: Accident And Illness, Accident Only
2) By Animal Type: Dog, Cat
3) By Provider: Public, Private

Subsegments:
1) By Accident And Illness: Comprehensive Coverage Plans, Time-Limited Coverage Plans, Lifetime Coverage Plans
2) By Accident Only: Basic Accident Coverage Plans, Emergency Care Plans, Specific Injury Plans

View the full pet insurance market report:
https://www.thebusinessresearchcompany.com/report/pet-insurance-global-market-report

Which Region Is Expected To Lead The Pet Insurance Market By 2025?
In 2024, North America led as the biggest player in the pet insurance market, with projections of continued growth. The report on the pet insurance market includes regions such as Asia-Pacific, Western Europe, Eastern Europe, South America, the Middle East, and Africa.

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