Increasing pet ownership and human-animal bond and to rise in the composition animal population is, expected to drive market expansion in the near future at a CAGR of 17.60% during the forecast period 2023 to 2032.

Market Research Future (MRFR) has published a cooked research report on the “Global Pet Insurance Market”that contains information from 2018 to 2032.

Pet Insurance Market Highlights

The global Pet Insurance Market is accounted to register a CAGR of 17.60% during the forecast period and is estimated to reach USD 39.58 billion by 2032.

The need for pet insurance is driven by the rising number of pet owners and the deepening human-animal bond. The market for pet insurance is expanding as a result of the greater understanding and emotional attachment. The expansion of the industry is also caused by developments in veterinary technology and a rise in consumer awareness of pet insurance. The adoption of pet insurance may be hindered by a lack of understanding of the available options, policy provisions, and exclusions.

Key Players

MRFR recognizes the following companies as the key players in the global Pet Insurance market—Embrace Pet Insurance Agency, LLC, Figo Pet Insurance LLC., Hartville Group, Nationwide, Pet Assure Corp., PetFirst, Ipet Insurance, Pets Best Insurance Services, LLC, Royal & Sun Alliance (RSA), Trupanion.

Segment Analysis

The global Pet Insurance market has was segmented based policy coverage, animal type and sales channel.

On the basis of policy coverage, the market is segmented into, Accident and Illness, Accident Only and Others. The accident and illness segment was attributed to holding the largest market share in 2022. Due to rise in the companion animal population, and an increase in awareness about pet insurance.

Based on animal type, the global Pet Insurance market has been segmented into Dogs, Cats and Others. The dogs segment was expected to hold the largest market share in 2022. Due to growing pet adoption, expansion of service offerings by insurance companies.

Based on sales channel, the global Pet Insurance market has been segmented into Broker, Agency, and Others. The agency segment was expected to hold the largest market share in 2022 due to an increasing number of pet stores as a means to reach consumers or pet parents.

Browse In-depth Market Details [Table of Content, List of Figures, List of Tables] of Pet Insurance Market Research Report

Regional Analysis

The global Pet Insurance market, based on region, has been divided into the North America, Europe, Asia-Pacific, and Rest of the World. North America consists of US and Canada. The Europe Pet Insurance market comprises of Germany, France, the UK, Italy, Spain, and the rest of Europe. The Pet Insurance market in Asia-Pacific has been segmented into China, India, Japan, Australia, South Korea, and the rest of Asia-Pacific. The Rest of the World Pet Insurance market comprises of Middle East, Africa, and Latin America.

The largest market share for Pet Insurance was maintained by the North American regional sector.In terms of pet insurance in the United States, the corporation has a significant number of shares. Additionally, increasing public knowledge of the many advantages of pet insurance coverage programmers would significantly boost sales in the American region. Due to the rising popularity of pet insurance and the rising price of treatments and prescription drugs, the accident & illness section of policy coverage is anticipated to gain a sizeable proportion during the projected period.

Moreover, the Europe market has been persistently growing over the forecast period. The demand for Pet Insurance is driven by due to the increasing use of pet insurance, an increase in pet ownership, and the presence of important businesses. and a gradual rise in penetration was envisaged. To enhance their market share and support regional growth, businesses regularly carry out a variety of strategic initiatives.

Additionally, Asia-Pacific is expected to grow at the highest growth rate in the forecast due to the growing adoption of pets and the growth of the economy. Also, the presence and availability of global brands and their challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the country data.

Furthermore, the rest of the world's Pet Insurance market is divided into the Middle East, Africa, and Latin America. This growth is attributed to the region's risingadoption of pet insurance in underpenetrated markets, increasing veterinary care costs, initiatives by key companies. Government support, a rise in investor interest, and the viability of the technology in the sector are all contributing factors to the market expansion.

Key Findings of the Study

• The global Pet Insurance market is expected to reach USD 39.58 billion by 2032, at a CAGR of 17.60% during the forecast period.


• The Asia-Pacific region accounted for the fastest-growing global marketdue to the growing adoption of pets and the growth of the economyby government bodies through policies and initiatives


• Based on animal type, the dogs segment was expected to hold the largest market share in 2022.


• Embrace Pet Insurance Agency, LLC, Figo Pet Insurance LLC., Hartville Group, Nationwide, Pet Assure Corp., PetFirst, Ipet Insurance, Pets Best Insurance Services, LLC, Royal & Sun Alliance (RSA), Trupanion.