Pet insurance to exceed 16% growth

by Katie Pfaff

The global market for pet insurance is predicted to reach a value of $19,945.75 million by the year 2028, according to market analysts, Zion Market Research. The market was estimated to be valued at $8,102.4 million in 2021. The uptick across the market from 2022 to 2028 would amount to a CAGR of 16.20%.

Increasing rates of pet adoption, increased willingness to pay for preventative and other veterinary care, and higher rates of cat and dog ailments are thought to be driving the growth. As cost of care increases for pet owners due to disease or age, pet insurance has become a common option. However, the market’s growth may be constrained by nonstandard reimbursements and competition.

While the entire number of pet owners who carry health insurance policies on their pets is low in the US, at less than 2%, the market is anticipated to see growth. This is due to higher numbers of pets being adopted. At the same time, awareness of the option of pet insurance is expected to increase. North America is projected to lead growth by region.

By animal in 2021, most coverage is obtained for dogs (50%) compared to cats and other companion pets. Dogs are also the most common companion animal.

When viewing the market for type of coverage under a policy, the most common is accident and illness, with 84.0% of revenue share compared to accident policy alone. Accident and illness coverage commonly includes diagnostics, both acute and chronic disease, and medications. These policies are also expected to grow at the fastest rate in the segment.

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