Articles Companion animals

23 August 2022

Pet insurance to near 6% growth

by Katie Pfaff

The global market for pet insurance is expected to reach a CAGR of 5.66% across the period being forecast, according to a report by market analysis firm, ResearchAndMarkets.com. The market was estimated to be worth $57.811 billion in 2020 and was projected to reach a value of $84.996 billion by the end of the forecast period of 2022 to 2027.

The market for veterinary insurance is expected to grow as the cost and spending on veterinary care increase. This is also bolstered by growing rates of pet adoption and sales. At the same time, specialized care for pets has driven up the potential costs of ownership of a pet. For instance, allergy, oncology, and orthopedic care are now accessible to some pet owners.

Even further, rates of theft of pets have increased in some regions leading to an interest in insurance coverage for the loss of a pet.

By region, Norge America is thought to lead the pet insurance market with the fastest rate of growth. The uptick is thought to be due to changes in the pet insurance marketplace.

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Pet insurance to near 6% growth

by Katie Pfaff

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