Fact.MR: Pet insurance market to surpass $45B
by Katie Pfaff
The market for pet insurance worldwide was forecast to reach a value of $45.6 billion by the close of 2032, according to a report by market analysis company, Fact.MR. The spike amounts to CAGR growth of 16.5% across the period of 2022 to 2032 in the forecasting report. A significant boost will be seen by the end of the current year, according to analysts who predict a $9.9 billion valuation in the global pet insurance market by the end of 2022. The 2021 value of the market was $8.5 billion.
Market growth is predicted based in part on increased awareness of the option of pet insurance as well as the trend of pet owners seeing their animal companions as part of the family, and caring for them in that manner, including seeking regular wellness care and at the same time potentially reducing the risk of financial distress from the cost of care through an insurance policy.
The market is also expected to expand as more pets are adopted across the globe. According to a report on 2020 trends in pet ownership, the North American Pet Health Insurance Association cited that about 3.45 million animals were insured across the continent. Yet another driver impacting the market is that the rate of disease in companion animals has increased.
Market estimates by segment include that canines will hold the largest market share (about 50%). When evaluated by the type of coverage policyholders will seek, illness and accident coverage is forecast to take up 85% of the market’s sales. By the end of this year, the direct sales portion of the sales market is anticipated to account for about one-third (34%).
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