Published by mark itwired
Posted on October 12, 2021
4 min readLast updated: January 29, 2026
The pet insurance market is set to grow steadily, reaching ~US$ 15 Bn by 2029, driven by increased pet ownership and awareness.
The global pet insurance market size is expected to reach ~US$ 15 Bn by the end of 2029. According to a study by Future Market Insights (FMI), the market will show a steady rise at a CAGR of ~8.5% between 2019 and 2029. According to the report, the rising number of pet ownership, increase in awareness about pet insurance and associated health benefits of pet ownership will stoke growth in the market. The report offers a comprehensive overview of the market, covering key growth drivers, restraints, opportunities, and prevailing trends. It uses unique research methods to offer the most accurate analysis of the market.
Get more Insights Analysis on this Pet Insurance Market @ https://www.futuremarketinsights.com/ask-question/rep-gb-11172
Rise in number of companion animals, increase in awareness about pet insurance, growth in pet ownership propels the growth of the pet insurance market. The Pet health insurers offer different plan options or tiers with varying policy limits which also attracts pet owners towards pet insurance. However, high cost of pet insurance policies, lack of awareness among consumers, and government regulation limits the growth of the market. Marketing strategies adopted the insurance companies include online marketing, veterinary clinics, pet stores, shelters and animal support and rescue organizations or word of mouth referrals which also fuel the pet insurance market for further growth. Furthermore, largely untapped market with extremely low penetration rates is expected to provide numerous opportunities for the pet insurance market.
Pet insurance which is becoming a norm of most of the developed countries. Pet insurance market is gaining traction by the accident & illness insurance policy as it provides both accident and illness coverage. Rapidly increasing consumer’s awareness on pet’s diseases, rising veterinary costs and marketing efforts of industry operators have caused consumer acceptance in the pet insurance market.
Some of the leading players operating in the pet insurance market are Figo Pet Insurance LLC., Embrace Pet Insurance Agency LLC, Hartville Group, Health for Pet, Hollard, Oneplan, Petfirst Healthcare LLC, Protectaplan, Petplan Limited, Trupanion, Inc., Nationwide Mutual Insurance Company., Anicom Holdings Inc, Pethealth Inc., Royal & Sun Alliance Insurance Company of Canada, Inc., Direct Line Insurance Group plc, Petsecure, Healthy Paws, 24PetWatch etc. As a result of increasing competition, companies are focusing on expanding their product portfolio. In addition to this, mergers and acquisition remains a popular strategy among market players. Companies intend to expand their regional footprint through strategic collaborations.
Future Market Insights, in its new report, presents an unbiased analysis of the global pet insurance market, covering historical demand data and forecast figures for the period between 2019 and 2029. The study divulges compelling insights on the pet insurance market based on policy type (accident policy, accident & illness policy), end user (dog, cat, horse, exotic pet, others), and region (North America, Latin America, Europe, East Asia, South Asia, Oceania, and Middle East & Africa).
The post Pet Insurance Market Latest Technology and Market Trends & Forecast 2019 – 2029 appeared first on Industry News Analsis.
The article discusses the growth trends and forecast of the global pet insurance market from 2019 to 2029.
Key drivers include rising pet ownership, increased awareness of pet insurance, and health benefits of pet ownership.
North America dominates the global pet insurance market, with Latin America also emerging as a key market.
Explore more articles in the Research Reports category
