PET INSURANCE MARKET ANALYSIS

Pet Insurance MarketSize and Trends

The global pet insurance market was valued at US$ 8.32 Bn in 2022 and is forecast to reach a value of US$ 26.44 Bn by 2030 at a CAGR of 15.6% between 2023 and 2030. Global Pet Insurance Market: Market Trends:

Increasing pet adoption is a recent trend

The population of dog and cat have increased over the years, as have the percentages of households owning dogs or cats, as per the American Veterinary Medical Association. The challenges brought on by the pandemic or the outbreak of COVID-19 has also increased the adoption or the number of pets worldwide. According to the Pet Food Manufacturers Association, as of 2021, around 3.2 million households in the U.K. acquired a pet since the start of the pandemic. This trend is expected to continue over the forecast period due to factors like pet humanization and the rapid adoption of pets in emerging economies.

Rise in focus on pet care is another trend

Pet care has made tremendous strides over the last few years worldwide. Increase in number of pet owners and growing pet population is also increasing the reported rates of pet diseases, such as the prevalence of cancer is increasing steadily across the world. For instance, osteosarcoma (the most common form of bone cancer) in dogs is increasing, which in turn is or has increased demand for pet insurance to cater to the financial burden pet owners have to face to get their pets treated. This trend is also expected to continue over the forecast period.