Syndicated Research Studies

The global pet insurance market was valued at USD 18.32 billion in 2024 and is expected to grow at a compound annual growth rate (CAGR) of 17.97% from 2025 to 2030. Several factors are driving this growth, including the increasing pet population, the rising adoption of insurance in markets that have been slow to embrace it, escalating veterinary care costs, efforts by leading companies to expand their reach, and the growing trend of pet humanization, where pets are increasingly seen and treated as family members. According to the 2024 State of the Industry (SOI) report from the North American Pet Health Insurance Association (NAPHIA), there are currently 6.25 million insured pets in North America, representing a 16.6% increase compared to 2022, when 5.36 million pets were covered. The market is further supported by the growing prevalence of diseases in cats and dogs, alongside a rising trend in pet adoption, which is anticipated to further drive demand for pet insurance. In particular...

Pet Insurance Market Size & Trends The global pet insurance market size was estimated at USD 11.87 billion in 2023 and is projected to grow at a compound annual growth rate (CAGR) of 14.15% from 2024 to 2030. The growing pet population, adoption of pet insurance in underpenetrated markets, increasing veterinary care costs, initiatives by key companies, and humanization of pets are some of the key factors driving the market growth. The latest findings from the 2023 State of the Industry (SOI) report by NAPHIA indicate that there are currently 5.36 million insured pets across North America. This represents a 21.7% increase compared to 2021 when the total number of insured pets in the area was 4.4 million. The rising incidence of diseases in cats & dogs and the increasing trend of pet adoption are expected to propel market growth. In addition, there is a growing need for pet insurance to help mitigate expenses associated with serious medical conditions like accidental injuries ...

Pet Insurance Market Growth & Trends The global  pet insurance market  size is expected to reach USD 29.94 billion by 2030, registering a CAGR of 14.15% from 2024 to 2030, according to a new report by Grand View Research, Inc. The key factor driving the industry growth includes increasing veterinary care costs as a result of advancements in medical technology and treatments. Thus, pet owners are seeking insurance to help cover these expenses. According to the American Pet Products Association (APPA), the total pet spending in the U.S. alone was estimated to reach a record high of over $100 billion in 2023. This includes expenses, such as pet food, supplies, over-the-counter medications, veterinary care, and other services. The increasing trend in pet spending reflects the growing importance of pets in people's lives and the willingness of pet owners to invest in the well-being of their animals. Gather more insights about the market drivers, restrains and growth of the ...