The pet insurance market reached $6.9 billion in 2020 and is expected to grow more in the period between 2021 and 2027. The growth of the market is likely to be around 7.7% annually, reaching a value of $11,693.7 million in 2027.
In 2020, private insurance companies accounted for $6.4 billion, and it’s foreseen that their share will grow by 7.8%.
The dog segment is probably going to continue dominating the market. In 2020, over 80% of the share belonged to that segment.
Since 6.6 billion pet owners opted for accident & illness policy in 2020, it’s expected to continue to be the leading segment.
The US, France, and Argentina are currently the top 3 countries for this market. The US market should grow to over 3.9 billion by 2027. This growth in the US is due to the variety of trustworthy insurance companies and policies that are introduced every day.
The interest in the Asia Pacific for pet insurance is growing too, and they’re likely to take a larger share of the market by 2027.
Growing numbers in the pet insurance market can be associated with the growing number of pet owners. Out of all pet owners, 90% consider their pets a part of their family and want the best for them.
Moreover, paying for treatments can be too much for most owners since a veterinarian can charge more than $1,000 for emergency treatment. Thus, getting pet insurance and paying around $30 a month is a better option for most pet owners.
With all the factors, it’s easy to see why this market will continue growing.