The pet insurance industry is growing fast as more owners seek to protect their pets from rising medical costs and health risks.
Market to Grow at Over 18% Annually
The global pet insurance market is projected to reach $68.91 billion by 2032, up from $15.4 billion in 2023. This reflects a strong compound annual growth rate (CAGR) of 18.13% between 2024 and 2032, according to a report by SNS Insider.
Owners View Pets as Family
The growing demand is driven by a shift in how people view their pets. More owners now see pets as family members. This has increased the need for full medical coverage, especially as veterinary costs rise and medical treatments become more advanced.
Comprehensive Plans Dominate the Market
In 2023, accident and illness policies made up 84% of global pet insurance revenue. This shows that pet owners prefer plans that offer broad coverage and protection.
Dogs Lead in Pet Insurance Coverage
Dogs continue to be the most commonly insured animals. In 2023, they accounted for 61% of the global pet insurance market. This is due to their frequent vet visits, accident risks, and breed-specific health conditions. As a result, more dog owners are turning to insurance to manage potential medical expenses.
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