Global Pet Insurance Market Set to Surpass USD 29.80 Billion by 2030 | MarketsandMarkets™

Industry growth fueled by consumer demand, escalating veterinary expenses, and digital-first insurance innovation

Delray Beach, FL, Oct. 13, 2025 (GLOBE NEWSWIRE) -- The global pet insurance market, valued at US$12.51 billion in 2024, stood at US$14.35 billion in 2025 and is projected to advance at a resilient CAGR of 15.7% from 2025 to 2030, culminating in a forecasted valuation of US$29.80 billion by the end of the period. This acceleration reflects a structural shift in how pet owners worldwide approach animal healthcare and financial protection.

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What is Driving Market Growth?
At the core of this expansion is the rise in pet ownership, particularly among urban and high-income households where pets are increasingly treated as family members. Owners are seeking comprehensive insurance policies that cover not only accidents and illnesses but also preventive care. Rising veterinary expenses—spanning diagnostics, surgeries, and chronic disease management—have further heightened the demand for financial safeguards.

Why Does It Matter Now?
The timing is critical: as veterinary costs climb and healthcare innovations extend pet lifespans, owners face growing financial exposure. Employers are also integrating pet coverage into voluntary benefits packages, signaling recognition of pets’ importance in employee well-being and retention strategies. For insurers and corporate partners, this creates new growth opportunities through bundled offerings, embedded models, and insurtech-led digital platforms.

Where Are the Opportunities?

• Embedded insurance: Integration at point-of-purchase—whether at veterinary clinics, adoption agencies, or retail platforms—is unlocking new distribution channels and lowering adoption barriers.
• AI and machine learning: Insurers are leveraging advanced analytics to personalize coverage, expedite claims, and improve underwriting efficiency.
• Emerging markets: Rising middle-class pet ownership in Asia-Pacific is set to deliver the highest CAGR globally, creating a new frontier for expansion.

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Who Are the Market Leaders?
The competitive landscape features Trupanion (US), Nationwide (US), Pet Plan Limited (UK), Anicom Holdings, Inc. (Japan), and Healthy Paws (US) among the top five global players. Other significant participants include Pets Best, Pumpkin, Spot, Figo, Agria, ASPCA, Embrace, and Getsafe. These companies are actively expanding portfolios, launching new products, and forming cross-industry partnerships to capture market share.

How Is the Market Evolving?

• Claims Processing Challenges: Despite growth, inefficiencies in claims reimbursement remain a significant hurdle, impacting customer trust and satisfaction.
• Policy Exclusions: The exclusion of pre-existing conditions continues to deter adoption among owners of older or chronically ill pets.
• Regional Dynamics: Europe currently commands the largest market share, driven by strong cultural emphasis on animal welfare and established insurance frameworks. In contrast, Asia-Pacific will record the fastest growth, reflecting both economic development and increasing pet adoption rates.

Recent Strategic Developments

• Healthy Paws (US) partnered with Combined Insurance (June 2025) to include pet insurance in employer benefit packages.
• Pumpkin Insurance (US) launched PumpkinNow (April 2025), enabling near-instant reimbursement of veterinary expenses.
• Pets Best (US) integrated with Bindable (October 2024), enhancing digital distribution.
• Trupanion (US) entered Germany and Switzerland (September 2024) to tap into a market of over 29 million pets.
• Nationwide (US) launched Unum Pet Insurance (May 2024), expanding its employee benefits suite.

Strategic Insights for Executives
For insurers, the message is clear: speed, transparency, and integration will define the next phase of competition. Employers and benefits providers have an opportunity to differentiate talent strategies by offering pet insurance as a wellness benefit. Meanwhile, investors and industry stakeholders should note the market’s trajectory mirrors broader insurance sector transformations, where digital-first distribution and consumer-centric design are non-negotiable growth levers.

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