Market Size in 2021 | Market Forecast in 2028 | CAGR (in %) | Base Year |
---|---|---|---|
USD 8,102.4 Million | USD 19,945.75 Million | 16.20% | 2021 |
FrequentlyAsked Questions
Growing pet adoption and the increasing prevalence of feline and dog-related disorders are important drivers in this industry. Innovative insurance policies that cover pets of all ages, as well as multi-pet insurance policies that comprise numerous pets in a single plan, attract many consumers. By taking such measures, private firms might increase their market share in the pet health insurance industry.
According to the report, the global Pet Insurance market size was worth about 8102.4 (USD million) in 2021 and is predicted to grow to around 19945.75 (USD million) by 2028, with a compound annual growth rate (CAGR) of around 16.20%.
North America is expected to dominate the Pet Insurance Market during the forecast period. The market is expected to thrive as pet insurance penetration rates rise in the United States and Canada. However, the subscriber base of pet insurance in the United States is less than 2%. Still, with the recent surge in pet adoption, the United States is expected to hold substantial shares during the forecast period.
Some of the main competitors dominating the Global Pet Insurance market include - Pet Insurance Agency, LLC, Figo Pet Insurance LLC., PetFirst, Ipet Insurance, Pets Best Insurance Services, LLC, Hartville Group, Nationwide, Pet Assure Corp., Royal & Sun Alliance (RSA), and Trupanion.
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