Pet Insurance Market size is expected to reach USD 29.94 billion by 2030
Pet Insurance Industry Overview 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. Gather more insights about the market drivers, restrains and growth of the Pet Insurance Market In addition, there is a growing need for pet insur...