North America Pet Insurance Market Size & Outlook
North America pet insurance market, 2018-2030 (US$M)
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North America pet insurance market highlights
- The North America pet insurance market generated a revenue of USD 3,714.5 million in 2023.
- The market is expected to grow at a CAGR of 17.5% from 2024 to 2030.
- In terms of segment, accident & illness was the largest revenue generating coverage type in 2023.
- Accident & Illness is the most lucrative coverage type segment registering the fastest growth during the forecast period.
- Country-wise, Canada is expected to register the highest CAGR from 2024 to 2030.
North America data book summary
| Market revenue in 2023 | USD 3,714.5 million |
| Market revenue in 2030 | USD 11,462.8 million |
| Growth rate | 17.5% (CAGR from 2023 to 2030) |
| Largest segment | Accident & illness |
| Fastest growing segment | Accident & Illness |
| Historical data covered | 2018 - 2022 |
| Base year for estimation | 2023 |
| Forecast period covered | 2024 - 2030 |
| Quantitative units | Revenue in USD million |
| Market segmentation | Accident & Illness, Accident only |
| Key market players worldwide | Trupanion Inc, Allianz SE, Direct Line Insurance Group PLC, MetLife Inc, Deutsche Familienversicherung, Anicom, Animal Friends Insurance, Figo Pet Insurance, Nationwide Mutual Insurance, Embrace Pet Insurance, Ipet Insurance, Pumpkin Insurance Services |
Other key industry trends
- In terms of revenue, North America region accounted for 32.1% of the global pet insurance market in 2023.
- Globally, Europe is projected to lead the regional market in terms of revenue in 2030.
- Asia Pacific is the fastest growing regional market and is projected to reach USD 5,640.2 million by 2030.
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Pet Insurance Market Scope
Pet Insurance Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
North America pet insurance market outlook
The databook is designed to serve as a comprehensive guide to navigating this sector. The databook focuses on market statistics denoted in the form of revenue and y-o-y growth and CAGR across the globe and regions. A detailed competitive and opportunity analyses related to pet insurance market will help companies and investors design strategic landscapes.
Accident & illness was the largest segment with a revenue share of 86.31% in 2023. Horizon Databook has segmented the North America pet insurance market based on accident & illness, accident only covering the revenue growth of each sub-segment from 2018 to 2030.
North America held the second-largest revenue share in the pet insurance market in 2023. The key drivers of the market are rise in the companion animal population and increase in awareness about pet insurance. Moreover, the market is growing because of rising veterinary healthcare expenditures and per capita income.
The pet insurance market in this region is governed by the North American Pet Health Insurance Association (NAPHIA). As per the National Pet Owners Survey conducted by the American Pet Products Association in 2023, 66% of U.S. households owned a pet, which is equivalent to 86.9 million homes.
In addition, according to the North American Pet Health Insurance Association, Inc., 0.9 million cats and 3.8 million dogs were insured in the U.S. in 2022, thereby increasing the number of insured pets in the United States by 22.1%. Leaders in the pet insurance market in North America include Petplan Pet Insurance, Nationwide Pet Insurance, Trupanion, and Royal & Sun Alliance Insurance Group (RSA).
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Our clientele includes a mix of pet insurance market companies, investment firms, advisory firms & academic institutions.
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Horizon Databook provides a detailed overview of continent-level data and insights on the North America pet insurance market , including forecasts for subscribers. This continent databook contains high-level insights into North America pet insurance market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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North America pet insurance market size, by country, 2018-2030 (US$M)
North America Pet Insurance Market Outlook Share, 2023 & 2030 (US$M)
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