U.S. Pet Insurance Market Size & Outlook, 2023-2030
U.S. pet insurance market, 2018-2030 (US$M)
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U.S. pet insurance market highlights
- The U.S. pet insurance market generated a revenue of USD 3,314.0 million in 2023 and is expected to reach USD 10,085.0 million by 2030.
- The U.S. market is expected to grow at a CAGR of 17.2% 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.
Pet insurance market data book summary
| Market revenue in 2023 | USD 3,314.0 million |
| Market revenue in 2030 | USD 10,085.0 million |
| Growth rate | 17.2% (CAGR from 2023 to 2030) |
| Largest segment | Accident & illness |
| Fastest growing segment | Accident & Illness |
| Historical data | 2018 - 2022 |
| Base year | 2023 |
| Forecast period | 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, U.S. accounted for 28.6% of the global pet insurance market in 2023.
- Country-wise, U.S. is expected to lead the global market in terms of revenue in 2030.
- In North America, U.S. pet insurance market is projected to lead the regional market in terms of revenue in 2030.
- Canada is the fastest growing regional market in North America and is projected to reach USD 1,377.8 million by 2030.
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Pet Insurance Market Scope
Pet Insurance Market Companies
| Name | Profile | # Employees | HQ | Website |
|---|
U.S. 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 86.19% in 2023. Horizon Databook has segmented the U.S. pet insurance market based on accident & illness, accident only covering the revenue growth of each sub-segment from 2018 to 2030.
The U.S. accounted for the largest share of the pet insurance market as of 2023. An increase in companion animal population and high per capita income are some of the factors driving the market. For instance, according to NAPHIA, in 2022, the number of pets insured in the U.S. increased by 22.1%. Moreover, dogs accounted for largest percentage of insured pets, with 80.1%, followed by cats with 19.9%.
Some of the key companies operating in this market are Trupanion, Nationwide Pet Insurance, Healthy Paws Pet Insurance Foundation, ASPCA Pet Health Insurance, Crum, Petplan Pet Insurance, and Forster Pet Insurance Group. The U.S. pet insurance companies focused on expanding their geographical presence. For instance, in May 2019, Trupanion launched its pet insurance products in Australia. This is the first time Trupanion entered the market outside of North America.
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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 country-level data and insights on the U.S. pet insurance market , including forecasts for subscribers. This country databook contains high-level insights into U.S. pet insurance market from 2018 to 2030, including revenue numbers, major trends, and company profiles.
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U.S. pet insurance market size, by coverage type, 2018-2030 (US$M)
U.S. Pet Insurance Market Outlook Share, 2023 & 2030 (US$M)
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