U.S. Pet Insurance Market

U.S. Pet Insurance Market Size (2023 To 2028)

The size of the United States' pet insurance market is predicted to rise at a CAGR of 14% from 2023 to 2028. 

Pet insurance is an insurance policy bought up by the pet owner. It helps lessens the overall expenditure of expensive veterinary bills. All these schemes under pet insurance areas are similar to that of human medical insurance schemes. Pet insurances cover a part of or the entire coverage of bills under policies.

There are many driving factors for the growth of the pet insurance market, which are as below. The United States is considered a top country in pet adoption services. According to APCA reports (American society for the prevention of cruelty to animals), it is estimated that around 85.8 million cats and 78 Million dogs were owned in the United States. There are a majority of companies in the USA for pet food production and services. Medical policies for pets multi insurances were also included under company schemes to retain customers. This market's important factor for growth is the number of key players, around 12, currently operating in-country. Several private organizations offer pet adoption schemes and premium insurance policies; this will positively impact the market. The majority of companies are focused on providing services and concessions to withhold this market firmly. 

Along with market growth, few points held back market growth. It is observed that veterinary care is costly, and the bills were covered under the government's schemes. Lack of standardized pet health codes per reimbursement hampered market growth. Third, the lack of awareness of pet insurance in the North American region hampered market growth. Finally, lack of regulation on fraud in claiming insurance under pet policies is a negative factor that inhibited market growth. There should be stringent rules and regulations for claiming insurance under the schemes. 

COVID-19 impact on the Market:

Due to travel ban issues and lockdown regulations, the veterinary services were not as before, which has shown a significant impact on this market in the current scenario. The economic growth in the United States is expected to bounce back for the pet insurance market. Also, being the biggest market for pet insurance, the US is estimated to take the lowest hit due to businesses in the country. Low investments were observed during the COVID outbreak. For not only Humans but COVID has also been spread to pets. This insurance market is now at risk as the least economic situations are happening in the United States. Giant market players are also backed off for this market's investments and funds due to no proper business in recent times. Due to COVID, there is a drastic shift in the total economy towards the healthcare and medical sector for providing efficient medical services. However, the recovery process is to be determined and is expected to be set right within a duration of two or three months. 

Country-Level Analysis:

It is seen that most of the population in the United States is interested in pet adoption schemes, and hence it is reported that around 85.8 Million cats and 78 Million dogs were owned in the United States.

Trupanion Inc., FigoPet Insurance, ASPCA Pet Insurance, and Pet Plan Insurance are some companies playing a significant role in the U.S. Pet Insurance Market.