What is the market size of the pet insurance market | Key Players & Strategic Developments 2025

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Code: MTA11205

Publication Date: Nov 2025

What is the size of the Pet Insurance Market?

According to 6Wresearch internal database and industry insights, the Global Pet Insurance Market was valued at USD 3 Billion in 2024 and is expected to reach USD 4 Billion by 2031, growing at a compound annual growth rate of 5.90% during the forecast period (2025-2031).

The market is expanding due to growing demand for cost-effective veterinary care, rising pet ownership across households, increasing awareness regarding pet health management, expansion of companion animal healthcare services, rising veterinary treatment costs, increasing adoption of digital insurance platforms, and advancements in customized insurance policies.

Key Growth Drivers of the Pet Insurance Market

Rising pet ownership and humanization of companion animals
Growing awareness about pet health coverage
Expansion of digital claim management platforms
Higher demand for accident and illness coverage plans
Improvements in how vets diagnose and treat animals
More people are getting multi-pet insurance policies.

Pet Insurance Market Trends

Pet Insurance Market is witnessing notable growth with rising popularity of customizable and breed-specific insurance plans. Demand for wellness-based insurance packages is increasing as owners focus more on preventive care. Digital platforms offering instant policy issuance and automated claim processing are being widely adopted. The market is experiencing a shift toward subscription-based premium models. There is growing emphasis on transparent pricing and flexible policy structures.Insurance companies are adding telemedicine services so that people can talk to vets from a distance. Also, pet microchipping and health tracking devices that you can wear are changing the options for coverage.

Emerging Developments in the Pet Insurance Market

Pet Insurance Market is evolving with advancements in AI-enabled claim assessment tools that ensure faster approvals and reduced processing time. New developments include risk assessment models based on data that are meant to make premium rates more personal. Therefore, to improve their service networks, insurance companies are teaming up with pet wellness centers and veterinary clinics. More money is going into policies that cover genetic disorders and advanced treatments. Expanding mobile-based insurance apps is getting more people to use them. Insurance companies are looking into flexible extras for chronic illness care. Furthermore, integration of pet health analytics and real-time monitoring is emerging as a key development supporting market expansion.