APAC pet insurance market to grow 14.6% through 2033

Japan, for example, has seen a 30% rise in pet adoption since 2020.

Asia-Pacific’s pet insurance market is projected to grow from 2024’s $4.31b to $20.35b in 2033, according to Market Data Forecast’s report.

This is equivalent to a compound annual growth rate of 14.6% for the period.

Growth is being driven by rising veterinary costs, greater pet wellness awareness, and adoption of digital platforms. 

In Australia, treating a dog with cancer costs over $5,000, whilst over 40% of urban pet owners now prefer subscription-based plans with telehealth.

Japan has seen a 30% rise in adoption since 2020 due to wellness campaigns and insurer–veterinarian social media collaborations. 

However, uptake in rural areas remains low, with many relying on traditional remedies and citing affordability issues. 

In rural India, only 10% of pet owners have access to affordable coverage.

Emerging markets such as India, Indonesia, and Vietnam are showing strong potential, the report said.