Pet insurance market on the road to $27b market value by 2032

APAC accounted for 11% of the global market in 2024.

The global pet insurance market is forecasted to reach a compound annual growth rate of 11.41% through 2032, according to Credence Research.

The market’s value is estimated at $27b by 2032, driven by rising veterinary costs, higher pet humanisation, and strong demand for comprehensive illnesses and accidents policies, which held about 71% share in 2024.

North America led the market with about 52% share in 2024, followed by Europe at nearly 31%, Asia Pacific at 11%, Latin America at 4%, and Middle East & Africa at 2%, reflecting strong uptake in mature regions and rising opportunities in emerging markets.

Digital claim systems, tele-vet integration, and wellness-based products shaped major trends, whilst flexible coverage for dogs—representing nearly 78% share—supported sustained expansion.

Competition intensified as major insurers improved automation, pricing models, and partnerships with veterinary clinics, although high claim ratios and limited awareness in developing regions remained restraints.