United States Pet Insurance Market Research Report – Segmentation by Coverage Type (Accident-Only and Accident & Illness); By Animal (Dogs, Cats, and Others); By Insurance Provider (Public and Private): and Region; - Size, Share, Growth Analysis | Forecast (2024– 2030)

United States Pet Insurance Market Size (2024-2030)

The United States pet insurance market was valued at USD 3.5 billion and is projected to reach a market size of USD 9.89 billion by the end of 2030. Over the forecast period of 2024–2030, the market is projected to grow at a CAGR of 16%.

United States Pet Insurance Market

Pet insurance is a type of health plan that, if the pet becomes sick or hurt, pays for certain medical fees and prescription drugs. It can safeguard the money and guarantee that an individual can afford to take a pet to the clinic. Usually, pet insurance operates on a reimbursement model. This means that the individual needs to pay the veterinarian in full, file a claim with the insurance provider, and get paid back either by paper check or direct transfer. It may take many days, several weeks, or even a month to complete the review and approval procedure. In the past, this market had limited adoption in this area. This was because of the lack of awareness. Presently, the market has been experiencing rapid growth due to increased pet adoption and consumer knowledge. In the future, with regulatory considerations and personalized coverage options, immense expansion is anticipated. 

Key Market Insights:

5.36 million dogs were insured in the US in 2022, according to the North American Pet Health Insurance Association's (NAPHIA) 2023 State of the Industry Report.

Dogs make up 80.1% of insured pets, compared to cats' 19.9%.

For dogs, the average annual premium for accidents and illnesses is $640, or $53 per month.

For cats, the average annual premium for accidents and illnesses is $387, or $32 per month.

A 2024 MarketWatch study found that 28% of pet owners believe insurance is too expensive, and 34% of pet owners don't have it because they don't know much about it. To tackle this problem, it is important to spread awareness through campaigns and educational programs. Furthermore, companies are working towards providing affordable coverage options.

US Pet Insurance Market Drivers:

Increasing pet ownership has been boosting the market.

Over the years, a lot of families in America have started to adopt pets. This mainly includes cats and dogs. Animals provide a sense of companionship for people. Having a pet helps ease feelings of loss, despair, and loneliness. Besides, it can help control emotions, elevate moods, and lessen feelings of isolation. Moreover, hormones that decrease blood pressure and lessen stress are released when we pet a dog or cat. According to research, pets help the brain's oxytocin production return, which lowers stress levels. Furthermore, a few studies showed that having a pet improves a person's capacity to form good relationships with others and makes them more pleasant to be around. As such, many families and bachelors tend to adopt pets. This increases the demand for insurance to assure protection.

Rising veterinary costs have been facilitating the expansion.

The healthcare industry in the United States is a very expensive place when compared to other countries. Because of the growing demand for high-quality pet healthcare services, greater specialization in veterinary medicine, and developments in medical technology, the cost of veterinary treatment has been rising significantly. To control and partially offset these escalating veterinary costs, pet owners are increasingly turning to pet insurance. Pet owners can have peace of mind and financial stability when it comes to their pets' medical needs since pet insurance helps lessen the financial burden of unplanned accidents, diseases, and medical procedures.

Pet Insurance Market Restraints and Challenges:

Lack of awareness, associated costs, exclusion of certain conditions, and reimbursement complexities are the main issues that the market is currently facing.

One of the major barriers to the market is limited understanding. A lot of pet owners do not know the benefits of having insurance. This limits the adoption of these documents, hindering their growth. Secondly, many insurance policies are very expensive. This is difficult for people who have many pets and tight budgets. Despite the long-term advantages, the burden of paying the upfront price can be a hurdle. Thirdly, a lot of diseases are not covered by insurance. These can be rare conditions. However, if the pets have those conditions, the costs can be very high. A lot of owners might be unable to make the pet undergo the treatment due to this. Furthermore, the reimbursement is a long and tedious process, leading to frustration. Pet owners may become less likely to get or renew insurance if there are delays in processing claims or disagreements over coverage.

Pet Insurance Market Opportunities:

Targeted marketing campaigns can be done by partnering with veterinary clinics and hospitals. This helps a broader customer base understand the benefits provided by the insurance. Secondly, providing customized insurance coverage can be advantageous. Insurance companies can provide the owners with flexible conditions depending on their age, gender, and breed type. This helps in ensuring customer loyalty. Thirdly, expanding the product offerings provides numerous possibilities. This might include extra services like wellness programs that include regular checkups with the vet, preventive care, and even alternative therapies like chiropractic or acupuncture.




Market Size Available

2023 - 2030

Base Year


Forecast Period

2024 - 2030



Segments Covered

By Coverage Type, animal, insurance provider, and Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, DROC, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regional Scope


Key Companies Profiled

Nationwide Pet Insurance, Trupanion, ASPCA Pet Health Insurance, Embrace Pet Insurance, Healthy Paws Pet Insurance & Foundation, Lemonade Pet Insurance, Pets Best Insurance, PetFirst Pet Insurance, Figo Pet Insurance, Spot Pet Insurance

Pet Insurance Market Segmentation:

Pet Insurance Market Segmentation: By Coverage Type:

  • Accident-Only
  • Accident & Illness

The accident & illness segment is the largest and fastest-growing, with an approximate share of 85%. Pet accident and sickness insurance can assist in paying for veterinary treatment if the pet is hurt or becomes ill. It can assist with avoiding financial worries, particularly in the event of unplanned medical crises. Hospital stay operations, diagnostic tests, examination costs, and comprehensive treatment are all covered by standard pet insurance plans. When the pet is wounded, accident insurance can help take care of them without having to worry about the expense. It includes bite wounds, slashes, fractured bones, things ingested, and hazardous ingestions, among other injuries and emergency incidents. Infections, chronic illnesses like diabetes, joint disease, and even malignancies are among the medical disorders that are covered by accident and illness insurance.

Pet Insurance Market Segmentation: By Animal:

  • Dogs
  • Cats
  • Others

Dogs are the largest and fastest-growing animal type, with a share of around 60%. Because of their higher ownership rates and related healthcare expenditures, dogs often account for a larger portion of the pet insurance market. Dogs also often need more regular veterinary care, such as immunizations, routine checkups, and treatments for a range of illnesses, which raises the need for pet insurance coverage.

Pet Insurance Market Segmentation: By Insurance Provider:

  • Public
  • Private

The private segment is the largest growing. Private insurance providers have led the way in innovation and gained a sizable share of the market by providing a broad selection of coverage options, aggressive pricing, and attentive customer support. They frequently possess the adaptability to swiftly adjust to shifting market trends and customer preferences, which helps them to keep a competitive edge and spur development. The public category is the fastest-growing. A wider range of pet owners, including those with lower incomes or less access to private insurance choices, can obtain pet insurance due to public insurance programs or non-profit organizations that frequently place a high priority on accessibility and inclusion. Pet owners who might find it difficult to pay the premiums from private insurers might find pet insurance cheaper with the help of public insurance providers, which may provide subsidized or low-cost insurance solutions. Because of their cost, more dogs may be able to access basic medical treatment and preventative measures.

Pet Insurance Market Segmentation: Regional Analysis:

California has the largest growing market. Cities like San Francisco and Los Angeles are at the top. This is a result of advancements in technology, cutting-edge veterinary treatment, and services like telemedicine and computerized claims processing. Its tech-savvy and wealthy population places a high value on pet wellbeing, which fuels a strong demand for all-inclusive pet insurance. Veterinary clinics, pet-related companies, and advocacy groups in California contribute to the state's strong pet economy and solidify its status as a major market for pet insurance carriers looking for prospects for development and expansion. New York is the fastest-growing market. Cities like Manhattan, Brooklyn, and Queens are at the forefront. New York provides an environment that is conducive to innovation and cooperation in the pet insurance sector because it concentrates on insurance firms, financial institutions, and tech startups. Pet owners in New York place a high value on providing their pets with complete healthcare coverage, which fuels the market for insurance packages that provide a variety of features and advantages.

COVID-19 Impact Analysis on the United States Pet Insurance Market:

The outbreak of the virus had a mixed impact on the market. Among the new norms were social isolation, movement restrictions, and lockdowns. To contain the illness, all businesses and companies were instructed to close. This resulted in the suspension of activities, creating disruptions. Remote work was prioritized to stop the virus from spreading. Because the economy was so unpredictable, layoffs were frequent. Numerous people experienced job losses. This caused delays in collaborations and launches. However, on the other hand, a lot of people adopted pets during the pandemic to avoid loneliness and boredom. The coronavirus was affecting the animals as well. This led to a greater number of people getting pet insurance. There was a lot of awareness about pet healthcare. The industry's total in-force premiums in North America were estimated by NAPHIA to have reached USD 2.84 billion during the latter half of the pandemic, which was a rise of more than 30.5%. Post-pandemic, the market has continued to grow. The upliftment of rules and relaxation of regulations have helped with normal functioning.

Latest Trends/ Developments:

Pet owners may effortlessly manage their plans from their smartphones or tablets with the help of mobile applications offered by many pet insurance firms. Users may read policy details, file claims, follow the progress of claims, access pet health records, and speak with customer support agents using these applications. Pet insurance companies are adding telemedicine platforms to their portfolios as a result of the growing use of telemedicine in veterinary treatment. These platforms facilitate remote consultations between pet owners and licensed veterinarians using chat, video calls, or phone conversations. This eliminates the need for in-person visits and provides pet owners with fast access to expert guidance.

Key Players:

  1. Nationwide Pet Insurance
  2. Trupanion
  3. ASPCA Pet Health Insurance
  4. Embrace Pet Insurance
  5. Healthy Paws Pet Insurance & Foundation
  6. Lemonade Pet Insurance
  7. Pets Best Insurance
  8. PetFirst Pet Insurance
  9. Figo Pet Insurance
  10. Spot Pet Insurance

In February 2024, Tigerless Insurance, a US-based direct-to-consumer Insurtech firm, and Odie Pet Insurance, a full-service pet health insurance provider renowned for its B2B tech-enabled platform and customization, announced a new partnership. Through this collaborative alliance, pet insurance will become more widely available to foreign residents of the United States.

In January 2024, with the launch of a new customizable pet health insurance offering that is currently available on, leading pet insurer Nationwide® and Petco Health and Wellness Company, Inc. are fulfilling their joint commitment to provide accessible and integrated pet health, wellness, and protection solutions.

In April 2023, the company Pet InsurTech Kanguro, which aims to transform the pet insurance industry, formally introduced its pet health insurance products.  Kanguro claims to be the first InsurTech company to provide a fully digital, 100% multilingual (Spanish and English) end-to-end client experience. The company's goal is to give Spanish-speaking Americans a more contemporary insurance experience. Pet insurance in the US is about to undergo modernization because of Kanguro Insurance's emphasis on digital innovation and bilingual customer care.

Chapter 1. United States Pet Insurance Market– Scope & Methodology

   1.1. Market Segmentation

   1.2. Scope, Assumptions & Limitations

   1.3. Research Methodology

   1.4. Primary Sources

   1.5. Secondary Sources

 Chapter 2. United States Pet Insurance Market – Executive Summary

   2.1. Market Size & Forecast – (2024 – 2030) ($M/$Bn)

   2.2. Key Trends & Insights

   2.2.1. Demand Side

   2.2.2. Supply Side

   2.3. Attractive Investment Propositions

   2.4. COVID-19 Impact Analysis

 Chapter 3.  United States Pet Insurance Market– Competition Scenario

   3.1. Market Share Analysis & Company Benchmarking

   3.2. Competitive Strategy & Development Scenario

   3.3. Competitive Pricing Analysis

   3.4. Supplier-Distributor Analysis

 Chapter 4. United States Pet Insurance Market - Entry Scenario

    4.1. Regulatory Scenario

    4.2. Case Studies – Key Start-ups

    4.3. Customer Analysis

    4.5. PESTLE Analysis

    4.4. Porters Five Force Model

               4.4.1. Bargaining Power of Suppliers

               4.4.2. Bargaining Powers of Customers

               4.4.3. Threat of New Entrants

               4.4.4. Rivalry among Existing Players

                4.4.5. Threat of Substitutes

 Chapter 5. United States Pet Insurance Market- Landscape

  5.1. Value Chain Analysis – Key Stakeholders Impact Analysis

  5.2. Market Drivers

  5.3. Market Restraints/Challenges

  5.4. Market Opportunities

 Chapter 6. United States Pet Insurance Market– By  Coverage Type

6.1.  Introduction/Key Findings   

6.2. Accident-Only

6.3. Accident & Illness

6.4. Y-O-Y Growth trend Analysis By  Coverage Type

6.5. Absolute $ Opportunity Analysis By  Coverage Type  , 2024-2030

Chapter 7. United States Pet Insurance Market– By Animal

7.1. Introduction/Key Findings   

7.2. Dogs

7.3. Cats

7.4. Others

7.5. Y-O-Y Growth trend Analysis By Animal

7.6. Absolute $ Opportunity Analysis By Animal , 2024-2030

Chapter 8. United States Pet Insurance Market– By Insurance Provider

8.1. Introduction/Key Findings   

8.2. Public

8.3. Private

8.4. Y-O-Y Growth trend Analysis By Insurance Provider

8.5. Absolute $ Opportunity Analysis By Insurance Provider, 2024-2030

Chapter 9. United States Pet Insurance Market, By Geography – Market Size, Forecast, Trends & Insights

9.1. U.S.A

                                9.1.1. By Country


                                9.1.2. By  Coverage Type

                          9.1.3. By Distribution Channel

                          9.1.4. Insurance Provider

         9.1.4. Countries & Segments - Market Attractiveness Analysis

Chapter 10. United States Pet Insurance Market– Company Profiles – (Overview, Coverage Type Portfolio, Financials, Strategies & Developments)

10.1. Nationwide Pet Insurance

10.2. Trupanion

10.3. ASPCA Pet Health Insurance

10.4. Embrace Pet Insurance

10.5. Healthy Paws Pet Insurance & Foundation

10.5. Lemonade Pet Insurance

10.6. Pets Best Insurance

10.7. PetFirst Pet Insurance

10.8. Figo Pet Insurance

10.9. Spot Pet Insurance


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Frequently Asked Questions

The United States pet insurance market was valued at USD 3.5 billion and is projected to reach a market size of USD 9.89 billion by the end of 2030. Over the forecast period of 2024–2030, the market is projected to grow at a CAGR of 16%. 

Increasing pet ownership and rising veterinary costs are the main factors propelling the United States pet insurance market.

Based on insurance providers, the United States pet insurance market is segmented into public and private.

California is the most dominant region for the United States pet insurance market

Nationwide Pet Insurance, Trupanion, and ASPCA Pet Health Insurance are the key players operating in the United States pet insurance market

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