Pet Insurance Market to Grow $30.1b by 2028

According to Technavio’s latest report, the global pet insurance market is expected to have a compound annual growth rate of 34.51% until 2028. Additionally, it’s projected to grow by $30.1 billion from 2024 to 2028.

Estimates suggest there are over 500 million companion animals globally, and this number is only set to increase. Pet owners are now more eager than ever to obtain financial protection against unforeseen veterinary bills, especially in the accident and illness segment. The humanization of pets has led to a greater emphasis on their health and well – being, thereby fueling the demand for comprehensive health insurance coverage.

In developing economies, pet insurance schemes are becoming more popular as the cost of veterinary services continues to rise. These insurance plans cover various types of animals such as cats, dogs, horses, and even exotic animals.

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