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Pet Insurance in the US - Market Research Report (2014-2029)

Brendan McErlaine Brendan McErlaine New York, United States Last Updated: October 2024 NAICS OD4612

Revenue

$4.4bn

2024

$4.4bn

Past 5-Year Growth

Profit

$XXX.Xm

Employees

5,093

Businesses

29

Wages

$XXX.Xm

Pet Insurance in the US industry analysis

The industry has experienced significant growth over the past few years, driven primarily by a substantial rise in pet ownership. As more people consider their pets to be part of the family, expenditures on pet care have surged, including a noticeable uptick in demand for pet insurance. Contributing to this increase is an expanding economy that has raised per capita disposable income, enabling pet owners to invest more in both emergency coverage and routine veterinary services. Plus, the humanization of pets has heightened consumer expectations for comprehensive insurance policies that cover a wide range of healthcare needs. This evolving landscape has created promising opportunities for insurance providers eager to tap into the burgeoning pet care market.

Trends and Insights

  • The surge in pet ownership is driving growth among pet insurance companies. With pets now considered family members, owners increasingly invest in comprehensive insurance policies to ensure their furry friend's well-being.
  • Accident and illness insurance policies for pets are the go-to choice among cat and dog owners looking for comprehensive care. These policies cover a wide range of veterinary needs, from injuries to chronic conditions, making them a safety net for unexpected health issues.
  • The distribution of the industry's establishments is largely determined by population trends. Larger and more populated states tend to have more providers than smaller counterparts.
  • Price represents the primary competitive base. The value perceptions of consumers and businesses depends on rates, so insurers need to deliver added value by providing products that meet individual risk needs and circumstances for consumers.

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  • Market estimates from 2014-2029
  • Critical performance data and rankings
  • Detailed analysis of competitive forces and the external environment
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Industry Statistics and Trends

Market size and recent performance (2014-2029)

Industry revenue has grown at a CAGR of 18.7 % over the past five years, to reach an estimated $4.4bn in 2024.

Trends and Insights

Increasing pet ownership is fueling pet insurance growth

  • During the current period, there's been a notable climb in pet ownership, which is a primary driver for providers. This has been spurred on by long-term growth in per capita disposable income due to an expanding economy. As more people have acquired pets, there's been a greater demand for pet care, including emergency insurance and routine health check-ups.
  • Additional trends and insights available with purchase
Pet Insurance in the US
Revenue (2014-2029)
IBISWorld Logo Source: IBISWorld

Industry outlook (2024-2029)

Market size is projected to grow over the next five years.

Trends and Insights

Market saturation is set to fall

  • Over the past few decades, demand for pet insurance surged as rising per capita disposable income enabled households to purchase more healthcare products for their companions. The reason revenue growth was so rapid was that very few customers had pet insurance beforehand, so the industry was able to take advantage of new markets.

Biggest companies in the Pet Insurance in the US

Company
Market Share (%)
2024
Revenue ($m)
2024
Profit ($m)
2024
Profit Margin (%)
2024
Trupanion, Inc.
1,306.4
97.5
7.5
Nationwide Pet Insurance
527.4
15.9
3.0
Fetch! Pet Care, Inc.
273.0
20.0
7.3

To view the market share and analysis for all 5 top companies in this industry, view purchase options.

Products & Services Segmentation

Pet Insurance in the US
Products & Services
IBISWorld Logo Source: IBISWorld

Industry revenue is measured across several distinct product and services lines, including Accident and illness insurance policies for cats, Accident insurance policies for cats and Accident and illness insurance policies for dogs. Accident and illness insurance policies for cats is the largest segment of the Pet Insurance in the US.

Trends and Insights

Accident and illness insurance policies for cats and dogs are the most popular product

  • Accident and illness insurance policies for cats and dogs cover unexpected accidents and illnesses that may require veterinary care. These policies typically cover treatments for injuries, diseases, chronic conditions and diagnostic tests and medications.
  • More insights available in the full report

Table of Contents

About this industry

Industry definition

The Pet Insurance industry encompasses companies that provide insurance policies to cover veterinary costs for pets, including dogs, cats and other animals. These policies help pet owners manage unexpected accidents, illnesses and routine care expenses.

What's included in this industry?

Underwriting accident and illness pet insurance policiesUnderwriting accident only pet insurance policies

Companies

Trupanion, Inc.Nationwide Pet InsuranceFetch! Pet Care, Inc.

Purchase this report to view all 5 major companies in this industry.

Related Terms

LOSS RATIOCLAIMUNDERWRITING

Industry Code

NAICS 2017

NAICS 52411 - Pet Insurance in the US

Performance

Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.

Analyst insights

The surge in pet ownership is driving growth among pet insurance companies. With pets now considered family members, owners increasingly invest in comprehensive insurance pol...

In this chapter (4)

  • Current Performance
  • Outlook
  • Volatility
  • Life Cycle

Key metrics

  • Annual Revenue, Recent Growth, Forecast, Revenue Volatility
  • Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
  • Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
  • Total Profit, Profit Margin, Profit per Business

Charts

  • Revenue, including historical (2014-2023) and forecast (2024-2029)
  • Employees, including historical (2014-2023) and forecast (2024-2029)
  • Businesses, including historical (2014-2023) and forecast (2024-2029)
  • Profit, including historical (2014-2024)
  • Industry Volatility vs. Revenue Growth
  • Industry Life Cycle

Detailed analysis

  • Trends in supply, demand and current events that are driving current industry performance
  • Expected trends, economic factors and ongoing events that drive the industry's outlook
  • Key success factors for businesses to overcome volatility
  • How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.

Products and Markets

Learn about an industry's products and services, markets and trends in international trade.

Analyst insight

Accident and illness insurance policies for pets are the go-to choice among cat and dog owners looking for comprehensive care. These policies cover a wide range of veterinary...

In this chapter

  • Products & Services
  • Major Markets

Key metrics

  • Largest market segment and value in 2024
  • Product innovation level

Charts

  • Products & services segmentation in 2024
  • Major market segmentation in 2024

Detailed analysis

  • Trends impacting the recent performance of the industry's various segments
  • Innovations in the industry's product or service offering, specialization or delivery method
  • Key factors that successful businesses consider in their offerings
  • Buying segments and key trends influencing demand for industry products and services

Geographic Breakdown

Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.

Analyst insights

The distribution of the industry's establishments is largely determined by population trends. Larger and more populated states tend to have more providers than smaller counte...

In this chapter (1)

  • Business Locations

Charts

  • Share of revenue, establishment, wages and employment in each state
  • Share of population compared to establishments in each region in 2024

Tables

  • Number and share of establishments in each state in 2024
  • Number and share of revenue each state accounts for in 2024
  • Number and share of wages each state accounts for in 2024
  • Number and share of employees in each state in 2024

Detailed analysis

  • Geographic spread of the industry across North America, and trends associated with changes in the business landscape
  • Key success factors for businesses to use location to their advantage

Competitive Forces

Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.

Analyst insights

Price represents the primary competitive base. The value perceptions of consumers and businesses depends on rates, so insurers need to deliver added value by providing produc...

In this chapter (4)

  • Concentration
  • Barriers to Entry
  • Substitutes
  • Buyer & Supplier Analysis

Key metrics

  • Industry concentration level
  • Industry competition level and trend
  • Barriers to entry level and trend
  • Substitutes level and trend
  • Buyer power level and trend
  • Supplier power level and trend

Charts

  • Market share concentration among the top 4 suppliers from 2019-2024
  • Supply chain including upstream supplying industries and downstream buying industries, flow chart

Detailed analysis

  • Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
  • Key success factors for businesses to manage the competitive environment of the industry.
  • Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
  • Key success factors for potential entrants to overcome barriers to entry.
  • Competitive threats from potential substitutes for the industry’s own products and services.
  • Key success factors for how successful businesses can compete with substitutes.
  • Advantages that buyers have to keep favorable purchasing conditions.
  • Advantages that suppliers have to maintain favorable selling conditions.
  • Key success factors for how businesses can navigate buyer and supplier power.

Companies

Learn about the performance of the top companies in the industry.

Analyst insights

Trupanion is the largest pet insurer. The company accounts for nearly a quarter of the industry's total revenue and leverages its solid flow of capital to ensure it can manag...

In this chapter

  • Market Share Concentration
  • Companies
  • Company Spotlights

Charts

  • Industry market share by company in 2020 through 2024
  • Major companies in the industry, including market share, revenue, profit and profit margin in 2024
  • Overview of Trupanion, Inc.'s performance by revenue, market share and profit margin from 2018 through 2024
  • Overview of Nationwide Pet Insurance's performance by revenue, market share and profit margin from 2018 through 2024
  • Overview of Fetch! Pet Care, Inc.'s performance by revenue, market share and profit margin from 2018 through 2024
  • Overview of revenue, market share and profit margin trend for 2 additional companies

Detailed analysis

  • Description and key data for Trupanion, Inc., and factors influencing its performance in the industry
  • Description and key data for Nationwide Pet Insurance, and factors influencing its performance in the industry
  • Description and key data for Fetch! Pet Care, Inc., and factors influencing its performance in the industry
  • Description, key data and performance trends for 2 additional companies

External Environment

Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.   

Analyst insights

The industry is regulated by several organizations. The regulations aim to promote competitive markets, fair and equitable treatment of insurance consumers and supporting and...

In this chapter

  • External Drivers
  • Regulation & Policy
  • Assistance

Key metrics

  • Regulation & policy level and trend
  • Assistance level and trend

Charts

  • Regulation & Policy historical data and forecast (2014-2029) 
  • Assistance historical data and forecast (2014-2029) 

Detailed analysis

  • Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
  • Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
  • Key governmental and non-governmental groups or policies that may provide some relief for industry operators.

Financial Benchmarks

View average costs for industry operators and compare financial data against an industry's financial benchmarks over time. 

Analyst insights

Profit for insurers is inching upward as interest rates rise. Since the end of the pandemic, increased rates have boosted interest income, enabling profit's revenue share to ...

In this chapter

  • Cost Structure
  • Financial Ratios
  • Key Ratios

Key metrics

  • Profit margin, and how it compares to the sector-wide margin
  • Average wages, and how it compares to the sector-wide average wage
  • Largest cost component as a percentage of revenue
  • Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio

Charts

  • Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
  • Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2024
  • Investment vs. share of economy

Data tables

  • Industry Multiples (2017-2022)
  • Industry Tax Structure (2017-2022)
  • Income Statement (2017-2022)
  • Balance Sheet (2017-2022)
  • Liquidity Ratios (2017-2022)
  • Coverage Ratios (2017-2022)
  • Leverage Ratios  (2017-2022)
  • Operating Ratios (2017-2022)
  • Cash Flow & Debt Service Ratios (2014-2029)
  • Revenue per Employee (2014-2029)
  • Revenue per Enterprise (2014-2029)
  • Employees per Establishment (2014-2029)
  • Employees per Enterprise (2014-2029)
  • Average Wage (2014-2029)
  • Wages/Revenue (2014-2029)
  • Establishments per Enterprise (2014-2029)
  • IVA/Revenue (2014-2029)
  • Imports/Demand (2014-2029)
  • Exports/Revenue (2014-2029)

Detailed analysis

  • Trends in the cost component for industry operators and their impact on industry costs and profitability 

Key Statistics

Industry Data

Data Tables

Including values and annual change:

  • Revenue (2014-2029)
  • IVA (2014-2029)
  • Establishments (2014-2029)
  • Enterprises (2014-2029)
  • Employment (2014-2029)
  • Exports (2014-2029)
  • Imports (2014-2029)
  • Wages (2014-2029)

Top Questions Answered

Unlock comprehensive answers and precise data upon purchase. View purchase options.

What is the market size of the Pet Insurance in the US industry in United States in 2024?

The market size of the Pet Insurance in the US industry in United States is $4.4bn in 2024.

How many businesses are there in the Pet Insurance in the US industry in 2024?

There are 29 businesses in the Pet Insurance in the US industry in United States, which has grown at a CAGR of 8.8 % between 2019 and 2024.

Has the Pet Insurance in the US industry in United States grown or declined over the past 5 years?

The market size of the Pet Insurance in the US industry in United States has been growing at a CAGR of 18.7 % between 2019 and 2024.

What is the forecast growth of the Pet Insurance in the US industry in United States over the next 5 years?

Over the next five years, the Pet Insurance in the US industry in United States is expected to grow.

What are the biggest companies in the Pet Insurance in the US market in United States?

The biggest companies operating in the Pet Insurance market in United States are Trupanion, Inc., Nationwide Pet Insurance and Fetch! Pet Care, Inc.

What does the Pet Insurance in the US in United States include?

Underwriting accident and illness pet insurance policies and Underwriting accident only pet insurance policies are part of the Pet Insurance in the US industry.

Which companies have the highest market share in the Pet Insurance in the US in United States?

The company holding the most market share in United States is Trupanion, Inc..

How competitive is the Pet Insurance in the US industry in United States?

The level of competition is high and decreasing in the Pet Insurance in the US industry in United States.

Related Industries

Widen you competitive advantage with related industries

Competitors

  • Homeowners' Insurance in the US

Complementors

  • Pet Stores in the US
  • Health & Medical Insurance in the US
  • Veterinary Services in the US
  • Pet Grooming & Boarding in the US

International industries

  • Global Direct General Insurance Carriers
  • Property, Casualty and Direct Insurance in Canada
  • General Insurance in Australia
  • General Insurance in New Zealand
  • General Insurance in the UK

View all industries in United States

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Key data sources in the US include: 

  • US Census Bureau
  • US Bureau of Labor Statistics
  • US International Trade Commission

Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.

These sources include:

  • Industry and trade associations
  • Industry federations or regulators
  • Major industry players annual or quarterly filings

Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.

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