The pet insurance market is undergoing a significant transformation driven by increased pet ownership, growing awareness of pet healthcare, and the rising costs of veterinary services. With pet owners viewing their animals as family members, the demand for reliable health insurance coverage for pets is rising sharply across the globe. Market players are capitalizing on this demand with tailored insurance products and international expansion strategies.
The global pet insurance market was valued at USD 6.05 billion in 2018 and is expected to grow to USD 18.11 billion by 2032, reflecting a compound annual growth rate (CAGR) of 8.1% over the forecast period.
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