New York, United States , Aug. 22, 2024 (GLOBE NEWSWIRE) -- The Global Travel Medical Insurance Market Size is Expected to Hold a Significant Share by 2033, at 12.6% CAGR from 2023 to 2033.
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Travel medical insurance is a specialized insurance plan that provides coverage for medical expenses and health-related issues encountered while traveling. Travel medical insurance typically includes benefits for emergency medical treatment, hospitalization, and sometimes additional services such as emergency evacuation and repatriation. The travel medical insurance market is being driven by a variety of factors, including more worldwide travel, growing healthcare expenses, and increased knowledge of medical hazards connected with travel. Global health concerns and shifting travel preferences, such as longer and more adventurous vacations, further boost demand. However, limited awareness of the benefits and current coverage through credit cards or other insurance plans might reduce demand.
Browse key industry insights spread across 230 pages with 112 Market data tables and figures & charts from the report on the "Global Travel Medical Insurance Market Size, Share, and COVID-19 Impact Analysis, By Type (Single-Trip Travel Insurance, Multi-Trip Travel Insurance, Student travel insurance, Others), By Distribution Channel (Insurance Companies, Insurance Brokers, Banks, Travel Agencies, Others), By Application (International Travel, Domestic Travel, High-Risk Travel, Business Travel), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The single-trip travel insurance segment is predicted to hold the largest market share through the forecast period.
Based on the type, the travel medical insurance market is classified into single-trip travel insurance, multi-trip travel insurance, student travel insurance, and others. Among these, the single-trip travel insurance segment is predicted to hold the largest market share through the forecast period. This dominance is due to its widespread adoption among travelers who desire coverage for individual, one-time trips rather than committing to multi-trip plans. Single-trip insurance is simple and personalized for individual visits, making it a popular choice for casual travelers, whether for leisure or business.
The insurance companies segment is anticipated to hold the highest market share during the projected timeframe.
Based on the distribution channel, the travel medical insurance market is divided into insurance companies, insurance brokers, banks, travel agencies, and others. Among these, the insurance companies segment is anticipated to hold the highest market share during the projected timeframe. The insurance companies segment is attributable because insurance companies are the key entity responsible for underwriting, managing, and providing travel medical insurance policies.
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North America is estimated to hold the largest share of the travel medical insurance market over the forecast period.
North America is estimated to hold the largest share of the travel medical insurance market over the forecast period. The region's high number of international and domestic travel, combined with its high healthcare expenditures, fuels the demand for travel medical insurance. Furthermore, a solid knowledge of the benefits of travel insurance, as well as high discretionary incomes, contribute to its large market share.
Asia Pacific is predicted to have the highest CAGR growth in the travel medical insurance market over the forecast period. The region's rapid economic development, growing middle-class population, and rising disposable incomes all contribute to an increase in domestic and international travel, which drives demand for travel medical insurance. Growing awareness of the significance of travel medical insurance, as well as expanding travel infrastructure, promotes market growth.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major key players in the travel medical insurance market include Care Insurance, AwayCare, Bajaj Allianz Travel Insurance, Gerry's Visa, TME TRAVEL INSURANCE, Razi Insurance Company, INF, Easy Insurance India, Just Travel Cover, National Insurance Travel Insurance, BSI Insurance Broker Ltd., New India Assurance Travel Insurance, Medical Travel Compared Limited, Europ Assistance South Africa, and Others.
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Recent Developments
- In June 2024, Collinson, a global leader in the travel experience and loyalty programs, announced a partnership with World Nomads, a global travel insurance provider, which include the launch of a new Annual Multi-Trip (AMT) product in the UK and Ireland.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2023 to 2033. Spherical Insights has segmented the travel medical insurance market based on the below-mentioned segments:
Global Travel Medical Insurance Market, By Type
- Single-Trip Travel Insurance
- Multi-Trip Travel Insurance
- Student travel insurance
- Others
Global Travel Medical Insurance Market, By Distribution Channel
- Insurance Companies
- Insurance Brokers
- Banks
- Travel Agencies
- Others
Global Travel Medical Insurance Market, By Application
- International Travel
- Domestic Travel
- High-Risk Travel
- Business Travel
Global Travel Medical Insurance Market, By Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of the Middle East & Africa
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