According to a research report published by Spherical Insights & Consulting, the Global Travel Medical Insurance Market Size is Expected to Hold a Significant Share by 2033, at 12.6% CAGR from 2023 to 2033.

Comprehensive historical analysis of global market for Travel Medical Insurance Market has thoroughly analyzed in this report. It offers data and insights from 2019-2022, and provides extensive market forecasts from 2023-2033 by region/country and subsectors. It covers the price, sales volume, revenue, historical growth, gross margin, and future outlooks for the Global Travel Medical Insurance Market.

Get a Sample PDF Brochure: https://www.sphericalinsights.com/request-sample/5608

Market Overview

A specific type of insurance plan that covers medical costs and health-related problems that may arise while traveling is called travel medical insurance. Emergency medical care, hospital stays, and occasionally other services like emergency evacuation and repatriation are covered under travel medical insurance. A number of factors, such as increased international travel, rising healthcare costs, and growing awareness of the medical risks associated with travel, are propelling the market for travel medical insurance.

Demand is further increased by changing travel preferences, such as longer and more adventurous trips, and global health concerns. Demand may be decreased, though, if consumers are not fully aware of the advantages and existing coverage offered by credit cards or other insurance policies.

The global travel medical insurance market is witnessing robust growth

• The rising number of international travelers, students, and digital nomads

• Increasing demand for comprehensive and flexible travel insurance coverage, especially post-pandemic

• Technological innovations in digital policy issuance, telemedicine services, and AI-powered claims processing

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

Over the course of the projection period, the single-trip travel insurance sector is anticipated to maintain the greatest market share.

The market for travel medical insurance is categorized by kind, including student travel insurance, multi-trip travel insurance, and single-trip travel insurance. Over the course of the forecast period, the single-trip travel insurance segment is anticipated to hold the greatest market share among these. Its popularity among travelers who prefer coverage for single, one-time journeys over multi-trip plans is the reason for its domination. Single-trip insurance is a popular option for casual travelers, whether on business or vacation, because it is easy to use and customized for particular trips.

Over the forecast period, the insurance firms category is expected to have the largest market share.

The market for travel medical insurance is separated into banks, insurance brokers, travel agencies, insurance firms, and others based on the distribution channel. The insurance firms sector is expected to have the largest market share among these over the forecast period. Because insurance firms are the primary organization in charge of underwriting, overseeing, and offering travel medical insurance policies, the insurance companies section can be attributed to them.

Buy Now: https://www.sphericalinsights.com/checkout/5608

Over the course of the forecast period, North America is anticipated to hold the greatest share of the travel medical insurance market.

Over the course of the forecast period, North America is anticipated to hold the greatest share of the travel medical insurance market. The demand for travel medical insurance is fueled by the region’s high rates of both domestic and international travel as well as its high healthcare costs. Additionally, its significant market share is a result of both high discretionary incomes and a thorough understanding of the advantages of travel insurance.

Over the course of the forecast period, the travel medical insurance market is expected to develop at the greatest CAGR in Asia Pacific. The demand for travel medical insurance is fueled by the region’s fast economic development, expanding middle class, and rising disposable incomes, all of which increase both domestic and international travel. The market is growing as a result of growing infrastructure for travel and growing awareness of the importance of travel medical insurance.

Leading players of Travel Medical Insurance Market including:

• 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

• Others

Market Challenges: Travel Medical Insurance Market

High Policy Premiums for Pre-Existing Conditions

>>Travelers disclosing pre-existing health issues often face steep premium hikes sometimes over 1,000% which can deter purchase or push customers toward inadequate or uninsured alternatives

Lack of Consumer Awareness and Misunderstanding of Coverage

>>Many travelers misunderstand policy details and exclusions, which leads to dissatisfaction and lack of trust when claims are denied. Clarity around coverage terms remains a significant barrier.

Volatility in Travel Patterns Due to Global Disruptions

>>Geopolitical events, natural disasters, or health crises result in trip cancellations or suspensions-impacting claim frequency and affecting insurer profitability.

Regulatory Complexities in Cross-Border Coverage

>>Cross-border underwriting involves navigating multiple data protection regimes, immigration-specific mandates (e.g. visa health coverage in Schengen), and compliance layers, complicating policy issuance and claims handling.

Rise in Fraudulent Claims and Benefit Abuse

>>Particularly in Asia-Pacific, AI-generated falsifications and fraudulent claims have increased, raising investigation cycles and operational costs even as insurers adopt AI-based detection tools.

Distribution Channel Fragmentation

>>While online aggregators, intermediaries, and embedded insurance platforms are expanding reach, they also fragment the customer journey and make consistent customer experience difficult to manage across channels.

Research Objectives: Travel Medical Insurance Market

To Analyze Market Size and Growth Trends

>>Assess the current market valuation and project future growth, identifying key drivers contributing to market expansion across global regions.

To Identify Key Market Segments by Policy Type, Distribution Channel, and End User

>>Segment the market by insurance type (single trip, annual multi-trip, long stay), distribution mode (insurance companies, brokers, online aggregators), and customer group (individuals, corporates, students, seniors, etc.).

To Evaluate the Impact of Technological Innovations on the Insurance Experience

>>Examine how digital platforms, AI-based underwriting, telemedicine integration, and blockchain claims processing are enhancing customer engagement and reducing operational costs.

To Understand Consumer Behavior and Purchasing Trends

>>Explore consumer awareness, preferences, and decision-making patterns regarding travel medical insurance, especially post-COVID-19 and amid global travel uncertainties.

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

Regional Segment Analysis of the Global Travel Medical Insurance Market

• North America (U.S., Canada, Mexico)

• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)

• Asia-Pacific (China, Japan, India, Rest of APAC)

• South America (Brazil and the Rest of South America)

• The Middle East and Africa (UAE, South Africa, Rest of MEA)

What’s covered in the report?

1. Overview of the Travel Medical Insurance Market.

2. The current and forecasted regional (North America, Europe, Asia-Pacific, Latin America, the Middle East and Africa) market size data for the Travel Medical Insurance Market, based on segment.

3 Travel Medical Insurance Market trends.

4. Travel Medical Insurance Market drivers.

5. Analysis of major company profiles.

PESTLE Analysis: Travel Medical Insurance Market

 Political Factors

Government travel policies and healthcare mandates

>>Many countries now require proof of travel medical insurance for visa approval, especially in the Schengen area, UAE, and parts of Asia. This drives demand but also adds pressure on insurers to align with local healthcare frameworks.

 Economic Factors

Fluctuating exchange rates and inflation

>>Currency volatility affects claim reimbursements across borders. Insurers often need to adjust pricing for global consistency.

 Social Factors

Rising health awareness among travelers

>>Travelers are increasingly aware of the health risks associated with international trips, especially post-pandemic.

 Technological Factors

Digitalization and mobile platforms

>>The availability of app-based policy purchases, digital claim submissions, and telehealth integration makes travel medical insurance more accessible and efficient.

 Legal Factors

Cross-border compliance and consumer protection laws

>>Different countries have unique rules on healthcare, insurance disclosures, and data privacy, making global policy standardization difficult.

 Environmental Factors

Climate change and natural disasters

>>Frequent natural calamities like floods, storms, and wildfires increase claims and impact travel safety raising insurer liabilities.

Table of Content (TOC)

• Introduction

1. Objectives of the Study

2. Market Definition

3. Research Scope

• Research Methodology and Assumptions

• Executive Summary

• Premium Insights

1. Porter’s Five Forces Analysis

2. Value Chain Analysis

3. Top Investment Pockets

1. Market Attractiveness Analysis By Product Type

2. Market Attractiveness Analysis By Type

3. Market Attractiveness Analysis By Segment Type

4. Market Attractiveness Analysis By Region

4. Industry Trends

• Market Dynamics

1. Market Evaluation

2. Drivers

1. Increasing development in sector

3. Restraints

4. Opportunities

5. Challenges

• Global Travel Medical Insurance Market Analysis and Projection, By Product Type

• Global Travel Medical Insurance Market Analysis and Projection, By Type

• Global Travel Medical Insurance Market Analysis and Projection, By Segment Type

• Global Travel Medical Insurance Market Analysis and Projection, By Regional Analysis

1. Segment Overview

2. North America

1. U.S.

2. Canada

3. Mexico

3. Europe

1. Germany

2. France

3. U.K.

4. Italy

5. Spain

4. Asia-Pacific

1. Japan

2. China

3. India

5. South America

1. Brazil

6. Middle East and Africa

1. UAE

2. South Africa

• Global Travel Medical Insurance Market-Competitive Landscape

1. Overview

2. Market Share of Key Players in the Global Travel Medical Insurance Market

1. Global Company Market Share

2. North America Company Market Share

3. Europe Company Market Share

4. APAC Company Market Share

3. Competitive Situations and Trends

1. Coverage Launches and Developments

2. Partnerships, Collaborations, and Agreements

3. Mergers & Acquisitions

4. Expansions

• Company Profiles

1. Company1

1. Business Overview

2. Company Snapshot

3. Company Market Share Analysis

4. Company Coverage Portfolio

5. Recent Developments

6. SWOT Analysis

2. Company2

1. Business Overview

2. Company Snapshot

3. Company Market Share Analysis

4. Company Coverage Portfolio

5. Recent Developments

6. SWOT Analysis

3. Company3

1. Business Overview

2. Company Snapshot

3. Company Market Share Analysis

4. Company Coverage Portfolio

5. Recent Developments

6. SWOT Analysis

Industry Related Reports

Global Labor Legal Advisory Services Market Size

https://www.sphericalinsights.com/reports/labor-legal-advisory-services-market

Global Consumer Automotive Financial Services Market Size

https://www.sphericalinsights.com/reports/consumer-automotive-financial-services-market

Global Personal Gadget Insurance Market Size

https://www.sphericalinsights.com/reports/personal-gadget-insurance-market

About the Spherical Insights & Consulting

Spherical Insights & Consulting is a market research and consulting firm which provides actionable market research study, quantitative forecasting and trends analysis provides forward-looking insight especially designed for decision makers and aids ROI.

Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company’s mission is to work with businesses to achieve business objectives and maintain strategic improvements.

CONTACT US:

For More Information on Your Target Market, Please Contact Us Below:

Phone: +1 303 800 4326 (the U.S.)

Phone: +91 90289 24100 (APAC)

Email: inquiry@sphericalinsights.com, sales@sphericalinsights.com

Contact Us: https://www.sphericalinsights.com/contact-us

Follow Us: LinkedIn | Facebook | Twitter

This release was published on openPR.

The global travel insurance market is anticipated to generate revenue of US$ 51.67 billion in 2024 and is forecasted to grow at a CAGR of 7.2%, reaching US$ 103.56 billion by 2034.

The rise in global tourism directly influences the demand for travel insurance. These policies provide financial protection against a range of travel-related risks, including lost passports, stolen baggage, and misplaced funds. Additionally, they cover trip cancellations initiated by travelers. Beyond coverage, travel insurance providers also offer support services such as assisting policyholders with claims and helping them locate medical facilities during emergencies.

For More Insights into the Market, Request a Sample of this Report:

https://www.factmr.com/connectus/sample?flag=S&rep_id=8102

Key Growth Drivers

1. Rebound in Global Travel: As international and domestic tourism resumes post-pandemic, demand for travel insurance rises in tandem.

2. Risk Mitigation Needs: Travelers increasingly seek safety nets against flight disruptions, medical emergencies, and baggage loss.

3. Adventure and Niche Travel: Growth in niche travel activities, such as scuba diving or trekking, fuels demand for specialized insurance policies.

4. Corporate Travel Programs: Companies are seeking coverage for business travel-including lost luggage, evacuation, and medical care for employees abroad.

5. Regulatory Mandates: Visa rules and immigration policies-especially in Europe-drive demand for travel insurance as a prerequisite.

6. Digital Distribution & Tech Integration: Online travel agents and booking portals integrating insurance offerings simplify buying and expand market reach.

7. Technological Innovation: Adoption of AI, data analytics, blockchain, and IoT accelerates market transformation through faster claims and personalization.

Challenges & Restraining Factors

1. Policy Complexity & Awareness Gaps: Many travelers lack understanding of policy features and exclusions, limiting adoption.

2. Premium Sensitivity: High costs for robust plans may deter budget-conscious consumers.

3. Geopolitical & Climate Threats: Escalating travel risks prompt demand but also raise insurance costs.

Browse Full Report: https://www.factmr.com/report/travel-insurance-market

Country-wise Insights

North America is poised to capture approximately 21.9% of the global travel insurance market share in 2024, with projections indicating an increase to 24.7% by 2034. Europe-both Western and Eastern-also commands a substantial share, driven largely by Schengen visa requirements, which mandate travel insurance for entry.

In the United States, the rise of international business expansion is fueling a surge in corporate travel. As a result, companies are increasingly investing in travel insurance for employees. This type of coverage is becoming a vital business asset, helping organizations manage potential disruptions such as medical emergencies, trip cancellations, and lost baggage, thereby safeguarding both operations and employee welfare.

Competitive Landscape

The travel insurance market is witnessing intensified competition as key players broaden their portfolios to cater to evolving traveler needs. Companies are launching specialized insurance plans tailored for adventure sports, extended trips, and niche travel categories-strategies aimed at increasing profitability and attracting a wider customer base.

In July 2024, World Nomads, a leading global travel insurance provider, introduced a new Annual Multi-Trip (AMT) package for travelers in the United Kingdom and Ireland. This launch followed a strategic underwriting partnership with Collinson, one of the UK’s premier travel insurance firms, dedicated to simplifying travel through accessible, reliable protection solutions.

Earlier, in March 2024, TATA AIG General Insurance unveiled its ‘Travel Guard Plus’ plan-designed to accommodate both single and multiple international trips within a year. Notably, this product already covers nearly one-third of India’s international travel insurance premiums, underscoring its strong market impact and popularity among frequent travelers.

Get Full Access of the Complete Report: https://www.factmr.com/checkout/8102

Segmentation of Travel Insurance Market Research

By Coverage Type :

Single Trips

Annual/Multiple Trips

By Trip Type :

Domestic

International

By End-use Application :

Individual

Group

By Region :

North America

Western Europe

Eastern Europe

Latin America

East Asia

South Asia & Pacific

Middle East & Africa

Check out More Related Studies Published by Fact.MR:

Insurance Broker & Agency Market

https://www.factmr.com/report/insurance-broker-and-agency-market

Tourism Market

https://www.factmr.com/report/tourism-market

Waste Management Market

https://www.factmr.com/report/waste-management-market

Electric Rice Cooker Market

https://www.factmr.com/report/4509/electric-rice-cooker-market

Contact:

US Sales Office

11140 Rockville Pike

Suite 400

Rockville, MD 20852

United States

Tel: +1 (628) 251-1583, +353-1-4434-232

Email: sales@factmr.com

About Fact.MR

We are a trusted research partner of 80% of fortune 1000 companies across the globe. We are consistently growing in the field of market research with more than 1000 reports published every year. The dedicated team of 400-plus analysts and consultants is committed to achieving the utmost level of our client’s satisfaction.

This release was published on openPR.

Burlingame, CA, July 16, 2025 (GLOBE NEWSWIRE) — The global luggage delivery service market is estimated to be valued at USD 6.13 Bn in 2025 and is expected to reach USD 10.58 Bn by 2032, exhibiting a compound annual growth rate (CAGR) of 8.1% from 2025 to 2032. The market has experienced consistent growth in recent years, largely fueled by the global expansion of the tourism industry and a rising consumer preference for convenient, hassle-free travel. Demand for luggage delivery services is projected to grow substantially over the forecast period, driven by key factors such as the increase in business travel, the continued growth of the tourism sector, and the expanding middle-class population.

Request Sample Report: https://www.coherentmarketinsights.com/insight/request-sample/7628

Global Luggage Delivery Service Market Key Takeaways

According to Coherent Market Insights (CMI), the global luggage delivery service market size is projected to be valued at USD 6.13 Bn in 2025 and further grow at a CAGR of 8.1%, reaching USD 10.58 Bn by 2032.

Door-to-door delivery remains highly a sought-after service type, accounting for 38% share of the luggage delivery service market by 2025.

By customer type, individual category is expected to account for two-fifths of the global luggage delivery service market share in 2025.

Based on distribution channel, online platforms segment is slated to account for a prominent share of 56.2% in the global market by 2025.

North America is likely to maintain its dominance over the forecast period, accounting for a global industry share of 37.3% in 2025.

As per CMI’s new luggage delivery service market analysis, Asia Pacific is poised to experience fastest growth over the assessment period.

Booming Travel and Tourism Industry Fueling Market Growth

Coherent Market Insights’ latest luggage delivery service market research report offers insights into key factors driving market growth. One such major growth driver is the flourishing travel and tourism sector.

There has been a strong rebound in international and domestic travel post-COVID-19 pandemic. According to the UN Tourism, around 300 million tourists travelled internationally in Q1 2025, an increase of about 14 million compared to the same period in 2024.

The rising number of both international and domestic tourists will create need for convenient baggage handling. This, in turn, is expected to significantly contribute to expansion of the luggage delivery service market.

Immediate Delivery Available | Buy This Premium Research Report: https://www.coherentmarketinsights.com/insight/buy-now/7628

High Service Costs and Trust Issues Limiting Market Growth

The future luggage delivery service market outlook indicates strong growth. However, high service costs and trust-related concerns may limit market growth to some extent during the forthcoming period.

Many luggage delivery service companies charge premium prices. This cost factor becomes a deterrent for budget-conscious travelers, dampening overall luggage delivery service market demand.

Similarly, some travelers are reluctant to entrust third-party services with their valuable belongings due to concerns about theft, loss, or damage. Such trust issues may also negatively impact the luggage delivery service market growth during the forecast period.

Rising Demand for Convenient Travel Experiences Creating Growth Opportunities

The looming threat of disease transmission and growing preference for convenience are prompting travelers to opt for contactless and hassle-free experiences. This trend is expected to fuel demand for luggage delivery services as they offer convenience by eliminating the need to carry baggage through airports and transit systems.

Luggage delivery service providers are capitalizing on these opportunities by launching new convenient options. For instance, recently, EzShip.in launched new affordable & hassle-free luggage delivery across India.

Impact of AI on the Luggage Delivery Service Industry

Just like in other industries, artificial intelligence (AI) is making a profound impact on the luggage delivery service market. It enhances operational efficiency, improves customer experiences, and reduces costs.

AI-powered tracking systems offer real-time updates and predictive insights, thereby ensuring timely and secure delivery of luggage. Automated customer service bots and intelligent routing algorithms streamline communication and logistics, minimizing delays and human errors.

AI also helps optimize resource allocation and demand forecasting, allowing service providers to manage peak travel seasons more effectively. It is driving greater reliability, convenience, and personalization in the luggage delivery ecosystem.

Emerging Luggage Delivery Service Market Trends

A key growth-shaping trend in the luggage delivery service market is the expansion of airline partnerships. Many prominent airlines are partnering with third-party luggage delivery companies to enhance customer experience. Adoption of these services into airline ticketing or check-in processes is making them more accessible and appealing.

Growth in business travel is expected to positively impact the global luggage delivery service market value in the coming years. This is mostly because corporate travelers prefer efficient and time-saving services, increasing demand for premium luggage delivery options.

Ongoing technological advancements are playing a key role in fostering market growth. Innovations in tracking technologies like GPS and RFID provide customers with complete visibility of their luggage from pick-up to delivery. These technologies enhance confidence and reduce anxiety about baggage safety, thereby encouraging adoption of luggage delivery services.

Rising environmental concerns are prompting companies to adopt greener practices, including using electric vehicle fleets and biodegradable packaging. This rise in eco-friendly and sustainable logistics will support market expansion.

Request For Customization: https://www.coherentmarketinsights.com/insight/request-customization/7628

Analyst’s View

“The global luggage delivery service industry is poised to record robust growth, owing to rising booming travel and tourism sector, growing demand for convenience baggage handling, and continuous technological advancements,” said a senior analyst at CMI.

Current Events and Their Impact on the Luggage Delivery Service Market

Competitor Insights

Key companies listed in the luggage delivery service market report include:

• Send My Bag
• Luggage Forward
• AirPortr
• Luggage Free
• BagsVIP
• My Baggage
• Excess Baggage Company
• Luggage Delivery Services
• Travel Luggage
• Deliv
• Luggage Concierge
• Bagbnb
• FlyAway
• LuggageHero
• CheckedAway

Key Developments

In 2025, EzShip.in announced launch of new cost-effective & hassle-free luggage delivery across India. The new service is intended to help passengers save up to 50% on airline excess baggage fees while improving overall convenience.

In April 2024, Avaan Express launched a new international delivery service to enhance travel convenience. The new service offers door-to-door pickup and drop-off, ensuring a hassle-free travel experience from start to finish.

Market Segmentation

 Service Type Insights (Revenue, USD Bn, 2020 – 2032)

• Door-to-Door Delivery
• Airport Delivery
• Hotel Delivery
• Others

 Customer Type Insights (Revenue, USD Bn, 2020 – 2032)

• Individuals
• Businesses
• Travel Agencies
• Others

 Distribution Channel Insights (Revenue, USD Bn, 2020 – 2032)

• Online Platforms
• Travel Agencies
• Direct Booking

Regional Insights (Revenue, USD Bn, 2020 – 2032)

• North America
• Latin America
  • Brazil
  • Argentina
  • Mexico
  • Rest of Latin America
• Europe
  • Germany
  • U.K.
  • Spain
  • France
  • Italy
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • India
  • Japan
  • Australia
  • South Korea
  • ASEAN
  • Rest of Asia Pacific
• Middle East
  • GCC Countries
  • Israel
  • Rest of Middle East
• Africa
  • South Africa
  • North Africa
  • Central Africa

Related Reports:
Digital Logistics Market Size, Share & Trend Analysis Report for 2025-2032
Luggage Market Size, Share, Trends & Opportunities for 2025-2032
Last Mile Delivery Market Analysis and Forecast for 2025-2032

Our Trusted Partners:
Worldwide Market Reports, Coherent MI, Stratagem Market Insights
Get Recent News:
https://www.coherentmarketinsights.com/news