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2024 Travel Insurance Market: Global Trends and Forecast
Travel Insurance Market Segments
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According to The Business Research Company's, The travel insurance market size has grown rapidly in recent years. It will grow from $22.56 billion in 2023 to $26.46 billion in 2024 at a compound annual growth rate (CAGR) of 17.3%. The growth in the historic period can be attributed to increased travel and tourism, increased occurrences of natural disasters, the rise in business travel driven by urbanization, and the rise in disposable income.
The travel insurance market size is expected to see rapid growth in the next few years. It will grow to $49.3 billion in 2028 at a compound annual growth rate (CAGR) of 16.8%. The growth in the forecast period can be attributed to growing demand for embedded, event-driven insurances, a growing awareness of travel associated risks, and the rising medical costs. Major trends in the forecast period include focus on tech-driven platforms, digitalization and mobile integration, focus on blockchain technology, and strategic partnerships and collaborations.
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Market Drivers and Trends:
The rise in tourism is contributing to the growth of the travel insurance market. Travel insurance helps the tourism sector by providing financial help through certain packages that help travelers in medical emergencies, passport loss, flight cancellation, and misplaced or lost luggage. For instance, according to a report published by the United Nations World Trade Organization (UNWTO) in 2022, global tourism increased from 400 million in 2020 to 415 million in 2021, showing an increase of 4% in 2021 over the previous year. Therefore, the rise in tourism is driving the growth of the travel insurance market.
The incorporation of advanced technologies has emerged as the key trend gaining popularity in the travel insurance platform. Major companies operating in the travel insurance sector are focused on new technologies to strengthen their position in the market. For instance, in February 2022, Policybazaar, an Indian-based online insurance marketplace, launched an AI-enables WhatsApp chatbot for automating the claim settlement process for its clients.
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Major Key Players of the Market:
Becton Dickinson and Company (BD), Henry Schein, B. Braun Melsungen AG, Medtronic plc, Johnson & Johnson, Globus Medical Inc, Medline Industries Inc., Teleflex Incorporated, Stryker Corporation, Terumo Corporation, Microcure (Suzhou) Medical Technology Co. Ltd., Guangzhou T.K Medical Instrument Co. Ltd, Changzhou Haiers Medical Devices Co. Ltd., Jiangsu Jinlu Group Medical Device Co. Ltd., Changzhou Cheayoo Medical Devices Co. Ltd, Sihong Ophsurin Co. Ltd, Suzhou Upline Medical Products Co. Ltd., Innomed Inc., BR Surgical LLC, Kapp Surgical Instrument Inc, Sklar Surgical Instruments, Mediflex Surgical Products, World Precision Instrument, Coopers Companies Inc, Integra Lifesciences Holdings Corporation, Thompson Surgical Instruments, Applied Medical Resources Corporation, Keir Surgical, Conkin Surgical, CONMED Corporation, Arthrex Inc., Enovis Corporation, Bausch Health Companies Inc., EDLO S.A. - Surgical Instruments, Medhold Medical (Pty) Ltd.
Travel Insurance Market 2024 Key Insights:
• The travel insurance market size is expected to see rapid growth in the next few years. It will grow to $49.3 billion in 2028 at a compound annual growth rate (CAGR) of 16.8%.
• Tourism's Impact On The Growth Of The Travel Insurance Market
• Integration Of Advanced Technologies In Travel Insurance Platforms
• Asia-Pacific was the largest region in the travel insurance market in 2023
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