Medical Travel Insurance Market

Medical Travel Insurance Market Overview

The global Medical Travel Insurance Market size was valued at USD 30.59 billion in 2024 and is predicted to reach USD 63.98 billion by 2030 with a CAGR of 13.2% from 2025-2030. 

The growth of medical travel insurance market is driven by the growing tourism industry across the globe as people from different part of the world travel according to their necessities. However, there are certain challenges that impacts the market growth out of that one is the pre-existing medical conditions of the travellers that restrict them to avail such travel policies and safeguard them from uncertain medical conditions that may occur while they are in the go. 

On the contrary, advancement in technologies that includes the settlement of claim through online process is anticipated to create future opportunity for the market. Moreover, the top players such as Chinga Healthcare and World Nomads Travel Insurance are adopting various business strategies such as product launch and partnership in order to enhance their market expansion and broaden their product offerings. 

With the advancement in online settlement of claim process companies focuses to further save customer time and effort for the settlement of claim as now a days consumers prefer to have lower work load and want their services to be done at one click. Therefore, the market is shaped toward growth as there is a rise in number of travels, people upgrade themselves with advanced technologies that brings hassle free and smart claim options.

Growth of Tourism Sector Worldwide Boosts the Medical Travel Insurance Market Growth

The growing tourism industry globally driven by the people travelling abroad for business or education purpose, drives the demand for internation medical insurance. This surge in global travel, expanded the need for comprehensive coverage, ensuring that travellers are protected from unforeseen medical expenses. 

UN Tourism reports international tourism generated around USD 1.4 trillion in 2023, recovering Covid-19 losses by 2024. The rise in income indicates the number of people traveling abroad that requires medical travel insurance when health and financial security become a necessity during the trip.

Strict Government Rules and Regulations Fuels the Medical Travel Insurance Market Demand

The presence of strict government rules and regulations in the countries such as UAE and Qatar are driving the growth of the market as many countries made it mandatory for international travellers to have health insurance as a requirement for visa approval or entry. Such policy encourages individuals to invest in medical travel insurance and mark themselves on the safer side from unwanted losses while travelling. 

For example, in January 2023, the Ministry of Public Health (MOPH) stated that it is a requirement for each international traveler to acquire health insurance for travel to Qatar, thereby covering any medical conditions while visiting the country. Strict policies put in place contribute to increasing demand from clients to obtain travel insurance for the same reasons, which positively impacts market growth.

High Medical Cost in Foreign Countries Further Fuels the Market Growth

High foreign healthcare costs drive people to buy at least a base level of medical travel insurance as they would rather not have to pay exorbitantly high expenses for foreign medical treatment. That means people tend to invest in such insurance to provide some form of financial coverage for costly healthcare expenses such as hospital stays, surgery or emergency evacuations.

Pre-Existing Medical Conditions Hinders the Medical Travel Insurance Market Expansion

The pre-existing medical conditions such as arthritis and dental issues of the insure limits the growth of the market as insurance providers impose restrictions related to pre-existing medical conditions that limits coverage options for affected travellers.

Technological Advancements in Claim Process Creates Future Opportunity

The technological advancements including the introduction of digital claim process is anticipated to create future opportunity for the market. The digital claim process enhances efficiency and customer satisfaction by streamlining the submission and approval of claims, allowing insurers to respond quickly to traveler's need.

Market Segmentations and Scope of the Study

The medical travel insurance market report is segmented by coverage type, policy type, age group, insurance provider, distribution channel, and end-user. On the basis of coverage type, the market is classified into single trip coverage, multi trip coverage, annual coverage, and others. On the basis of policy type the market is bifurcated into comprehensive medical travel insurance and emergency medical travel insurance. On the basis of age group, the market is further segregated into 1-17 years old, 18-30 years old, 31-49 years old, and above 50 years. On the basis of insurance provider, the market is divided into insurance companies, travel agencies, and online travel insurance platforms. On the basis of distribution channel, the market is bifurcated into online and offline. On the basis of end-user, the market is characterized into individuals, corporate travellers, and others. Regional breakdown and analysis of each of the aforesaid segments includes regions comprising of North America, Europe, Asia-Pacific, and RoW.

Geographical Analysis

North America dominates the dominant share of medical travel insurance market share and is expected to continue its dominance during the forecast period. This is due to an increasing number of persons who want to travel the world along with an increasing trend in investing in various forms of protection against health or financial risks all through the journey. 

For instance, in September 2024, a report published in Forbes indicates that the U.S. citizens spent approximately USD 4.27 billion on various forms of travel protection, and about 77 million people were covered by more than 49.3 million travel insurance plans in 2022, showing a growth of 10.7% from 2021. 

Moreover, the presence of business industries in this region drives the demand for medical travel insurance to safeguard its employees during their business trips. As companies send more employees abroad for work, the need for adequate health coverage becomes important to protect against possible medical emergencies and other sudden situations. 

For instance, the business trips form America is recorder at 405 million per year. This substantial volume of international business travel highlights the increasing necessity for medical travel insurance, thereby fuelling the growth of the market. 

On the other hand, Asia-Pacific is expected to show a steady rise in medical travel insurance industry. This is due to the increasing tourism industry along with the increasing numbers of travelers in the region. 

The WTTC report states travel and tourism contributed nearly USD 199.6 billion to India's economy in 2022, with expected annual growth of 7.1%. Thus, with the rising nature of tourism and travel industry in India, demands for health insurance while traveling has increased significantly hence fueling market growth. 

Additionally, the growing awareness of travel medical insurance in the region encourages growth as growing numbers of individuals realize the significance of getting coverage to guard against medical emergencies and travel related problems while traveling abroad. This awareness triggers further demand for medical travel insurance to protect against unfortunate circumstances.

Competitive Landscape

Various key players operating in the medical travel insurance industry are Cigna Healthcare, AGA Service Company, Travel Guard, Seven Corners Inc., World Nomads Travel Insurance, AXA S.A., Antenna International, Travel Insurance Facilities Plc, Staysure Group, Chubb Limited, VFS Global Group, Star Health and Allied Insurance Co Ltd, Squaremouth LLC, IFFCO-Tokio General Insurance Company Limited, Generali S.p.A., and others. These market players are adopting various strategies such as partnership and product launches to remain dominant in the market. 

For instance, in June 2024, World Nomads Travel Insurance partnered with Collinson to launch annual multi-trip (ATM) travel insurance product in the UK and Ireland offering comprehensive coverage for frequent international and domestic travellers. 

The AMT policy includes enhanced limits on emergency medical expenses, along with innovative services like Air Doctor for medical assistance, ensuring travellers are better protected against a wider range of travel-related medical issue. 

Moreover, in June 2023, Cigna Healthcare launched global health benefit plan specially designed for adults 60 and older, addressing the healthcare needs of seniors who travel internationally. This plan provides comprehensive coverage, including hospital stays and chronic condition support, ensuring that older adults have access to essential medical services while abroad.

Key Benefits

• The report provides quantitative analysis and estimations of the medical travel insurance industry from 2025 to 2030, which assists in identifying the prevailing market opportunities.

• The study comprises a deep-dive analysis of the current and future medical travel insurance market trends to depict prevalent investment pockets in the market.

• Information related to key drivers, restraints, and opportunities and their impact on the market is provided in the report. 

• Competitive analysis of the players, along with their market share is provided in the report.

• SWOT analysis and Porters Five Forces model is elaborated in the study.

• Value chain analysis in the market study provides a clear picture of roles of stakeholders.

Medical Travel Insurance Market Key Segments

By Coverage Type

• Single Trip Coverage

• Multi Trip Coverage

• Annual Coverage

• Others 

By Policy Type

• Comprehensive Medical Travel Insurance

• Emergency Medical Travel Insurance 

By Age Group

• 1-17 Years Old 

• 18-30 Years Old 

• 31-49 Years Old 

• Above 50 Years

By Insurance Provider

• Insurance Companies

• Travel Agencies

• Online Travel Insurance Platforms

By Distribution Channel

• Online

• Offline

By End-User

• Individuals

• Corporate Travelers

• Others

By Region

• North America

  • The U.S.

  • Canada

  • Mexico

• Europe

  • The UK

  • Germany

  • France        

  • Italy        

  • Spain        

  • Denmark        

  • Netherlands        

  • Finland        

  • Sweden        

  • Norway        

  • Russia

  • Rest of Europe

• Asia-Pacific

  • China

  • Japan

  • India

  • South Korea

  • Australia

  • Indonesia

  • Singapore

  • Taiwan

  • Thailand

  • Rest of Asia-Pacific 

• RoW

  • Latin America

  • Middle East 

  • Africa

Key Players

• Cigna Healthcare

• AGA Service Company

• Travel Guard

• Seven Corners Inc. 

• World Nomads Travel Insurance

• Axa S.A.

• Antenna International 

• Travel Insurance Facilities Plc

• Staysure Group

• Chubb Limited

• VFS Global Group

• Star Health and Allied Insurance Co Ltd

• Squaremouth LLC

• IFFCO-Tokio General Insurance Company Limited

• Generali S.p.A.

REPORT SCOPE AND SEGMENTATION:

Parameters	Details
Market Size in 2024	USD 30.59 billion
Revenue Forecast in 2030	USD 63.98 billion
Growth Rate	CAGR of 13.2% from 2025 to 2030
Analysis Period	2024–2030
Base Year Considered	2024
Forecast Period	2025–2030
Market Size Estimation	Billion (USD)
Growth Factors	The rising tourism industry drives the growth of the market. The strict government rules and regulations further fuels the growth of the market. The high healthcare expenditure in foreign countries boosts the market growth.
Countries Covered	28
Companies Profiled	15
Market Share	Available for 10 companies
Customization Scope	Free customization (equivalent up to 80 working hours of analysts) after purchase. Addition or alteration to country, regional, and segment scope.
Pricing and Purchase Options	Avail customized purchase options to meet your exact research needs.