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Product Overview
A bio-based formulation that is developed to protects humans against infectious diseases caused by bacteria and viruses is known as the vaccine. Vaccines, also known as immunizations, take advantage of our immune system's innate capacity to combat infectious diseases. Travel vaccines are the shots that are given to travelers before visiting any area of the world. These vaccines protect travelers from serious illness and prevent the spread of diseases within and between countries. The body reacts to the vaccine by producing antibodies that will protect a person in the future if one is exposed to the disease. Travel vaccine shots, in addition to a passport, are now needed before embarking on international travel. Health organizations strongly advise visitors traveling to developed or endemic countries to get travel vaccinations. Vaccination guidelines differ from person to person, depending on the tourist's gender, age, and medical background.
Market Highlights
Global Travel Vaccines market is expected to project a notable CAGR of 8.92% in 2030.
Global Travel Vaccines market to surpass USD 13.63 billion by 2030 from USD 5.8 billion in 2020 at a CAGR of 8.92% in the coming years, i.e., 2021-30. The market is estimated to grow on account of rising cases of travel-related diseases such as Hepatitis A & E, typhoid, tetanus, cholera, Japanese encephalitis, diphtheria, meningitis, yellow fever across the globe. Also, mounting investments in the development of more effective vaccines is augmenting the growth of the travel vaccines market. Advancements in technology, increasing government funding and research & development activities are other factors that are contributing to the market growth.
Global Travel Vaccines Market: Segments
Hepatitis A segment to grow with the highest CAGR during 2020-30
Global Travel Vaccines market is segmented by Disease into Hepatitis A, DPT, Yellow Fever, Typhoid, Hepatitis B, Measles and Mumps, Rabies and Others. It is a viral disease that can be transmitted to other person through direct contact with an infectious person or the ingestion of contaminated food and water. Hepatitis A can cause mild to severe illness
Outbound Travel segment to grow with the highest CAGR during 2020-30
Global Travel Vaccines market is divided by Application into Domestic Travel and Outbound Travel. Outbound Travel segment accounted for the largest revenue share in 2020. Outbound travel refers to traveling to another country. Various travel agencies are present that organize outbound tours. Domestic travel means the traveling between two cities within the same country.
Market Dynamics
Drivers
Rising prevalence of travel-related diseases to bolster growth
Increasing occurrence of travel-related diseases is anticipated to boost the market growth. Traveling is often linked to increased health risks, especially when it comes to infectious diseases. As a result of the increasing occurrence of travel-related diseases, more investments will be made in the global Travel Vaccines Market to produce more effective vaccines.
Government regulations for International Travelers
Government authorization bodies such as the Center for Disease Control and Prevention and the National Health Service have made it mandatory to get travel vaccines. This is attributed to recent surge in inbound tourism to developing countries, which face higher health risks from diseases including swine influenza and Ebola hemorrhagic fever and has been a major driver of the travel vaccines market. In addition, over the last few years, international travel activities have risen immensely due to the growing trend of globalization. This in turn has resulted in a significant demand for travel vaccines.
Restraint
Dearth of skilled workforce
Lack of sufficient skilled workforce for the manufacturing of vaccines is expected to impede the market growth. Furthermore, poor healthcare infrastructure and high cost of travel vaccinations may restrain the market in the coming years.
Global Travel Vaccines Market: Key Players
GlaxoSmithKline Pharmaceuticals Limited
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Sanofi Pasteur
Merck & Co., Inc.
Novartis AG
Pfizer Inc.
ALK-Abelló A/S
Bavarian Nordic A/S
Crucell (Subsidiary of Johnson & Johnson)
CSL Limited
AstraZeneca PLC
Altimmune, Inc.
Abbott Laboratories
Hoffmann-La Roche, Inc.
Other Prominent Players
Global Travel Vaccines Market: Regions
Global Travel Vaccines market is segmented based on regional analysis into five major regions. These include North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. Global Travel Vaccines market in North America held the largest market share in the year 2020. North America being led by the USA is the dominant one. Large number of companies in the region are developing effective travel vaccines, including a vaccine against varicella. Asia Pacific is an emerging market for travel vaccine market owing to improved healthcare infrastructure and increasing healthcare expenditure by government.
Global Travel Vaccines Market is further segmented by region into:
North America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - United States and Canada
Latin America Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - Mexico, Argentina, Brazil, and Rest of Latin America
Europe Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - United Kingdom, France, Germany, Italy, Spain, Belgium, Hungary, Luxembourg, Netherlands, Poland, NORDIC, Russia, Turkey, and Rest of Europe
Asia Pacific Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - India, China, South Korea, Japan, Malaysia, Indonesia, New Zealand, Australia, and Rest of APAC
Middle East and Africa Market Size, Share, Trends, Opportunities, Y-o-Y Growth, CAGR - North Africa, Israel, GCC, South Africa, and Rest of MENA
Global Travel Vaccines Market report also contains analysis on:
Travel Vaccines Market Segments:
By Composition
Mono Vaccines
Combination Vaccines
By Disease
Hepatitis A
DPT
Yellow Fever
Typhoid
Hepatitis B
Measles and Mumps
Rabies
Others
By Application
Domestic Travel
Outbound Travel
Travel Vaccines Market Dynamics
Travel Vaccines Market Size
Supply & Demand
Current Trends/Issues/Challenges
Competition & Companies Involved in the Market
Value Chain of the Market
Market Drivers and Restraints
Travel Vaccines Market Report Scope and Segmentation
Frequently Asked Questions
How big is the Travel vaccine market?
What is the Travel Vaccines market growth?
Which segment accounted for the largest Travel Vaccines market share?
Who are the key players in the Travel vaccine market?
What are the factors driving the Travel vaccine market?