Industry Outlook
The travel vaccines market is set to reach US$ 9,068.9 Mn by 2030 from US$ 4730.3 Mn in 2021 showcasing steady growth at a compounded annual growth rate (CAGR) of 7.5% during the forecast period from 2023 to 2030. As per the research findings of World Tourism Organization (WTO) the number of international arrivals throughout the globe is expected to reach 1.6 billion by 2020. It is estimated that 51% of these travelers accounted for holiday and recreational purpose, 15% tourist traveled for business purpose and 24% reported travel for religious reason and pilgrimage.
Travelers are at a high risk to bacterial and viral infection due to sudden change in humidity, altitude, temperature, poor hygiene and lack of medical services in remote areas etc. The World Health Organization (WHO) has drafted a treatment guideline for the travelers primarily focusing on the importance of vaccination as a preventive measure classified as routine, recommended and required vaccination.
"Required vaccination are gaining prominence due to sudden outbreak of fatal diseases such as ebola, zika and middle east respiratory syndrome"
Routine vaccination holds the largest market share by type in the travel vaccines market. It is helpful in developing immunity in humans against infectious diseases such as influenza, MMR, tuberculosis and diphtheria etc. The other factors responsible for the dominance of routine vaccination are the rising prevalence of infectious diseases and proactive government policies to promote vaccination in all age groups. Favorable reimbursement scenario has a positive impact on the routine vaccination market growth. Recommended vaccination are gaining popularity on account of facts such as increasing number of visitors globally. They are taken two months in advance on physicians recommendation to build immunity against endemic diseases such as cholera, diarrhea, Japanese encephalitis etc. Required vaccination will be the fastest growing segment on account of factors such as sudden outbreak of fatal diseases such as ebola, zika, malaria and middle east respiratory syndrome.
"Increasing public health awareness and well-developed healthcare infrastructure to drive North America market growth"
North America is the clear leader in travel vaccines market. The key parameters which propel the travel vaccines market growth in North America are increasing public health awareness and existence of well-developed healthcare infrastructure. Presence of key players and implementation of treatment guidelines emphasizing preventive care in citizens travelling abroad drive the North America market. European medical agency has made it mandatory for visitors to get vaccinated at the port of entry for infectious diseases such as tuberculosis, swine flu and hepatitis B etc. Asia Pacific will be showcasing fastest growth during the forecast period owing to rising prevalence of infectious diseases and rampant growth in tourism sector. Middle East and Africa performs stringent vaccination of the haj piligrims in order to prevent the spread of middle east respiratory syndrome (MERS). Since the outbreak of fatal diseases such as ebola and zika the healthcare agencies in Latin America and African region the government healthcare bodies have invested huge funds in developing vaccines to protect the health of their citizens.
Market assessment is performed in the scope of report to understand the latest market trends prevailing in the travel vaccines market. Comprehensive study was performed to understand the disease etiology of different infections encountered by travelers throughout the globe and the preventive action taken by the global healthcare agencies. Competitive landscape is covered in the scope of the report to understand the competition existing among key players. The vaccines classified as routine, recommended and required vaccination are covered under the product portfolio segment. Major players providing travel vaccines are Baxter AG, Bharat Biotech, GlaxoSmithkline, Plc., Inovio Pharmaceuticals, Inc., Merck & Co., Inc., Novartis AG, PaxVax Corporation, Sanofi Pasteur SA, Valneva SE and VBI Vaccines, Inc.
Historical & Forecast Period
This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Travel Vaccines market are as follows:
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.
| ATTRIBUTE | DETAILS |
|---|---|
| Research Period | 2022-2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Year | 2022 |
| Unit | USD Million |
| Segmentation | |
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Region Segment (2022-2032; US$ Million)
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Key questions answered in this report
