Enjoy complimentary customisation on priority with our Enterprise License!
The travel vaccines market size is estimated to grow at a CAGR of 8.64% between 2022 and 2027. The market size is forecasted to increase by USD 3,715.53 million. The growth of the market depends on several factors, including the increase in global migration, the increase in awareness about vaccine-preventable diseases among travelers, and mandates by countries on vaccinations prior to issuing visas.
This travel vaccines market report extensively covers market segmentation by disease type (influenza, diphtheria, hepatitis, and typhoid and others), end-user (adult vaccines and pediatric vaccines), and geography (North America, Europe, Asia, and Rest of World (ROW)). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
To learn more about this report, View Report Sample
The increase in awareness about vaccine-preventable diseases among travelers is notably driving market growth, although factors such as the high cost of travel vaccinations may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increase in awareness about vaccine-preventable diseases among travelers is notably driving market growth. Globalization has led to a rapid increase in the number of cross-border travelers. In the past few years, awareness about vaccine-preventable diseases has increased. The rise in awareness is associated with high vaccine uptake among travelers. Tour organizers also play a key role in spreading awareness about vaccine-preventable diseases.
Travelers should be aware of the symptoms of various diseases, the transmission route, the infection risk factors, and geographic distribution. The length of the trip, the age of the traveler, the purpose of travel, and social class are some of the factors that determine the rate of uptake of vaccines among travelers. For example, if the purpose of travel is to visit friends and relatives, the traveler is less likely to seek pre-travel health advice. Hence, the rising awareness about vaccination globally is expected to increase the demand for several vaccines, especially travel vaccines. This, in turn, is expected to boost the growth of the global travel vaccines market during the forecast period.
Initiatives by governments and other organizations to ensure travel safety are key trends shaping the market. The increase in the number of travel-related diseases globally has led governments and other organizations to take initiatives that ensure the safety of international travel. Under the Bureau of Consular Affairs, the US Department of State recently launched a new system wherein each country would have a travel advisory that would provide advice to US citizens traveling to certain countries.
Many organizations are taking initiatives to encourage safe and healthy travel. For example, Worldwise aims to provide details about preventable and non-vaccine preventable diseases to travelers. It also provides travel immunization management to healthcare professionals through its online system. Similarly, the Department of Foreign Affairs and Trade in Australia provides up-to-date information about diseases prevalent in various destinations. Therefore, the growing demand for vaccination, along with initiatives by government organizations to ensure travel safety, is expected to support the growth of the market during the forecast period.
The high cost of travel vaccinations may impede the market growth. The average first-time traveler needs 2-3 vaccinations. Travel clinics offer vaccinations at higher prices, and new vaccines are the most expensive. The high prices discourage travelers from being fully immunized before travel. Moreover, patients may consider certain vaccines as non-essential. In addition, the high cost of travel vaccination may discourage students and travelers from getting immunized.
The use of combined vaccines against travel-associated diseases may reduce the overall cost of vaccination and the number of injections required. Therefore, initiatives are being undertaken to assure travelers that the cost of the vaccine outweighs the health costs. This, in turn, may limit the adoption of travel vaccines and hinder the growth of the global travel vaccines market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Travel Vaccines Market Customer Landscape
Vendors are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
GlaxoSmithKline Plc - The company offers travel vaccines that protect travelers from diseases when exposed to a new environment, such as hepatitis A and B, rabies, typhoid, and cholera.
The research report also includes detailed analyses of the competitive landscape of the market and information about 15 market vendors, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market share growth by the influenza segment will be significant during the forecast period. The prevalence of influenza is increasing, and it is expected to rise further during the forecast period. High rates of influenza-associated hospitalization have been recorded in many countries.
Get a glance at the market contribution of various segments View the PDF Sample
The influenza segment was valued at USD 2,799.45 million in 2017 and continued to grow until 2021. The influenza segment of the global travel vaccines market is expected to grow significantly during the forecast period. This growth is attributed to factors such as the rising demand for influenza vaccines by end-user facilities coupled with the rise in the rate of travel. Multiple vendors operate in the global travel vaccines market. Some of the top players are GlaxoSmithKline Plc (GlaxoSmithKline), Sanofi SA (Sanofi), and CSL Ltd. (CSL), which contribute significantly to the influenza segment of the global market. A few of the major vaccines offered by these players are GlaxoSmithKline FLUARIX and FLULAVAL, Sanofi Vaxigrip and Fluzone, and CSL FLUVIRIN.
For more insights on the market share of various regions Download PDF Sample now!
North America is estimated to contribute 43% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period.
The growth of the market in North America is attributed to various factors, including the presence of government bodies such as the Pan American Health Organization (PAHO), which provides recommended immunization schedules for vaccination. Moreover, the prevalence of infectious and non-infectious diseases has been growing at a significant rate in the region. The rising access to vaccines against such diseases and a growing number of initiatives to generate awareness about immunization programs is driving the regional market's growth. The growing focus of vendors on developing a new range of vaccines and increasing the availability of travel vaccines in countries across the region are also driving the market growth.
This report forecasts the contribution of all the segments to the growth of the market. In addition, we have included the COVID-19 impact and the recovery strategies for each segment. In 2020, North America was severely affected by the outbreak of COVID-19. However, in Q1 2021, the initiation of COVID-19 vaccination drives led governments to lift lockdown and travel restrictions, which resulted in the resumption of the production of different travel vaccines. The regional market is expected to recover and witness stable growth during the forecast period, owing to factors such as the expected rise in travel, the growing focus on developing new dosages of travel vaccines, and an increase in the volume of production of travel vaccines.
The travel vaccines market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
Technavio categorizes the travel vaccines market as a part of the global pharmaceuticals market within the overall healthcare market. The parent market, the global pharmaceuticals market, covers products and companies engaged in the R&D or production of generic drugs, non-generic drugs, and veterinary drugs. Technavio calculates the global healthcare market size based on the combined revenue generated by manufacturers/providers of equipment, supplies, pharmaceuticals, biotechnology, and life sciences tools and services. Our market research report has extensively covered external factors influencing the parent market growth during the forecast period.
|
Travel Vaccines Market Scope |
|
|
Report Coverage |
Details |
|
Page number |
164 |
|
Base year |
2022 |
|
Historic period |
2017-2021 |
|
Forecast period |
2023-2027 |
|
Growth momentum & CAGR |
Accelerate at a CAGR of 8.64% |
|
Market growth 2023-2027 |
USD 3,715.53 million |
|
Market structure |
Fragmented |
|
YoY growth 2022-2023(%) |
7.7 |
|
Regional analysis |
North America, Europe, Asia, and Rest of World (ROW) |
|
Performing market contribution |
North America at 43% |
|
Key countries |
US, Germany, UK, Japan, and China |
|
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
|
Key companies profiled |
Abbott Laboratories, Altimmune Inc., Bavarian Nordic AS, Bharat Biotech Ltd., CSL Ltd., Dynavax Technologies Corp., Emergent BioSolutions Inc., GlaxoSmithKline Plc, KM Biologics Co. Ltd., LG Chem Ltd., Merck and Co. Inc., Novartis AG, Pfizer Inc., Sanofi SA, Serum Institute of India Pvt. Ltd., Shenzhen Kangtai Biological Products Co. Ltd., SK Chemicals Co. Ltd., Takeda Pharmaceutical Co. Ltd., Valneva SE, and AstraZeneca Plc |
|
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
|
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Disease Type
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
Certified ISO 9001 : 2015
We are ISO 9001:2015 recognized that ensures quality services and product delivery to our clients.
We are GDPR and CCPA compliant! Your transaction & personal information is protected from unauthorized use.
Get lifetime access to our
Technavio Insights
Customized Report as per your Business Needs
Let us help you make report more suited to your requirements.
Get the report (PDF) sent to your email within minutes.
