Hepatitis A Segment to Account for Largest Share During 2021-2028
According to the latest research study on 'Global Travel Vaccines Market Forecast to 2028 - COVID-19 Impact and Analysis - by Product and Application,' the market is expected to reach US$ 5,914.22 million by 2028 from US$ 3,078.94 million in 2021. It is estimated to grow at a CAGR of 9.8% from 2021 to 2028. The report highlights trends prevailing in the market and factors governing its growth.
The rapid growth in the travel and tourism sector, increasing awareness regarding the prevention of transnational infections, and the rising incidence of infectious diseases are contributing to the travel vaccine market's progress. However, the high cost of travel vaccines hinders the travel vaccines market's growth. The report highlights the key factors driving the market and prominent players with their developments in the market.
Before the COVID-19 pandemic of 2020, travel vaccines-related regulations and advisories pertained primarily to infectious diseases. Still, they showed a disparity among travelers wherein certain groups of travelers such as travelers visiting friends and relatives and casual travelers would choose not to get vaccinated, primarily due to the cost of the vaccine, poor awareness, and personal choice. This led to many endemics and transnational infections. The COVID-19 pandemic has had a significant impact on the global health economies and has significantly pressurized the healthcare infrastructure worldwide.
As major healthcare infrastructures were focused on treating COVID-19 patients, prevention of the spread of the disease took imperative with significant restrictions being imposed on domestic and international travel. This led to a steep decline in the demand for travel vaccines. However, as travel restrictions were relaxed, more emphasis was put on the prompt vaccination of travelers to prevent the spread of any diseases. The awareness among travelers and the general public improved during the COVID-19 pandemic, leading to more care put on travel vaccinations to prevent the spread of infectious diseases between regions.
In the post-pandemic era, the public is considerably more aware and alert around the spread of infectious diseases through coming in contact with infected persons. Also, the health authorities worldwide have imposed more stringent advisories and regulations to increase travel vaccination among travelers, consequently leading to the increased demand for travel vaccines, thereby boosting the travel vaccine market size.
Based on product, the travel vaccines market is segmented into hepatitis A, hepatitis B, meningococcal vaccines, diphtheria pertussis tetanus (DPT), yellow fever, typhoid, Japanese encephalitis (JE), measles mumps & rubella, rabies, polio, influenza, varicella & shingles, cholera, and others. The hepatitis A segment held the largest share of the market in 2021. However, the DPT segment is projected to register the highest CAGR during the forecast period. The DPT vaccine is one of the most commonly recommended travel vaccines. DPT vaccination is recommended in major countries, such as the US, Canada, Mexico, UK, Germany, India, China, Japan, the UAE, Saudi Arabia, and many more. This is expected to increase the demand for vaccinated travelers, increasing the travel vaccine market size.
Additionally, the influenza segment is expected to show robust growth during the forecast period. The influenza vaccine is frequently used for immunization against influenza on a seasonal basis. This is expected to continue driving the segment and, eventually, the market's rise.
GlaxoSmithKline plc; Merck & Co., Inc.; Sanofi; Novartis AG; Pfizer Inc.; Dynavax Technologies; Emergent BioSolutions Inc.; Abbott; Bharat Biotech; and Valneva SE are the leading companies in the global travel vaccines market. These companies have taken various steps and driven innovations in the travel vaccines market, leading to the market's growth.
Based on product, the travel vaccines market is segmented into hepatitis A, hepatitis B, meningococcal vaccines, diphtheria pertussis tetanus (DPT), yellow fever, typhoid, Japanese encephalitis (JE), measles mumps & rubella, rabies, polio, influenza, varicella & shingles, cholera, and others. In terms of application, the market is bifurcated into outbound travel and domestic travel. Based on geography, the travel vaccines market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South and Central America. The market in North America is further segmented into the US, Canada, and Mexico. The Europe travel vaccines market is segmented into Germany, France, the UK, Spain, Italy, and the Rest of Europe. The market in Asia Pacific is segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The travel vaccines market in the Middle East & Africa is segmented into Saudi Arabia, the UAE, South Africa, and the Rest of the Middle East & Africa. The market in South and Central America is segmented into Brazil, Argentina, and the Rest of South and Central America.
Reasons to Buy
According to the latest research study on 'Global Travel Vaccines Market Forecast to 2028 - COVID-19 Impact and Analysis - by Product and Application,' the market is expected to reach US$ 5,914.22 million by 2028 from US$ 3,078.94 million in 2021. It is estimated to grow at a CAGR of 9.8% from 2021 to 2028. The report highlights trends prevailing in the market and factors governing its growth.
The rapid growth in the travel and tourism sector, increasing awareness regarding the prevention of transnational infections, and the rising incidence of infectious diseases are contributing to the travel vaccine market's progress. However, the high cost of travel vaccines hinders the travel vaccines market's growth. The report highlights the key factors driving the market and prominent players with their developments in the market.
Before the COVID-19 pandemic of 2020, travel vaccines-related regulations and advisories pertained primarily to infectious diseases. Still, they showed a disparity among travelers wherein certain groups of travelers such as travelers visiting friends and relatives and casual travelers would choose not to get vaccinated, primarily due to the cost of the vaccine, poor awareness, and personal choice. This led to many endemics and transnational infections. The COVID-19 pandemic has had a significant impact on the global health economies and has significantly pressurized the healthcare infrastructure worldwide.
As major healthcare infrastructures were focused on treating COVID-19 patients, prevention of the spread of the disease took imperative with significant restrictions being imposed on domestic and international travel. This led to a steep decline in the demand for travel vaccines. However, as travel restrictions were relaxed, more emphasis was put on the prompt vaccination of travelers to prevent the spread of any diseases. The awareness among travelers and the general public improved during the COVID-19 pandemic, leading to more care put on travel vaccinations to prevent the spread of infectious diseases between regions.
In the post-pandemic era, the public is considerably more aware and alert around the spread of infectious diseases through coming in contact with infected persons. Also, the health authorities worldwide have imposed more stringent advisories and regulations to increase travel vaccination among travelers, consequently leading to the increased demand for travel vaccines, thereby boosting the travel vaccine market size.
Based on product, the travel vaccines market is segmented into hepatitis A, hepatitis B, meningococcal vaccines, diphtheria pertussis tetanus (DPT), yellow fever, typhoid, Japanese encephalitis (JE), measles mumps & rubella, rabies, polio, influenza, varicella & shingles, cholera, and others. The hepatitis A segment held the largest share of the market in 2021. However, the DPT segment is projected to register the highest CAGR during the forecast period. The DPT vaccine is one of the most commonly recommended travel vaccines. DPT vaccination is recommended in major countries, such as the US, Canada, Mexico, UK, Germany, India, China, Japan, the UAE, Saudi Arabia, and many more. This is expected to increase the demand for vaccinated travelers, increasing the travel vaccine market size.
Additionally, the influenza segment is expected to show robust growth during the forecast period. The influenza vaccine is frequently used for immunization against influenza on a seasonal basis. This is expected to continue driving the segment and, eventually, the market's rise.
GlaxoSmithKline plc; Merck & Co., Inc.; Sanofi; Novartis AG; Pfizer Inc.; Dynavax Technologies; Emergent BioSolutions Inc.; Abbott; Bharat Biotech; and Valneva SE are the leading companies in the global travel vaccines market. These companies have taken various steps and driven innovations in the travel vaccines market, leading to the market's growth.
The report segments the travel vaccines market as follows:
Based on product, the travel vaccines market is segmented into hepatitis A, hepatitis B, meningococcal vaccines, diphtheria pertussis tetanus (DPT), yellow fever, typhoid, Japanese encephalitis (JE), measles mumps & rubella, rabies, polio, influenza, varicella & shingles, cholera, and others. In terms of application, the market is bifurcated into outbound travel and domestic travel. Based on geography, the travel vaccines market is segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South and Central America. The market in North America is further segmented into the US, Canada, and Mexico. The Europe travel vaccines market is segmented into Germany, France, the UK, Spain, Italy, and the Rest of Europe. The market in Asia Pacific is segmented into China, India, Japan, Australia, South Korea, and the Rest of Asia Pacific. The travel vaccines market in the Middle East & Africa is segmented into Saudi Arabia, the UAE, South Africa, and the Rest of the Middle East & Africa. The market in South and Central America is segmented into Brazil, Argentina, and the Rest of South and Central America.
Reasons to Buy
- Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the global travel vaccines market
- Highlights key business priorities in order to assist companies to realign their business strategies
- The key findings and recommendations highlight crucial progressive industry trends in the global travel vaccines market, thereby allowing players across the value chain to develop effective long-term strategies
- Develop/modify business expansion plans by using substantial growth offering developed and emerging markets
- Scrutinize in-depth global market trends and outlook coupled with the factors driving the market, as well as those hindering it
- Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing and distribution
Table of Contents
1. Introduction
3. Research Methodology
4. Global Travel Vaccines Market- Market Landscape
5. Travel Vaccines Market - Key Market Dynamics
6. Travel Vaccines Market - Global Analysis
7. Travel Vaccines Market Analysis - By Product
8. Travel Vaccines Market Analysis - By Application
9. Travel Vaccines Market - Geographical Analysis
10. Impact of COVID-19 Pandemic on Global Travel Vaccines Market
11. Travel Vaccines Market-Industry Landscape
12. Company Profiles
13. Appendix
List of Tables
List of Figures
Executive Summary
The travel vaccines market is projected to reach US$ 5,914.22 million by 2028 from US$ 3,078.94 million in 2021. It is estimated to grow at a CAGR of 9.8% from 2021 to 2028.The report highlights trends prevailing in the travel vaccines market and factors driving the travel vaccines market growth. The travel vaccines market growth is attributed to the increasing travel and tourism, increasing awareness pertaining to the prevention of transnational infections, and the rising prevalence of infectious diseases. However, the high cost of travel vaccines is expected to hamper the travel vaccines market growth in the near future.
The travel and tourism industry has seen robust growth in the recent decades with improving disposable income of individuals, better traveling routes, a variety of transportation methods, and more. Tourism has also increased with travelers looking to explore human behavior and cultures by exploration of different cultures, traditions, spiritualism, rural and ethnic living. This data is substantiated by a recent survey conducted by The Millennial Travel Study by Skyscanner. In the survey, over ~1,000 millennials (aged 18-35) were quizzed on factors, such as their preferred destination, mode of travel, and interests. The survey showed that four-fifths of respondents preferred traveling to international destinations over domestic ones. The survey also noted European destinations were one of the most sought-after regions among travelers of all age groups, followed by the US and New Zealand.
Additionally, statistics from Our World in Data collect data from the World Tourism Organization showed increased tourism in various regions in 2019, such as the European Union saw ~966.44 million arrivals, North America saw ~200 million arrivals, and The Middle East & North Africa saw ~128 million arrivals. Furthermore, arrivals in France stood at 212 million in 2019, while other European countries such as Spain saw 126.17 million arrivals in 2019. Also, in 2019, the international number of arrivals stood at 2.403 billion. By region, the European Union saw the highest international arrivals of an estimated 966.44 million and East Asia & Pacific saw international arrivals of 487.08 million. The estimated expenditure for international tourism stood at an estimated US$ 1.439 billion. While the COVID-19 pandemic hugely disrupted this trend, the rollout of anti-COVID-19 vaccinations and COVID-19 regulations for safe traveling is expected to aid the normalization of tourism and travel. The pandemic has led to an emphasis on immunizations for travelers to avoid the spread of infections. Various countries have their own policies to protect traveling citizens from travel-associated infections. For instance, in the UK, the National Health Service (NHS) organizes routine immunization or vaccination drives for its citizens. If a person is traveling outside the UK, he/she needs to get vaccinated to prevent infectious diseases such as hepatitis A, typhoid, measles, mumps, yellow fever, among others. Similarly, in Saudi Arabia, travelers coming from various countries for Hajj and Umrah pilgrimages are required to show proof of vaccination for meningitis and seasonal influenza. Various countries require mandatory vaccination proofs documented on an International Certificate of Vaccination or Prophylaxis (ICVP). Vaccination is necessary against the diseased mentioned in the US HHS (Department of Health & Human Services) such as chickenpox, cholera, COVID-19, diphtheria, influenza, Hepatitis A, Hepatitis B, Haemophilus influenzae type B, human papillomavirus, Japanese encephalitis, measles, meningococcal, mumps, pneumococcal, polio, rabies, rotavirus, rubella, shingles, tetanus, typhoid fever, whooping cough, and yellow fever, depending on the traveling country. The concern regarding the spread of regional diseases across nations is boosting the demand for travel vaccines.
Based on product, the global travel vaccines market is segmented into hepatitis A, hepatitis B, meningococcal vaccines, DPT (diphtheria, pertussis, tetanus), yellow fever, typhoid, Japanese encephalitis, measles mumps & rubella, rabies, polio, influenza, varicella & shingles, cholera, and others. The hepatitis A segment accounter for the largest market share of the travel vaccines market in 2021. However, the DPT (diphtheria, pertussis, tetanus) segment is anticipated to register the highest CAGR in the market during the forecast period. Based on application, the global travel vaccines market is bifurcated into domestic travel and outbound travel. The outbound travel segment held a larger market share in 2021 compared to the domestic travel segment. Moreover, the outbound travel segment is estimated to register a higher CAGR in the travel vaccines market during 2021-2028.
The COVID-19 pandemic has created both a public health crisis and an economic crisis. The pandemic adversely affected an unbelievable percentage of the population since the first quarter of 2020. The regions saw a steep decline in travel, both domestic and international. The decline in travel was primarily due to various regulations and mandates imposed by the governments to prevent the spread of the COVID-19 virus. This consequently led to the decrease in the demand for travel vaccines, resulting in a consequent decline in the travel vaccine market growth.
As the pandemic-related regulations were eased and travel, domestic and international, was resumed, an increased emphasis was given to the vaccination status of the travelers. While the emphasis was primarily on COVID-19 related vaccinations, other travel vaccines saw a similar demand, with travelers and regulatory bodies putting significant emphasis on prompt vaccinations to ensure proper protection of travelers and the people they encounter. Consequently, the travel vaccines market is expected to see substantial growth opportunities, with travelers and regulatory bodies stressing on vaccination against infectious diseases. Organizations such as the US Centers for Disease Control and Prevention, the National Health Services of various countries, and the World Health Organization developed various travel-related advisories to ensure safe travel, leading to the rise in the market.
Companies have adopted various organic and inorganic developments in the travel vaccines market. Many companies focus on organic strategies, such as product launches and product approvals. Inorganic growth strategies witnessed in the market are acquisitions, collaboration, and partnerships. These growth strategies have aided the market players in expanding their business, contributing toward the travel vaccines market size, and enhanced their geographic presence. Additionally, growth strategies, such as acquisitions and partnerships, helped strengthen their customer base and increase the product portfolio.
Recent significant developments made by key players are listed below:
• In December 2021, Emergent BioSolutions Inc. announced the first participant dosed in its phase 1 study, EBS-UFV-001, evaluating the safety, tolerability, and immunogenicity of its investigational universal influenza vaccine candidate. The current version of the influenza vaccine candidate contains multiple components intended to induce broad and supra-seasonal immunity against influenza A viruses.
• In June 2021, Merck & Co., Inc. and Sanofi developed the Vaxelis vaccine (Diphtheria and Tetanus Toxoids and Acellular Pertussis, Inactivated Poliovirus, Haemophilus b Conjugate, and Hepatitis B Vaccine) as part of a US-based partnership between the companies. The vaccine is considered the first hexavalent combination vaccine available in the US indicated for active immunization to help prevent DTP, polio, and hepatitis B.
• In March 2021, Sanofi made an investment of more than US$ 750 million in a new vaccine manufacturing facility at its existing site in Toronto, Canada. The investment in a new facility provided additional antigen and filling capacity for Sanofi's Fluzone High-Dose Quadrivalent influenza vaccine, helping to increase supply availability in Canada, the US, and Europe.
A few of the leading primary and secondary sources referred to while preparing the report on the travel vaccines market are the National Center for Health Statistics (a department of US Department of Health & Human Services), Centers for Disease Control and Prevention (CDC), and World Tourism Organization (WTO).
Companies Mentioned
- GlaxoSmithKline plc
- Merck & Co. Inc.
- Sanofi
- Novartis AG
- Pfizer Inc.
- Dynavax Technologies
- Emergent Biosolutions Inc.
- Abbott
- Bharat Biotech
- Valneva Se.
Table Information
| Report Attribute | Details |
|---|---|
| No. of Pages | 198 |
| Published | March 2022 |
| Forecast Period | 2021 - 2028 |
| Estimated Market Value ( USD | $ 3078.94 Million |
| Forecasted Market Value ( USD | $ 5914.22 Million |
| Compound Annual Growth Rate | 9.8% |
| Regions Covered | Global |
| No. of Companies Mentioned | 10 |
