Travel Vaccines Market Size to Grow at a CAGR of 10.7% in the Forecast Period of 2023-2031
The ‘Global Travel Vaccines Market Size Report and Forecast 2023-2031’ by Expert Market Research gives an extensive outlook of the global travel vaccines market, assessing the market on the basis of its segments like composition, disease, and major regions.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter’s Five Forces Models.
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Travel Vaccines Market Size, Share, Price Trends, Industry Report, Key Players, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2016-2031)
- Forecast CAGR (2023-2031): 10.7%
The travel vaccines market is observing a significant growth due to increasing prevalence of travel as well as travel-related and infectious diseases such as yellow fever, rabies, Japanese encephalitis, hepatitis among others. Growing globalisation owing to the convergence of economic and cultural systems and reduced air travel fares to numerous destinations have contributed largely to the growth of the travel industry. Reduced fares and easier visa policies have surged international tourism where the use of travel vaccines has become an important requirement.
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Governments from several countries are investing heavily on the development and promotion of travel vaccines. For example, governments of Saudi Arabia and United States have made it mandatory for travellers arriving from other countries to present valid vaccination certificates which is fuelling the growth of the travel vaccines market.
People are becoming more health conscious and are taking every possible precaution to keep themselves fit and healthy. There is rising awareness regarding the benefits of vaccines such as protection from any kind of serious illness and the ability to boost the defence mechanism in the human body against any infectious disease. This is increasing the demand and use for these vaccines further. Increasing incidences of infectious diseases which might also prove to be life-threatening is another major factor why people are considering taking the travel vaccines.
Travel Vaccines Industry Definition and Major Segments
Travel vaccines are special immunisations obtained by travellers in order to protect them from acquiring any life-threatening infectious disease or serious illness during their travels. Depending upon the specific vaccine, initial doses may be recommended to be taken at least two weeks before travelling, whereas others can be taken up to the day of travel.
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Based on composition, the market is segmented into:
- Mono Vaccines
- Combination Vaccines
On the basis of disease, the market is classified into:
- Hepatitis A
- DPT
- Yellow Fever
- Typhoid
- Hepatitis B
- Measles and Mumps
- Rabies
- Meningococcal
- Varicella
- Japanese Encephalitis
- Others
Based on region, the market is categorised into:
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
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Travel Vaccines Market Trends
The key trends in the global travel vaccines market include the development of combination vaccines which are gaining popularity among the travellers. Combination vaccines are capable of providing protection from more than one disease which is increasing its demand by the users, fuelling the overall market.
Research and development activities to create improved, versatile, and effective travel vaccines is subjected to boost the travel vaccines market. Vaccines for dengue are growing in popularity for those planning visits to tropical nations where the disease is widely prevalent.
Particularly for international travellers, various travel vaccines are in high demand to prevent illness during expensive trips. As natural immunity tends to be region-specific, travellers visiting different regions may be more susceptible to diseases than the local population, encouraging them to obtain travel vaccines. These vaccinations also prevent travellers from bringing back diseases from other countries to their home regions that can spark off disease outbreaks.
North America is expected to enhance the travel vaccines market because of growing number of key players who are investing their time in developing and introducing a range of travel vaccines. This provides them with an increasing and easy access to travel vaccines against infectious diseases compared to other regions. Also, initiatives to spread awareness regarding the importance of immunisation and development of new vaccines is fuelling the market.
Key Market Players
The major players in the travel vaccines market report are GlaxoSmithKline plc, Merck & Co., Inc., Sanofi, Pfizer Inc., and CSL Limited, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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