Travel Vaccines Market size is projected to reach USD 18.27 billion by 2028 from an estimated USD 10.09 billion in 2021, growing at a CAGR of 8.85% globally.
Travel vaccines are also known as travel immunizers vaccines. These vaccines are used as a precaution before visiting any region to prevent any serious disease. After vaccination, the body creates antibodies with the help of the vaccine to take care of several diseases. The bio-based formulation is used to make travel vaccines and it also contains weakened or dead form micro-organisms. This vaccine gives immunity to diseases. Travel vaccines include routine vaccines, recommended vaccines, and required vaccines. Routine vaccines contain most national health programs and it is given to children but a booster dose is required to provide effective immunity. Recommended vaccines are given to individual travelers who are traveling to places where high risk of diseases. Required vaccines include only three vaccines such as yellow fever, meningococcal, and polio vaccines. The purpose of travel vaccine is the first step toward healthy and smart traveling which support the growth of the travel vaccine market.
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Major Key Players for Travel Vaccines:
- Janssen Pharmaceuticals
- Mitsubishi Tanabe Pharma
- LG Life Sciences
- Takeda Pharmaceutical
- Valeant Pharmaceuticals
- SK Chemicals
- Hualan Biological Engineering
Market Dynamics and Factors:
The rising coronavirus is anticipated to have growth in the market. The coronavirus (COVID-19) pandemic change the phenomenon of traveling in 2020. In 2021, several countries started to discuss the idea of introducing vaccine passports for international travel, only allowing vaccinated people to travel abroad, as a way of launching the tourism industry. According to Statista as of June 13, 2022, almost 12 billion COVID-19 vaccine doses had been administered worldwide, with the United States accounting for about 590 million of these totals. Traveling in developing countries and rural areas brings into contact with more diseases, which means might need more vaccines before traveling. For instance, In South America and central countries of Africa tourist’s wants to travel should get vaccinated for Yellow Fever. Additionally, The Canadian government also dropped the requirement that domestic and outbound international travelers have to be fully vaccinated in 2020. These factors propel the growth of the market in the forecast period.
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Travel Vaccines Report Highlight:
- By type, the combination vaccines segment is expected to have the maximum market share in travel vaccines during the projected period. The combination vaccines are cost-effective, decline the number of injections, clarify the immunization schedule, and reduce the risk of diseases which is anticipated for the growth of the market.
- By application, the outbound travel segment is predicted to expand the most in the travel vaccines market during the forecast year. The rising number of outbound tourism boosts the growth of the market.
- By region, North America is expected to dominate the travel vaccines market, during the projection period. The rising number of travelers, advanced technology, and government initiatives, support the market growth in the projected period.
Key Industry Development:
- In March 2021, In Toronto, Canada the Sanofi invested more than US$ 750 million in a new manufacturing vaccine facility. The name of that vaccine is Sanofi’s Fluzone High-Dose Quadrivalent influenza vaccine.
- In June 2021, the Vaxelis vaccine (Diphtheria and Tetanus Toxoids and Acellular Pertussis, Inactivated Poliovirus, Haemophilus b Conjugate, and Hepatitis B Vaccine) was developed by Sanofi and Merck & Co., Inc. It is considered the first hexavalent combination vaccine which is used to prevent DTP, polio, and hepatitis B.
Travel Vaccines Segmentation:
- Mono Vaccines
- Combination Vaccines
- Domestic Travel
- Outbound Travel
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For this report, Introspective Market Research has segmented the Travel Vaccines Market based on region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM
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Scope of the Report:
The objective of the research is to provide the market knowledge and strategic insights to assist decision-makers in making informed investment decisions and identifying potential gaps and growth opportunities. Historical revenue and sales volume are reported, and additional data is triangulated using top-down and bottom-up methodologies to predict forecast numbers for important regions covered in the research, as well as classified and well-known Types and end-use industries. Travel Vaccine Market study explores the competitive landscape of the global market. In addition to rival market share research, in-depth profiling, product/service, and business overviews, the study focuses on BCG matrix, heat map analysis, and SWOT analysis to better correlate market competitiveness. Five forces analysis, Ansoff matrix, PESTEL analysis, and value chain analysis are used to better understand market conditions.
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