Global Travelers Vaccines Market - 2022-2029

Global Travelers Vaccines Market - 2022-2029

Market Overview

Travelers Vaccines Market was valued at USD XX million in 2021. It is forecasted to reach USD XX million by 2029, growing at a CAGR of 8.60 % during the forecast period (2022-2029).

Vaccines are a biological preparation that aids in fighting against diseases and boosting immunity. It contains an agent related to a disease-causing organism and is made from a killed form of microbes. According to the World Health Organization (WHO), currently, licensed vaccines are available to avoid over twenty-five infections. The vaccine's effectiveness depends on disease pathophysiology, the stain of the vaccine, ethnicity, the schedule of the vaccination, and genetic predisposition. As globalization rises, international traveling will keep increasing, creating the demand for travel vaccines. Moreover, vaccines are broadly used as a preventive measure counter to known infectious diseases. The travelers are educated to adhere to the region-specific immunization plan. The number of diseases and viruses that have afflicted the sector has increased swiftly in the past few decades, and certainly, not enough vaccinations have been developed against them. The increased awareness has obliged people to take the necessary vaccinations without giving them a second thought.

Market Dynamics: Growing tourism and travel industry drives market growth

The growing touring industry and surge in the incidence of travel-related diseases are the major growth driver for the traveler vaccine market. Growing investment in the R&D of new vaccines by pharmaceutical and biotechnology companies and the growing adoption of vaccines by international travelers have prompted the demand for traveler vaccines. Furthermore, the growing government initiatives and rising awareness through electronic & print media are the factors that are expected to enhance the growth of the market. However, lack of expertise in the production of vaccines and weak cold supply chain management are the factors limiting the market's growth.

Also, the low risk of serious side effects helps to grow the market. Extreme low risks of serious side effects on the fetus, along with suitable educational & awareness programs through various nonprofit organizations, are factors that support the market growth. Rising inclinations for outsourcing vaccines in emerging and underdeveloped countries offer the opportunity to boost the traveler's vaccine market. It is expected to grow with the increase in outbound travel and vaccination coverage due to its awareness.

Market Segmentation: The tourist's segment will project the fastest growth in the market throughout the forecast period

Traveller’s vaccines are further segmented based on an application that includes tourists, students, workers and others

The tourist segment is anticipated to grow with a high CAGR over the forecast period. World tourism organization stated that Global tourism experienced a mild 4% upturn in 2021, with 15 million more international tourist arrivals (overnight visitors) than in 2020. Europe and the Americas recorded the strongest results by region relative to 2020, with arrivals up 19% and 17%, respectively. Many of these travelers' journeys start in developed countries to regions with endemic diseases. Moreover, regulatory authorities globally have also instructed that travelers should be vaccinated before traveling to disease-prone regions.

Based on the type, the traveller's vaccines market has been classified into Meningococcal Vaccine, Japanese Encephalitis Vaccine, Yellow Fever Vaccine, Hepatitis Vaccine, Cholera Vaccine and Others.

Hepatitis Vaccine held significant share in the market. A key driver for the hepatitis vaccine market is the increasing prevalence of HBV infected populations, particularly in the WHO Western Pacific Region. Governments globally recognize the HBV vaccine as the only cost-effective way to primary infection prevention.

Geographical Penetration: North America is the dominating region during the forecast period.

Based on geography, the study analyzes the traveller's vaccines market in the global market, including North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.

Geographically, North America is likely to dominate the human vaccines market in the global market over the forecast period. The combination vaccines segment is expected to expand at a high share in North America, followed by the recombinant and attenuated vaccines segments. In Europe, an increase in demand for vaccination and an increase in R&D expenditure boost the traveler’s vaccines market.

Moreover, Asia Pacific is an emerging market for traveler’s vaccines due to the improving healthcare infrastructure and rising government expenditures for organizing educational & awareness programs. In the Middle East and African countries, the advancement of the healthcare industry and economy helps to enhance travelers’ vaccine market. However, affordability issues are factors restraining the market growth. The Government of Saudi Arabia operates routine vaccination programs for influenza, flu, and other vaccines in the country, generating an opportunity in the traveler’s vaccine market.

Competitive Landscape:

The traveler's vaccines market is highly competitive, owing to the presence of big food brands. The key traveler's vaccines players which are contributing to the growth of the global market include Baxter International, Abbott Laboratories, Crucell Vaccines, Pfizer Inc., Emergent BioSolutions, Hoffman-La Roche Ltd., Dynavax Technologies Corporation, GSK group of companies, Shenzhen Kangtay Biological Products Co. Ltd., Takeda Pharmaceuticals U.S.A. Inc., Zydus Cadila, among others. The major players are adopting new product launches and expansion strategies for global growth in the traveler's vaccines market. Some key players follow acquisition strategies to expand their business. For instance, in December 2021, Baxter, a global MedTech leader, completed the acquisition of Hillrom. This acquisition accelerates the company's vision for transforming healthcare and advancing patients care worldwide. Baxter, a clinical-stage biopharmaceutical company, paid $156.00 in cash for each outstanding share of Hillrom common stock for a purchase price of $10.5 billion. In June 2022, Pfizer completed the acquisition with ReViral. This acquisition helped to expand a portfolio of promising therapeutic candidates, including sisunatovir, an orally administered inhibitor designed to block the fusion of the RSV virus to the host cell. This acquisition further demonstrated advancing pioneering science. In December 2021, Pfizer acquired Arena Pharmaceuticals, a clinical-stage company developing innovative potential therapies for treating several immuno-inflammatory diseases, for $100 per share in a total equity value of approximately $6.7 billion.

COVID-19 Impact: Negative impact on the global traveler’s vaccines market.

COVID-19 has certainly hampered the growth of the traveler's vaccine globally. The ban on international traveling by the governments has declined the number of international visits in 2020. Therefore, the demand for traveler’s vaccines declined and led to a downfall in the market value in 2020 and subsequent years.

Post COVID-19, it is expected that the travel and tourism industry get the boom, and the demand for traveler's vaccines also will gain traction due to increasing concern for health safety. Traveler’s vaccines have a very rapid growth in the upcoming year due to this pandemic.

The global traveler’s vaccines market report would provide an access to approximately 56 market data tables, 47 figures and 170 pages