The travel vaccines market is expected to reach US$ 6,886.7 million by 2026, up from US$ 3,592.1 million in 2017, with a compounded annual growth rate (CAGR) of 7.5% from 2018 to 2026. As per the research findings of the World Tourism Organization (WTO), the number of international arrivals throughout the globe is expected to reach 1.6 billion by 2020. It is estimated that 51% of these travelers traveled for holiday and recreational purposes, 15% traveled for business purposes, and 24% reported travel for religious reasons and pilgrimages.
Travelers are at high risk for bacterial and viral infection due to sudden changes in humidity, altitude, and temperature, poor hygiene, and a lack of medical services in remote areas, etc. The World Health Organization (WHO) has drafted a treatment guideline for travelers, primarily focusing on the importance of vaccination as a preventive measure classified as routine, recommended, and required vaccination.
Market Synopsis
Required vaccinations are gaining prominence due to the sudden outbreak of fatal diseases such as ebola, zika, and the Middle East respiratory syndrome.
Routine vaccination holds the largest market share by type in the travel vaccine market. It is helpful in developing immunity in humans against infectious diseases such as influenza, MMR, tuberculosis, diphtheria, etc. The other factors responsible for the dominance of routine vaccination are the rising prevalence of infectious diseases and proactive government policies to promote vaccination in all age groups.
Favorable reimbursement scenarios have a positive impact on the growth of the routine vaccination market. Recommended vaccinations are gaining popularity on account of facts such as the increasing number of visitors globally. They are taken two months in advance on a physician's recommendation to build immunity against endemic diseases such as cholera, diarrhea, Japanese encephalitis, etc. Required vaccination will be the fastest-growing segment on account of factors such as the sudden outbreak of fatal diseases such as ebola, zika, malaria, and the Middle East respiratory syndrome.
Increasing public health awareness and well-developed healthcare infrastructure will drive market growth in North America.
North America is the clear leader in the travel vaccine market. The key factors driving the growth of the travel vaccines market in North America are rising public health awareness and the presence of a well-developed healthcare infrastructure. The presence of key players and the implementation of treatment guidelines emphasizing preventive care for citizens traveling abroad drive the North American market.
European medical agencies have made it mandatory for visitors to get vaccinated at the port of entry for infectious diseases such as tuberculosis, swine flu, and hepatitis B etc. Asia Pacific will showcase the fastest growth during the forecast period owing to the rising prevalence of infectious diseases and rampant growth in the tourism sector.
In order to prevent the spread of Middle East respiratory syndrome (MERS), the haj pilgrims in the Middle East and Africa are rigorously vaccinated. Since the outbreak of fatal diseases such as ebola and zika, healthcare agencies in Latin America and the African region have invested huge funds in developing vaccines to protect the health of their citizens.
Periods of History and Forecast
This research report presents the analysis of each segment from 2016 to 2026, considering 2017 as the base year for the research. The compound annual growth rate (CAGR) for each of the respective segments is calculated for the forecast period from 2018 to 2026.
Report Scope by Segments
The market estimation and compounded annual growth rate were calculated using organic and inorganic market growth analysis. The travel vaccines market is divided into two parts: type and geography.
The scope of the report includes a market assessment to understand the most recent market trends in the travel vaccines market. A comprehensive study was conducted to better understand the disease etiology of various infections encountered by travelers around the world, as well as the preventive measures taken by global healthcare organizations.
The competitive landscape is covered in the scope of the report to understand the competition existing among key players. The vaccines classified as routine recommended and required vaccinations are covered under the product portfolio segment. Major players providing travel vaccines are Baxter AG, Bharat Biotech, GlaxoSmithKline Plc., Inovio Pharmaceuticals, Inc., Merck & Co., Inc., Novartis AG, PaxVax Corporation, Sanofi Pasteur SA, Valneva SE, and VBI Vaccines, Inc.
Key questions are answered in this report.
What are the market estimation and compound annual growth rates for the travel vaccine market?
Who are the major players in the travel vaccine market?
What are the treatment guidelines and vaccinations prescribed by regulatory bodies throughout the globe?
What are the drivers, challenges, and opportunities existing in the travel vaccine market?
What is the competitive scenario existing in the travel vaccine market?
Which segment of the travel vaccines market is the most dominant and fastest growing?
Which is the leading and fastest-growing regional segment for the travel vaccine market?
Frequently Asked Question:
The market for Travel Vaccines Market is expected to reach USD$ 3,592.1 Mn in 2026.
The Travel Vaccines Market is expected to see significant CAGR growth over the coming years, at 7.5%.
The report is forecasted from 2018 -2026.
The base year of this report is 2017.
Baxter AG, Bharat Biotech, GlaxoSmithKline Plc., Inovio Pharmaceuticals, Inc., Merck & Co., Inc., Novartis AG, PaxVax Corporation. are some of the major players in the global market.
