PUBLISHER: The Business Research Company | PRODUCT CODE: 1428050
PUBLISHER: The Business Research Company | PRODUCT CODE: 1428050
Travel vaccines are immunizations designed to protect against diseases prevalent in either the country of origin or the destination. Their purpose is to ensure the well-being of travelers and prevent the transmission of diseases within and between nations.
The primary travel vaccines targeting various diseases include hepatitis A, diphtheria, pertussis, and tetanus (DPT), yellow fever, typhoid, hepatitis B, measles and mumps, rabies, meningococcal, and others. Hepatitis A is caused by the hepatitis A virus (HAV), leading to liver inflammation. These vaccines are available as mono vaccines or combination vaccines and can be booked through online and in-person channels for domestic travel, as well as through outbound travel applications.
The travel vaccine market research report is one of a series of new reports from The Business Research Company that provides travel vaccine market statistics, including the travel vaccine industry global market size, regional shares, competitors with a travel vaccine market share, detailed travel vaccine market segments, market trends and opportunities, and any further data you may need to thrive in the travel vaccine industry. This travel vaccine market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The travel vaccines market size has grown strongly in recent years. It will grow from $4.41 billion in 2023 to $4.79 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The expansion observed in the historical period can be attributed to the rise in international travel, government initiatives promoting travel health, the globalization of diseases, increased awareness among travelers, and the growth of the travel and tourism industry.
The travel vaccines market size is expected to see strong growth in the next few years. It will grow to $6.79 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The anticipated growth in the forecast period can be attributed to the increasing frequency of business travel, the emergence of threats from infectious diseases, government regulations and entry requirements, a rising demand for exotic destinations, and collaborative efforts between governments and pharmaceutical companies. Prominent trends expected during the forecast period include the implementation of tailored vaccination strategies, the expansion of the market to non-endemic regions, the adoption of digital health technologies, regulatory support, streamlined approvals, and innovative developments.
The anticipated surge in travel and tourism is poised to drive the expansion of the travel vaccine market in the future. Travel and tourism encompass the movement of people and vehicles across various distant geographic areas, including trains, boats, airplanes, and other modes of transportation. Travel vaccines play a crucial role in ensuring the safety and health of tourists and travelers during their journeys abroad. As of January 2023, the United Nations World Tourism Organization (UNWTO) reported that over 900 million tourists ventured abroad in 2022, marking a twofold increase from the previous year and a substantial 63% rise from pre-pandemic levels. This surge in travel and tourism is a significant factor propelling the growth of the travel vaccine market.
The upswing in healthcare spending is another driving force behind the expansion of the travel vaccine market. Healthcare spending refers to the total financial resources allocated to the healthcare sector within a specific region, country, or organization. Within healthcare spending, investments in travel vaccines as preventive measures contribute to reducing the economic burden associated with treating travel-related diseases. These vaccines play a crucial role in public health by minimizing the risk of infectious diseases during international travel, thereby averting the costs linked to medical treatment, hospitalization, and potential outbreaks upon return. In March 2023, the American Medical Association reported a 2.7% increase in health spending in the United States, reaching $4.3 trillion or $12,914 per capita in 2021. This uptick in healthcare spending is a driving factor for the growth of the travel vaccine market.
Product innovation stands out as a prominent trend gaining traction in the travel vaccine market, with major companies actively pursuing the development of innovative vaccines to strengthen their market positions. For example, in August 2022, Takeda Pharmaceutical Company Limited, a Japan-based pharmaceutical company, received approval for QDENGA (Dengue Tetravalent Vaccine) (TAK-003) from the Indonesia National Agency for Drug and Food Control. QDENGA, designed for the prevention of dengue sickness in individuals aged six to 45, demonstrated sustained overall protection against dengue sickness and hospitalization three years after immunization, regardless of prior exposure to the disease.
Leading companies in the travel vaccine market are investing in innovative vaccines designed for active immunization against tick-borne encephalitis (TBE) for travel purposes. An example is Pfizer Inc., a US-based pharmaceutical and biotechnology company, which in August 2021 launched TICOVAC, the only FDA-approved vaccine for U.S. adults and children to help protect against the TBE virus when traveling or residing in TBE-endemic areas. TICOVAC's specific dosage and vaccination schedule depend on the age of the individual, offering a preventive measure for those traveling to endemic areas.
In May 2023, Bavarian Nordic, a US-based biopharmaceutical company, acquired Emergent BioSolutions' travel vaccine portfolio for an undisclosed amount. This strategic acquisition includes two commercially available vaccines-Vivotif for preventing typhoid fever and Vaxchora for cholera prevention-as well as a Phase 3 vaccine candidate targeting the prevention of the Chikungunya virus. The deal also encompasses R&D facilities in the US, a Swiss biologics production facility, and EU and US commercial operations with a specialized salesforce. Emergent BioSolutions, a US-based biotechnology firm, specialized in manufacturing devices, vaccines, and therapeutics, with its travel vaccine division being part of the acquisition.
Major companies operating in the travel vaccines market report are Pfizer Inc., Johnson and Johnson, Merck & Co. Inc., Novartis AG, Sanofi SA, AstraZeneca PLC., GlaxoSmithKline PLC, Moderna Inc., BioNTech Europe GmbH, Biological E. Limited, Bausch Health Companies Inc., Takeda Pharmaceutical Company Limited, Novavax Inc., Emergent BioSolutions UK, Serum Institute of India Pvt. Ltd., Dynavax Technologies, Bavarian Nordic A/S, Valneva SE, Panacea Biotec, Vabiotech, Inovio Pharmaceuticals, Bharat Biotech International Limited, Altimmune Inc., Bio Farma, Vaxart Inc.
North America was the largest region in the travel vaccines market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the travel vaccines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the travel vaccines market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The travel vaccine market consists of sales of vaccines for diseases such as Japanese encephalitis, tick-borne encephalitis, and tuberculosis (TB). Values in this market are 'factory gate' values, that is, the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Travel Vaccines Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on travel vaccines market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for travel vaccines ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The travel vaccines market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
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The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.