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The travel vaccines market is projected to reach US$ 5,914.22 million by 2028 from US$ 3,078.94 million in 2021
It is estimated to grow at a CAGR of 9. 8% from 2021 to 2028. The report highlights trends prevailing in the travel vaccines market and factors driving the travel vaccines market growth. The travel vaccines market growth is attributed to the increasing travel and tourism, increasing awareness pertaining to the prevention of transnational infections, and the rising prevalence of infectious diseases.
New York, April 21, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Travel Vaccines Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product and Application" - https://www.reportlinker.com/p06270049/?utm_source=GNW
However, the high cost of travel vaccines is expected to hamper the travel vaccines market growth in the near future.
The travel and tourism industry has seen robust growth in the recent decades with improving disposable income of individuals, better traveling routes, a variety of transportation methods, and more.Tourism has also increased with travelers looking to explore human behavior and cultures by exploration of different cultures, traditions, spiritualism, rural and ethnic living.
This data is substantiated by a recent survey conducted by The Millennial Travel Study by Skyscanner.In the survey, over ~1,000 millennials (aged 18-35) were quizzed on factors, such as their preferred destination, mode of travel, and interests.
The survey showed that four-fifths of respondents preferred traveling to international destinations over domestic ones. The survey also noted European destinations were one of the most sought-after regions among travelers of all age groups, followed by the US and New Zealand.
Additionally, statistics from Our World in Data collect data from the World Tourism Organization showed increased tourism in various regions in 2019, such as the European Union saw ~966.44 million arrivals, North America saw ~200 million arrivals, and The Middle East & North Africa saw ~128 million arrivals. Furthermore, arrivals in France stood at 212 million in 2019, while other European countries such as Spain saw 126.17 million arrivals in 2019. Also, in 2019, the international number of arrivals stood at 2.403 billion. By region, the European Union saw the highest international arrivals of an estimated 966.44 million and East Asia & Pacific saw international arrivals of 487.08 million. The estimated expenditure for international tourism stood at an estimated US$ 1.439 billion. While the COVID-19 pandemic hugely disrupted this trend, the rollout of anti-COVID-19 vaccinations and COVID-19 regulations for safe traveling is expected to aid the normalization of tourism and travel. The pandemic has led to an emphasis on immunizations for travelers to avoid the spread of infections. Various countries have their own policies to protect traveling citizens from travel-associated infections. For instance, in the UK, the National Health Service (NHS) organizes routine immunization or vaccination drives for its citizens. If a person is traveling outside the UK, he/she needs to get vaccinated to prevent infectious diseases such as hepatitis A, typhoid, measles, mumps, yellow fever, among others. Similarly, in Saudi Arabia, travelers coming from various countries for Hajj and Umrah pilgrimages are required to show proof of vaccination for meningitis and seasonal influenza. Various countries require mandatory vaccination proofs documented on an International Certificate of Vaccination or Prophylaxis (ICVP). Vaccination is necessary against the diseased mentioned in the US HHS (Department of Health & Human Services) such as chickenpox, cholera, COVID-19, diphtheria, influenza, Hepatitis A, Hepatitis B, Haemophilus influenzae type B, human papillomavirus, Japanese encephalitis, measles, meningococcal, mumps, pneumococcal, polio, rabies, rotavirus, rubella, shingles, tetanus, typhoid fever, whooping cough, and yellow fever, depending on the traveling country. The concern regarding the spread of regional diseases across nations is boosting the demand for travel vaccines.
Based on product, the global travel vaccines market is segmented into hepatitis A, hepatitis B, meningococcal vaccines, DPT (diphtheria, pertussis, tetanus), yellow fever, typhoid, Japanese encephalitis, measles mumps & rubella, rabies, polio, influenza, varicella & shingles, cholera, and others.The hepatitis A segment accounter for the largest market share of the travel vaccines market in 2021.
However, the DPT (diphtheria, pertussis, tetanus) segment is anticipated to register the highest CAGR in the market during the forecast period.Based on application, the global travel vaccines market is bifurcated into domestic travel and outbound travel.
The outbound travel segment held a larger market share in 2021 compared to the domestic travel segment. Moreover, the outbound travel segment is estimated to register a higher CAGR in the travel vaccines market during 2021-2028.
The COVID-19 pandemic has created both a public health crisis and an economic crisis.The pandemic adversely affected an unbelievable percentage of the population since the first quarter of 2020.
The regions saw a steep decline in travel, both domestic and international.The decline in travel was primarily due to various regulations and mandates imposed by the governments to prevent the spread of the COVID-19 virus.
This consequently led to the decrease in the demand for travel vaccines, resulting in a consequent decline in the travel vaccine market growth.
As the pandemic-related regulations were eased and travel, domestic and international, was resumed, an increased emphasis was given to the vaccination status of the travelers.While the emphasis was primarily on COVID-19 related vaccinations, other travel vaccines saw a similar demand, with travelers and regulatory bodies putting significant emphasis on prompt vaccinations to ensure proper protection of travelers and the people they encounter.
Consequently, the travel vaccines market is expected to see substantial growth opportunities, with travelers and regulatory bodies stressing on vaccination against infectious diseases. Organizations such as the US Centers for Disease Control and Prevention, the National Health Services of various countries, and the World Health Organization developed various travel-related advisories to ensure safe travel, leading to the rise in the market.
Companies have adopted various organic and inorganic developments in the travel vaccines market.Many companies focus on organic strategies, such as product launches and product approvals.
Inorganic growth strategies witnessed in the market are acquisitions, collaboration, and partnerships.These growth strategies have aided the market players in expanding their business, contributing toward the travel vaccines market size, and enhanced their geographic presence.
Additionally, growth strategies, such as acquisitions and partnerships, helped strengthen their customer base and increase the product portfolio.
Recent significant developments made by key players are listed below:
• In December 2021, Emergent BioSolutions Inc. announced the first participant dosed in its phase 1 study, EBS-UFV-001, evaluating the safety, tolerability, and immunogenicity of its investigational universal influenza vaccine candidate. The current version of the influenza vaccine candidate contains multiple components intended to induce broad and supra-seasonal immunity against influenza A viruses.
• In June 2021, Merck & Co., Inc. and Sanofi developed the Vaxelis vaccine (Diphtheria and Tetanus Toxoids and Acellular Pertussis, Inactivated Poliovirus, Haemophilus b Conjugate, and Hepatitis B Vaccine) as part of a US-based partnership between the companies. The vaccine is considered the first hexavalent combination vaccine available in the US indicated for active immunization to help prevent DTP, polio, and hepatitis B.
• In March 2021, Sanofi made an investment of more than US$ 750 million in a new vaccine manufacturing facility at its existing site in Toronto, Canada. The investment in a new facility provided additional antigen and filling capacity for Sanofi’s Fluzone High-Dose Quadrivalent influenza vaccine, helping to increase supply availability in Canada, the US, and Europe.
A few of the leading primary and secondary sources referred to while preparing the report on the travel vaccines market are the National Center for Health Statistics (a department of US Department of Health & Human Services), Centers for Disease Control and Prevention (CDC), and World Tourism Organization (WTO).
Read the full report: https://www.reportlinker.com/p06270049/?utm_source=GNW
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