According to the analysis conducted by Consegic Business Intelligence, the travel vaccines market is experiencing significant growth with a compound annual growth rate (CAGR) of 10.2% during the forecast period of 2023-2030. This growth is primarily driven by the expanding tourism industry, Major Participants Includes are GSK plc., Sanofi, Merck & Co., Inc., Pfizer Inc., Bavarian Nordic, Emergent, Seqirus, Valneva SE, Abbott, and AstraZeneca
New York, June 20, 2023 (GLOBE NEWSWIRE) -- According to a recent report by Consegic Business Intelligence, the travel vaccines market is poised for strong expansion and is expected to reach USD 7,137.89 million by 2030. The market, which was valued at USD 3,290.00 million in 2022, is predicted to grow at a compound annual growth rate of 10.2% during the period 2023-2030. Consegic Business Intelligence study also provides insights into the market's competitive landscape, market segmentation, regional outlook, and emerging technologies in the Travel Vaccines market.
Travel vaccines are specialized immunizations designed to protect individuals from infectious diseases that are prevalent in specific travel destinations. Such types of vaccines are designed to provide effective protection against diseases such as yellow fever, typhoid, hepatitis A and B, meningitis, rabies, and others.
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As per the research, GSK plc., Sanofi, and Merck & Co., Inc. are major market players that comprise the latest market circumstances. These companies are continuously leveraging new technologies to develop innovative solutions that are more efficient, and cost-effective. Further, the travel vaccines market is expected to grow steadily due to increasing research and development initiatives for the production of new vaccines. The market is characterized by intense competition, with companies focusing on expanding their product offerings and increasing their market share through mergers, acquisitions, and partnerships.
The administration of appropriate travel vaccines helps individuals significantly reduce their vulnerability to these diseases, ensuring a safer and healthier travel experience. Further, the continuous growth of international travel coupled with increasing health concerns are the key drivers contributing to the rising demand for travel vaccines.
Global Travel Vaccines Market: Report Attributes
|Report Attributes||Report Details|
|Market Size in 2030 (USD Million)||7,137.89 Million|
|By Composition||Mono Vaccines and Combination Vaccines|
|By Disease Type||Hepatitis A, DPT, Yellow Fever, Typhoid, Hepatitis B, Measles and Mumps, Rabies, Meningococcal, Japanese Encephalitis, and Others|
|By Traveler||Inbound and Outbound|
|Report Coverage||Company Ranking and Market Share, Growth Factors, Total Revenue Forecast, Regional Competitive Landscape, Business Strategies, and more.|
|By Region||North America, Asia-Pacific, Latin America, Europe, Middle East & Africa|
|Key Players||GSK plc., Sanofi, Merck & Co., Inc., Pfizer Inc., Bavarian Nordic, Emergent, Seqirus, Valneva SE, Abbott, and AstraZeneca|
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Global Travel Vaccines Market Segmentation Details:
Based on Composition, the combination vaccines segment is anticipated to grow at the fastest CAGR over the forecast period. Combination vaccines offer the convenience of protecting against multiple diseases in a single vaccine. This simplifies the vaccination process and reduces the number of injections needed, making it more convenient for both healthcare providers and patients. Combination vaccines are crucial for travelers visiting regions with a higher risk of multiple diseases which is a key factor driving the segment growth over the forecast period.
Based on Disease Type, in 2022, the hepatitis A segment contributed the largest market share in the travel vaccines market. Hepatitis A is a highly contagious viral infection that spreads through contaminated food and water. Travelers visiting regions with poor sanitation or inadequate hygiene practices are at a higher risk of developing hepatitis A. The widespread occurrence of hepatitis A in many travel destinations and the need to protect travelers from this potentially severe illness are boosting the growth of the travel vaccines market.
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Based on Traveler Type, in 2022, the inbound segment accounted for the largest market share in the travel vaccines market. The increasing growth of international travelers, including inbound travelers, due to improved transportation infrastructure and increased connectivity has made international travel more accessible and affordable. This growth in inbound travelers has led to a greater demand for travel vaccines to protect against specific region-related diseases and reduce the risk of spreading them, thereby, driving the market growth.
Based on Region, in 2022, North America accounted for the largest share contribution to the market growth owing to the significant number of outbound and inbound travelers and high awareness of travel-related health risks. Further, the increasing government initiatives to promote vaccinations such as Pan American Health Organization (PAHO) and well-developed travel medicine clinics that facilitate easy access to travel vaccines for both domestic and international travelers are driving the market growth in the region.
Key Market Takeaways
- By disease type, the hepatitis A segment accounted for the highest market share of 10.2% in the travel vaccines market statistics in 2022.
- Based on traveler type, the outbound segment is expected to grow at the fastest CAGR over the forecast period.
- Asia Pacific is expected to grow at the fastest CAGR of 11.8% during the forecast period due to the growing number of inbound and outbound travelers industry in the region.
- In 2022, North America accounted for the highest market share at 40.45% and was valued at USD 1,330.81 million, and is expected to reach USD 2,896.55 million in 2030.
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- In February 2023, Bavarian Nordic announced an agreement with Emergent BioSolutions Inc. to acquire two marketed travel vaccines, Vaxchora against cholera and Vivotif for the prevention of typhoid fever.
List of Major Global Travel Vaccines Market:
- GSK plc.
- Merck & Co., Inc.
- Pfizer Inc.
- Bavarian Nordic
- Valneva SE
Global Travel Vaccines Market Segmentation:
- By Composition
- Mono Vaccines
- Combination Vaccines
- By Disease Type
- Hepatitis A
- Yellow Fever
- Hepatitis B
- Measles and Mumps
- Japanese Encephalitis
- By Traveler Type
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Frequently Asked Questions in the Travel Vaccines Market Report
- What was the market size of the travel vaccines in 2022?
- In 2022, the market size of travel vaccines was USD 3,290.00 million.
- What will be the potential market valuation for travel vaccines by 2030?
- In 2030, the market size of travel vaccines will be expected to reach 7,137.89 million.
- What is the key restraint, hampering the growth of the travel vaccines market?
- High cost of travel vaccines is likely to impede market growth.
- What is the dominating segment in the travel vaccines market, by disease type?
- In 2022, the hepatitis A segment accounted for the highest market share of 20.11% in the overall travel vaccines market.
- Based on current market trends, which geographical region contributed the largest share of the market?
- North America contributed the largest market share in the travel vaccines market.
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