The travel vaccines market size is projected to reach US$ 9.2 billion by 2031 from US$ 4.2 billion in 2023. The market is expected to register a CAGR of 8.7% during 2023–2031. Digitalization for travel vaccines are likely to remain key trends in the market.
Vaccination drives or immunization programs will provide lucrative opportunity for the market growth for travel vaccines in the coming years. Most of the countries have mandated vaccination against several infectious diseases. However, there is a lack of awareness about vaccination in most of the low and middle–income countries. Therefore, several developing countries conduct awareness campaigns for vaccination drives. The United Nations Children's Fund (UNICEF) is one such example that have established a vaccine project to curb rotavirus, pneumococcal conjugate, and human papilloma virus (HPV) in the countries such as Samoa, Tonga, Tuvalu, and Vanuatu. The project is funded by the Asian Development Bank (ADB). ADB deployed US$ 29.7 million for system strengthening the coverage of new vaccines in the Pacific project. The project health ministries immunized 90,700 children against pneumonia, nearly 71,600 children against rotavirus, and 84,200 adolescent girls against HPV infections for the developing countries. Such aforementioned factors act as an influential factor responsible to account considerable market growth during 2021-2031. Digitalization for travel vaccines are likely to remain key trends in the market.
Growing incidence of infectious diseases drives the market growth. For example, COVID–19 pandemic has become a threat to public health. According to World Health Organuzation (WHO) report, over 1.53 million people were affected due to pandemic and nearly 3.2 million deaths were registered till May 1, 2021. Several emergency actions were initiated during the pandemic; among which, the COVAX initiative was aggressively enacted. Governments in every region have mandated vaccines for people traveling within and outside countries. The COVID-19 pandemic has contributed a lot to travel vaccines, and it is promoting the growth of the market.
International travellers increase the chance of spreading rare diseases. Therefore, vaccination before travel is imperative to ensure global public health and help travelers stay healthy during and after their travels. The immunizations recommended for travelers vary based on the certain factors. The factors involved the traveler's age, immunization history, existing medical conditions, destinations, planned activities, duration & nature of travel, and legal requirements for entry into visiting countries. Additionally, infants traveling for international trips should be primarily vaccinated for diphtheria, tetanus, acellular pertussis, inactivated polio, and Haemophilus influenzae type B, with or without hepatitis B (DTaP-IPV-Hib or DTaP-HB-IPV-Hib) vaccine and pneumococcal conjugate vaccine. For example, the first dose of the Measles-Mumps-Rubella (MMR) vaccine should be given at an earlier age than usual for children traveling outside of Canada. Therefore, rising infectious diseases accelerate demand for travel vaccines acting as the major drivers of global travel vaccines market share.
Therefore, rising R&D activities is seen to leave a positive impact on the travel vaccines market, as it has an opportunity for development of advanced products.
Key segments that contributed to the derivation of the travel vaccines market analysis are type, application, and end user.
The geographic scope of the travel vaccines market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the market. In North America region, the US accounts largest share for travel vaccines market. Presence of top manufacturers in the region and their innovative product offerings are the factors contributing to the dominance of the market. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.
The regional trends and factors influencing the Travel Vaccines Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Travel Vaccines Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 4.2 Billion |
| Market Size by 2031 | US$ 9.2 Billion |
| Global CAGR (2023 - 2031) | 8.7% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Product
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Travel Vaccines Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Travel Vaccines Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The travel vaccines market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the travel vaccines market are listed below:
North America region dominated the travel vaccines market in 2023.
Rising international travel accelerate demand for travel vaccines is one of the most influential factors responsible for market growth.
Digitalization for travel vaccines to remain as a key trend for travel vaccines market.
GSK, Merck & Co., Inc., Sanofi, Novartis, Pfizer, Dynavax Technologies, Emergent Biosolutions Inc., Abbott, Bharat Biotech, and Valneva are the key players in the travel vaccines market.
The estimated value of travel vaccines market accounted US$ 9.2 billion in 2031.
The CAGR for travel vaccines accounted 8.7% during 2023-2031.