Travel Vaccines Market Drivers and Opportunities [2021-2031]
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.
Travel Vaccines Market Analysis
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.
Travel Vaccines Market Overview
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.
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Travel Vaccines Market: Strategic Insights
Market Size Value in US$ 3,078.94 million in 2021 Market Size Value by US$ 5,914.22 million by 2028 Growth rate CAGR of 9.8% from 2021 to 2028. Forecast Period 2021- 2028 Base Year 2021
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Travel Vaccines Market: Strategic Insights
| Market Size Value in | US$ 3,078.94 million in 2021 |
| Market Size Value by | US$ 5,914.22 million by 2028 |
| Growth rate | CAGR of 9.8% from 2021 to 2028. |
| Forecast Period | 2021- 2028 |
| Base Year | 2021 |
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Travel Vaccines Market Drivers and Opportunities
Rising International Travel Accelerates Demand for Travel Vaccines to Favor 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.
Research & Development (R&D) Activities Will Lucrative Market Opportunity
- 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 the company’s 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 February 2020, Abbott introduced a new inactivated quadrivalent vaccine for influenza. The new vaccine is the first of its kind sub-unit vaccine delivering protection against four virus strains, in India. It is the only 0.5 ml quadrivalent flu vaccine in India that has been approved for usage in children below 3 years.
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.
Travel Vaccines Market Report Segmentation Analysis
Key segments that contributed to the derivation of the travel vaccines market analysis are type, application, and end user.
- Based on product, the travel vaccines market is segmented as Hepatitis A, Hepatitis B, meningococcal vaccines, DPT, Yellow Fever, typhoid, Japanese Encephalitis, Measles, Mumps, and Rubella (MMR), rabies, polio, influenza, varicella & shingles, cholera, and others. The Hepatitis A segment held a largest market share in 2023.
- By application, the market is segmented into domestic travel and outbound travel. The outbound travel segment held the largest share of the market in 2023.
Travel Vaccines Market Share Analysis by Geography
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.
Travel Vaccines Market Report Scope
Travel Vaccines Market News and Recent Developments
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:
- Bavarian Nordic A/S announced partnership with Emergent Biosolutions Inc. for acquiring two marketed travel vaccines "Vivotif" for the prevention of typhoid fever and "Vaxchora" against Cholera as well as Phase 3 vaccine candidate to prevent Chikungunya virus. The acquisition aims not only to expand commercial product portfolio and take a leading position in travel vaccines, but also strengthen company's position in pipeline through promising late-stage vaccines. (Source: Bavarian Nordic A/S, Website, February 2023).
Travel Vaccines Market Report Coverage and Deliverables
The “Travel Vaccines Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Travel vaccines market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Travel vaccines market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Travel vaccines market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the travel vaccines market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product and Application
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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