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.
Travel vaccines, also called travel immunizations, are vaccinations for travelers can get before visiting certain regions of the world, which help protect them from serious infections and diseases common in the areas where the traveler is going to. Travel vaccines are safe, effective ways to protect travelers from bringing home infections that can lead to endemics or outbreaks. They are intended to protect travelers and to prevent disease outbreaks within and between countries. Some countries even require proof of vaccination for travelers traveling to or from a country. The rapid growth of the travel and tourism sector and the rising incidence of infectious diseases contribute to the market progress. However, the high cost of travel vaccines hinders the travel vaccines market growth.
The travel vaccines market is assessed on the basis of product, application, and geography. By geography, the market is broadly segmented into North America, Europe, Asia Pacific, the Middle East & Africa, and South & Central America. The travel vaccines market report offers insights and in-depth analysis of the market, emphasizing parameters such as travel vaccines market size, market trends, technological advancements, and market dynamics, along with the analysis of the competitive landscape of the leading market players.
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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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The growth of the travel vaccines market size is expected to grow due to the increasing travel and tourism, prevention of transnational infections, and the growing incidences of infectious diseases. However, the high cost of travel vaccines is expected to hamper the travel vaccines market’s growth.
Lucrative Regions in Travel Vaccines Market
- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Market Insights
Increasing Travel & Tourism Drives Travel Vaccines Market
As travelling and tourism have become an integral part of the human lifestyle, the travel and tourism industry has flourished considerably. Travelling and tourism have not only added a change in the ongoing routine of people but have also offered opportunities to explore different cultures, traditions, spiritualism, and for medical tourism. According to a survey conducted by The Millennial Travel Study by Skyscanner, over ~1,000 millennials (aged 18-35) were quizzed on factors, such as their preferred destination, mode of travel, and interests wherein, the survey showed that a major share of respondents preferred traveling to international destinations over domestic ones. The survey also noted that European destinations are a firm favorite among travelers of all age groups along with the US and New Zealand. Also, statistics from Our World in Data which collects 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 arrivals. Furthermore, arrivals in France stood at 212 million in 2018, while other European countries such as Spain saw 126.17 million arrivals in 2019.
The United Nations World Tourism Organization (UNWTO) indicated a rising number of arrivals, with 2.403 billion arrivals in 2019 and an estimated expenditure of US$ 1.439 billion in international tourism. While the COVID-19 pandemic hugely disrupted this trend, the anti-COVID-19 vaccination drives rollout for the masses along with COVID-19 regulations for safe traveling are expected to aid the normalization of tourism and travel. During traveling, a traveler is at risk of contracting regional diseases, which can lead to transnational disease outbreaks/epidemics. Thus, traveling outside the country requires immunization as a safety and precautionary measure to avoid the spread of such infections. Various countries have their own mandates and regulations to protect their citizens from travel-associated infections. For instance, the UK, National Health Service (NHS) organizes routine immunization or vaccination schedule 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, and yellow fever. Similarly, in Saudi Arabia, travelers coming from Hajj and Umrah pilgrimages are required to show proof of vaccination for meningitis and seasonal influenza. Many countries require mandatory vaccination proofs documented on an International Certificate of Vaccination or Prophylaxis (ICVP). Vaccination is necessary against the diseases 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 market.
Product-Based Insights
Based on product, the global travel vaccines market is segmented into hepatitis A, hepatitis B, meningococcal vaccines, DPT, yellow fever, typhoid, Japanese encephalitis, measles mumps & rubella, rabies, polio, influenza, varicella & shingles, cholera, and others. The hepatitis A segment held the largest travel vaccines market share in 2021. While the hepatitis A segment is expected to account for the largest share during the forecast period, the DPT segment is projected to register the highest CAGR in the travel vaccines market during the forecast period due to the rising usage of DPT vaccine before travel. This is expected to aid the DPT vaccine usage before traveling and further drive the travel vaccines market growth over the next few years.
Travel Vaccines Market, by Product – 2021 and 2028
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Application-Based Insights
Based on application, the market is bifurcated into domestic travel and outbound travel. The outbound travel segment held a larger market share in 2021 and is anticipated to register a higher CAGR in the market during the forecast period. Increasing travel for business, tourism, and other purposes, such as medical tourism and migration, are boosting outbound travels worldwide, thereby driving the demand for travel vaccines.
Companies commonly adopt organic strategies to expand their footprints and product portfolios in the market. Moreover, the companies have implemented various inorganic strategies such as mergers and acquisitions, and partnerships. For instance, in February 2021, Dynavax Technologies Corporation announced that the European Commission (EC) granted Marketing Authorization for HEPLISAV B [Hepatitis B Vaccine (Recombinant), Adjuvanted] for the active immunization against hepatitis B virus infection (HBV) caused by all known subtypes of hepatitis B virus in adults of age 18 and more. The approval was issued following the favorable opinion of the European Medicines Agency (EMA) on the company's Marketing Authorization Application.
Company Profiles
- GlaxoSmithKline plc
- Merck & Co., Inc.
- Sanofi
- Novartis AG
- Pfizer Inc.
- Dynavax Technologies
- Emergent BioSolutions Inc.
- Abbott
- Bharat Biotech
- Valneva SE
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
The travel vaccines market majorly consists of the players such as GlaxoSmithKline plc; Merck & Co., Inc; Sanofi; Novartis AG; Pfizer Inc; Dynavax Technologies; Emergent BioSolutions Inc; Abbott; Bharat Biotech, and Valneva SE among others.
The travel vaccines market is analyzed in the basis of product and application. Based on product, is segmented into hepatitis A, hepatitis B, meningococcal infections, diphtheria pertussis tetanus (DPT), yellow fever typhoid, Japanese encephalitis, measles mumps & rubella, rabies, polio, influenza, varicella & shingles, cholera, and others. Among the product, the hepatitis A segment was dominating the market in 2021. And based on the application, outbound travel held the largest market for the market and is expected to continue its dominance in the coming future.
The factors that are driving the growth of the market are increasing travel and tourism, prevention of transnational infections, and growing incidences of infectious diseases. However, the high cost of travel vaccines is likely to hinder the market’s growth.
Travel vaccines, also called travel immunizations, are shots travelers can get before visiting certain areas of the world that help protect them from serious illnesses. Vaccinations work by exposing the body to germs or parts of germs of the disease it will protect against. Travel vaccines are safe, effective ways to help protect travelers from bringing home more than they bargained for. These vaccines are recommended to provide protection against diseases endemic to the country of origin or of destination. They are intended to protect travelers and to prevent disease spread within and between countries. Some countries require proof of vaccination for travelers wishing to enter or exit the country.
The List of Companies - Travel Vaccines Market
- GlaxoSmithKline plc
- Merck & Co., Inc.
- Sanofi
- Novartis AG
- Pfizer Inc.
- Dynavax Technologies
- Emergent BioSolutions Inc.
- Abbott
- Bharat Biotech
- Valneva SE.
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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