The Global Travelers Vaccines Market is expected to grow at a CAGR of 8.60% during the forecasting period (2021-2028).
(TRAVPR.COM) USA - November 26th, 2021 - Market Overview
The Global Travelers Vaccines Market is expected to grow at a CAGR of 8.60% during the forecasting period (2021-2028).
A vaccines are a biological preparation that aids to fight against diseases and boost up the immunity. It contains an agent that is related to a disease causing organism and made from killed form of microbes. According to the World Health Organization (WHO), currently licensed vaccines are available to avoid over twenty five infections. The effectiveness of the vaccine depends on disease pathophysiology, the stain of the vaccine, ethnicity, the schedule of the vaccination, and genetic predisposition. As the globalization is rising, the international traveling will keep increasing, which in turn, creates the demand for travel vaccines. Moreover, the vaccines are broadly used as a preventive measure counter to the known infectious diseases. The travelers are educated to adhere to the region-specific immunization plan.
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Market Dynamics
The increase in the number of diseases and viruses that have afflicted the sector has increased swiftly in the past few decades, and certainly, not enough vaccinations have been developed against them. Now, the increased awareness has obliged people to take the necessary vaccinations available, without giving it a second thought.
Growing tourism and travel industry
Growing touring industry and surge in incidence of travel related diseases is the major growth driver for the traveler vaccine market. Growing investment for R&D of new vaccine by pharmaceutical and biotechnology companies and growing adoption of vaccine by international travelers has prompted the demand for traveler vaccines. Furthermore, the growing government initiatives and rising awareness through electronic & print media are the factors that are expected to enhance the growth of the market. However, lack of expertise for the production of vaccines and weak cold supply chain management are the factors that are limiting the growth of the market.
Low risk of serious side effects
Extreme low risk of serious side effects on fetus along with the suitable educational & awareness programs through the various nonprofit organization are factors that support the market gfowth. Rising inclinations for outsourcing of vaccine in the emerging and under developed countries offers opportunity to boosts the traveler’s vaccines market. It is expected to grow with the increase in outbound travel and increase in vaccination coverage due to its awareness.
COVID-19 Impact Analysis
COVID-19 has certainly hampered the growth of the travelers vaccine globally. The ban on the international travelling by the governments has declined the number of international visits in 2020. Therefore, the demand for travelers vaccine declined and led to the downfall in the maket value in 2020 and subsequent years. Post COVID-19, it is expected that the travel and tourism industry get boom and the demand for travelers vaccine also will gain traction due to increasing concern of health safety. Travelers vaccines have a very rapid growth in the upcoimg year due to this pandemic.
Segmentation Analysis
By Type
· Meningococcal Vaccine*
· Japanese Encephalitis Vaccine
· Yellow Fever Vaccine
· Hepatitis Vaccine
· Cholera Vaccine
· Others
By Application
· Tourists*
· Students
· Workers
· Others
Geographical Analysis
Based on geography, the study analyzes the travelers vaccines market in the global market, including North America, Europe, Asia-Pacific, South America, and the Middle East & Africa.
North America is anticipated to hold largest share in the global travelers vaccines market
Geographically, the North America is likely to dominate the human vaccines market in the global market over the forecast period. The combination vaccines segment is expected to expand at a high share in North America, followed by the recombinant vaccines and attenuated vaccines segments. In Europe, increase in demand for vaccination and increase in R&D expenditure boost the traveler’s vaccines market. Moreover, Asia Pacific is an emerging market for traveler’s vaccine due to the improving healthcare infrastructure and rising government expenditures by organizing educational & awareness programs. In Middle East and African countries, the advancement of the healthcare industry and economy help to enhance traveler’s vaccine market. However, affordability issues are factors restraining the market growth. The Government of Saudi Arabia operates routine vaccination programs for influenza, flu, and other vaccines in the country that generate an opportunity in the traveler’s vaccine market.
Competitive Landscape
The travelers vaccines market is highly competitive, owing to the presence of big food brands. The key travelers vaccines players which are contributing to the growth of the global market include Baxter International, Abbott Laboratories, Crucell Vaccines, Pfizer Inc., Emergent BioSolutions, Hoffman-La Roche Ltd., Dynavax Technologies Corporation, GSK group of companies, Shenzhen Kangtay Biological Products Co. Ltd., Takeda Pharmaceuticals U.S.A. Inc., Zydus Cadila, among others. The major players are adopting new product launch and expansion strategies for global growth in the travelers vaccines market.
Baxter International, Inc.:
Baxter International Inc. is an American multinational health care company with headquarters in Deerfield, Illinois. The company primarily focuses on products to treat hemophilia, kidney disease, immune disorders and other chronic and acute medical conditions. Baxter International, Inc. has a product portfolio comprising essential renal and hospital products, including sterile IV solutions, acute and chronic dialysis, infusion systems and devices, parenteral nutrition therapies; premixed and oncolytic injectable, bio surgery products and anesthetics, drug reconstitution systems and pharmacy automation, software and services. The company operates through the following segment: Europe, Americas, Middle East & Africa and Asia-Pacific.
Product Portfolio: The Company’s portfolio comprises critical care, hospital care, nutritional care, renal care and surgical care, among others. Baxter's Medical Products business produces intravenous products and other products used in the delivery of fluids and drugs to patients; inhalational anaesthetics; contract manufacturing services; and products to treat end-stage kidney disease, or irreversible kidney failure, including products for peritoneal dialysis and hemodialysis.
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