According to the latest report by IMARC Group, titled “Travel Vaccines Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the market size reached US$ 4.9 Billion in 2018. Travel vaccines are immunization shots that travelers can get before traveling to other parts of the world where there is a high risk of developing certain diseases. These vaccines build immunity against viral and microbial invasions while improving the overall health of the individual. They introduce the disease-causing microbes into the bloodstream to help the human body develop antibodies to fight off the same, if exposed to in the future. These shots must be taken at least 4 to 6 weeks before traveling as this gives enough time for the immunization to start working efficiently.
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Global Travel Vaccines Market Trends:
Rising occurrence of infectious and travel-related diseases such as Japanese encephalitis, diphtheria, meningitis and yellow fever is one of the major factors that are driving the growth of the market. In addition to this, owing to factors such as the rising globalization and reduced international airfares, there has been an increase in international tourism. Consequently, the sales of travel vaccines have also witnessed a significant rise across the globe. Apart from this, several combination vaccines are also available for travelers, which protect against more than one disease. They are widely gaining popularity amongst the users as they reduce the number of vaccines required. Furthermore, government bodies in several countries are investing in promoting the use of these vaccines. For instance, the National Health Service (NHS) is providing several free travel vaccines for diseases such as cholera, polio, typhoid and hepatitis A in the United Kingdom to reduce the risk of these diseases being spread across the country. On account of the aforementioned factors, the market is anticipated to reach a value of US$ 8.1 billion by 2024, growing at a CAGR of around 9% during 2019-2024.
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- On the basis of the composition, the market has been bifurcated into mono vaccines and combination vaccines, wherein combination vaccines are the most preferred segment.
- Based on the disease, the market has been divided into hepatitis A, hepatitis B, Japanese encephalitis, DPT, meningococcal, rabies, typhoid, yellow fever, measles and mumps, varicella, and others. Amongst these, hepatitis A exhibits a clear dominance in the market.
- On the geographical front, North America holds the leading position in the market, accounting for the majority of the overall market share. The other major regions include Europe, Asia Pacific, Middle East and Africa and Latin America.
- The competitive landscape of the market has also been studied in the report with some of the major players operating in the market being GlaxoSmithKline, Sanofi, Merck, Novartis, Pfizer, ALK-Abelló, Bavarian Nordic, Crucell N.V., CSL Limited, MedImmune, LLC, Altimmune, Abbott Laboratories and F. Hoffman-La Roche Ltd.
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