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Essential Travel Protection: The Growing Demand for Vaccines
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According to The Business Research Company's, The travel vaccines market size has grown strongly in recent years. It will grow from $4.41 billion in 2023 to $4.79 billion in 2024 at a compound annual growth rate (CAGR) of 8.7%. The growth in the historic period can be attributed to increased international travel, government initiatives for travel health, globalization of diseases, growing awareness among travelers, expansion of travel and tourism industry..
The travel vaccines market size is expected to see strong growth in the next few years. It will grow to $6.79 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%. The growth in the forecast period can be attributed to increasing frequency of business travel, emerging infectious disease threats, government regulations and entry requirements, rising demand for exotic destinations, collaboration between governments and pharmaceutical companies.. Major trends in the forecast period include tailored vaccination strategies, expansion of market to non-endemic regions, adoption of digital health technologies, regulatory support and streamlined approvals, innovative developments.
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Market Drivers and Trends:
The increase in travel and tourism is expected to propel the growth of the travel vaccine market going forward. Travel and tourism refer to the movement of people or things, including vehicles like trains, boats, airplanes, and other conveyances, between various remote geographic areas. Travel vaccines are helpful for tourists and travelers by keeping them safe and healthy while they are traveling abroad. For instance, in January 2023, according to the United Nations World Tourism Organization (UNWTO), a Spain-based intergovernmental tourism-promoting organization, more than 900 million tourists traveled abroad in 2022, double the amount recorded in 2021 but still 63% higher than pre-pandemic levels. Therefore, the increase in travel and tourism is driving the growth of the travel vaccine market.
Product innovation is a key trend gaining popularity in the travel vaccine market. Major companies operating in the travel vaccine market are developing innovative vaccines sustain their position in the market. For instance, in August 2022, Takeda Pharmaceutical Company Limited, a Japan-based pharmaceutical company, got the approval for QDENGA (Dengue Tetravalent Vaccine) (TAK-003), for the prevention of dengue sickness caused by any serotype in people aged six to 45 from Indonesia National Agency for Drug and Food Control. Regardless of a person's prior exposure to the disease, QDENGA showed three years after immunization that it remained to provide overall protection against dengue sickness and hospitalization.
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Major Key Players of the Market:
Pfizer Inc., Johnson and Johnson, Merck & Co. Inc., Novartis AG, Sanofi SA, AstraZeneca PLC., GlaxoSmithKline plc, Moderna Inc., BioNTech Europe GmbH, Biological E. Limited, Bausch Health Companies Inc., Takeda Pharmaceutical Company Limited, Novavax Inc., Emergent BioSolutions UK, Serum Institute of India Pvt. Ltd., Dynavax Technologies, Bavarian Nordic A/S, Valneva SE, Panacea Biotec, Vabiotech, Inovio Pharmaceuticals, Bharat Biotech International Limited, Altimmune Inc., Bio Farma, Vaxart Inc.
Travel Vaccines Market 2024 Key Insights:
• The travel vaccines market size is expected to see strong growth in the next few years. It will grow to $6.79 billion in 2028 at a compound annual growth rate (CAGR) of 9.1%.
• Surge In Travel And Tourism Drives Growth Of The Travel Vaccine Market
• Takeda's Qdenga Approval Marks A Milestone In Travel Vaccine Innovation
• North America was the largest region in the travel vaccines market in 2023
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