New York, Feb. 16, 2022 (GLOBE NEWSWIRE) -- The Insight Partners published latest research study on “Travel Vaccines Market Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Hepatitis A, Hepatitis B, Meningococcal Vaccines, and Others) and Application (Domestic Travel and Outbound Travel)”. The travel vaccines market growth is driven by the rapid growth of the travel and tourism sector and the rising incidence of infectious diseases.
| Report Coverage | Details |
| 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 |
| No. of Pages | 157 |
| No. Tables | 58 |
| No. of Charts & Figures | 69 |
| Historical data available | Yes |
| Segments covered | Product and Application |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
Travel Vaccines Market: Competitive Landscape and Key Developments
Companies operating in the travel vaccine market have implemented various inorganic developments that led to dynamic improvements in the market. Inorganic growth strategies, such as acquisitions and partnerships, help strengthen their customer base, expand product portfolio, and enhance geographic presence. Similarly, several companies are implementing organic strategies, such as products launch and expansions.
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In March 2021, GSK entered into an agreement to supply its rotavirus vaccine, Rotarix, produced through the Humanitarian Mechanism for civil society organizations. The vaccine was made available at lowest price globally for the tube presentation. GSK has already supplied Rotarix to UNICEF to support Gavi’s immunization program. The agreement is based on GSK’s commitment to the Humanitarian Mechanism for its pneumococcal conjugate vaccine (PCV), and for Synflorix, at the lowest global price for its four dose vial presentation, which has also supplied to UNICEF.
In Mach 2021, Sanofi made an investment of more than US$ 680 million (€ 600 million) in a new vaccine manufacturing facility at its existing site in Toronto, Canada. The investment in a new facility provided additional antigen and filling capacity for Sanofi’s Fluzone High-Dose Quadrivalent influenza vaccine, which will improve supply availability in Canada, the US, and Europe.
Growing awareness regarding immunization, surging efforts for vaccination, and rising government funding for immunization are likely to foster the growth of the travel vaccines market during the forecast period. However, the high cost of vaccines restricts the market growth.
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Global Travel Vaccines Market: Key Insights – Future Trend
Vaccines are essential in providing immunity against infectious diseases. Success stories of eradicating smallpox and polio by vaccines have inspired many researchers and manufacturing companies. In recent times, vaccines have helped control and prevent COVID-19 to a large extent. Moreover, factors such as growing population, international and domestic travel, underlying bacterial and viral mutations, and new threats requiring rapid solutions are boosting the demand for vaccines.
Despite several manufacturing challenges, vaccine production has increased significantly worldwide. Developments in technology have enabled researchers and manufacturing companies to bring potential changes in the formulation, production, and development of vaccines. Dalian Hissen Bio-pharm China, Incepta Bangladesh, Hilleman Labs (India), and MRC Ugandan Virus Research Institute are among the organizations that have become stakeholders in research programs of Imperial College London of the UK to build vaccine manufacturing network in 17 countries through collaborations with 50 manufacturers. Such programs are likely to boost the production of vaccines and meet the never-ending demand for immunization in the future.
Travel Vaccines Market: Segmental Overview
Based on product, the travel vaccines market is segmented into hepatitis A, hepatitis B, meningococcal vaccines, and others. In 2021, the others segment held the largest share of the market. However, the meningococcal vaccines segment is estimated to register a significant CAGR in the market during the forecast period. Meningococcal disease is a severe infection caused by Neisseria meningitides and is typically characterized by meningitis and sepsis. In temperate climates, meningococcal infections are common during winter and spring. Local outbreaks usually occur in sub-Saharan Africa and the meningitis belt, the area consisting of 26 countries. Meningococcal disease is hyperendemic in the region, and periodic epidemics occur during the dry season (December to June). The incidence of meningococcal meningitis in the meningitis belt reaches 1000 cases per 100,000 population per year. Serogroups A and X are common in this region. In meningitis belt countries, high disease rates are witnessed in people aged 30 and above, and in children and adolescents of age 5–14. Moreover, the risk of meningitis infection is highest among travelers visiting these countries and having prolonged contact with local populations during an epidemic. The Hajj pilgrimage to Saudi Arabia has also been associated with meningococcal disease, and serogroups A and W-135 strains are predominant in affected participants.
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In addition, in the US, meningococcal disease affects over 3000 people each year, with the highest incidence in children younger than 2 years of age. The Advisory Committee on Immunization Practices (ACIP) recommends routine administration of a quadrivalent meningococcal conjugate vaccine (MenACWY) for all people of age 11–18. The ACIP recommends that travelers under the age of two months who visit or reside in parts of sub-Saharan Africa during the dry season must receive vaccination (MenACWY vaccine) before travel. A booster dose should be given to international travelers who have previously received a quadrivalent vaccine.
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