Travelers Vaccines Market Size, Share, Growth and Industry Analysis, By Type (Meningococcal Vaccine, Japanese Encephalitis Vaccine, Yellow Fever Vaccine, Hepatitis Vaccine, Cholera Vaccine, And, Other), By End Users (Tourists, Students, Workers, And, Others), Regional Insights, and Forecast From 2024 To 2031

Updated On: 15 April 2024

Travelers Vaccines Market Report Overview

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The global travelers vaccines market size was USD 3363.3 million in 2021 and is projected to touch USD 7870.95 million by 2031 with a CAGR of 8.8% during the forecast period. 

The Travelers Vaccines Market refers to the segment of the pharmaceutical industry that focuses on providing vaccines specifically designed to protect individuals traveling to regions with endemic diseases. These vaccines help prevent travelers from contracting diseases such as yellow fever, typhoid, hepatitis, meningitis, and others that are prevalent in certain geographical areas. As people are becoming more conscious of their health now a days these medications are in high demand.

Technology is being implemented to produce new vaccines. International trade is also being expanded due to which these vaccines are gaining more demand. All of these factors have helped in the development and growth of travelers vaccines market growth.

COVID-19 Impact: Restrictions on International Travel During Pandemic Decreased Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

The pandemic of COVID-19 became a major hinderance for all the sectors and companies. The COVID-19 pandemic has had a profound and lasting impact on the travelers vaccines market. The restrictions on international travel, border closures, and the overall decrease in travel activities led to a significant decline in demand for travel vaccines.

Additionally, the diversion of healthcare resources towards COVID-19 vaccination efforts further affected the market. However, as travel restrictions gradually ease and international travel resumes, there is a growing need for travelers to protect themselves from endemic diseases, which is expected to drive the gradual recovery of the market. But due to the several obstacles during the pandemic the market faced many difficulties.

LATEST TRENDS

"Usage of Technology to Produce Improved Vaccinations to Amplify Market Growth"

A lot of new trends and innovations have been introduced into the market. In recent trends, personalized and targeted approaches to travelers vaccines have gained significant attraction. Healthcare providers are increasingly adopting risk-based assessments, taking into account factors such as a traveler's destination, duration of stay, individual health profile, and immunization history.

This tailored approach ensures efficient vaccination strategies, optimizing protection and minimizing unnecessary vaccinations. Moreover, advancements in technology have facilitated the development of improved vaccines and vaccination techniques, enhancing the efficacy and convenience of travel immunization. All of these are considered as the latest trends in the market.

Travelers Vaccines Market Segmentation

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• By Type:

The market can be divided on the basis of type into the following segments: meningococcal vaccine, Japanese encephalitis vaccine, yellow fever vaccine, hepatitis vaccine, cholera vaccine, and, other. The meningococcal segment is anticipated to dominate the market during the forecast period.

• By Application:

Classification based on application into the following segment:

Tourists, students, workers, and, others. The tourist segment is predicted to dominate the market during the research period.

DRIVING FACTORS

"Expanding Global Tourism Industry to Accelerate Market Growth"

Several driving factors contribute to the growth of the travelers vaccines Market. The expanding global tourism industry, with increasing numbers of international leisure and business travelers, drives the demand for travel vaccines. Additionally, growing awareness of the importance of preventive healthcare, rising incidences of infectious diseases worldwide, and government initiatives to promote travel vaccination further fuel the market growth.

Furthermore, the implementation of stringent regulations and guidelines by international health organizations, such as the World Health Organization (WHO), to ensure traveler safety encourages the adoption of travel vaccines by both travelers and healthcare providers. All of these factors are prone to bring rapid growth and development for the market.

"Emergence of Deadly Viral Diseases to Propel Market Growth "

Apart from the above-mentioned factors there are several other reasons that contribute towards the development of these systems. Furthermore, the emergence of new and re-emerging diseases, such as Zika virus, dengue fever, and COVID-19 itself, has significantly heightened the demand for specific travel vaccines.

The increasing popularity of adventure tourism, eco-tourism, and medical tourism, along with the desire for unique and exotic travel experiences, has also contributed to the market growth as travelers seek protection against region-specific diseases. Additionally, travel insurance policies increasingly require or incentivize travelers to receive appropriate vaccinations, thereby driving the demand for travel vaccines. All of these factors will propel the travelers vaccines market share.

RESTRAINING FACTOR

"Lack of Awareness Among Travelers About This Vaccine to Bring Down Market Growth"

Despite the positive growth prospects, the travelers vaccines market faces certain restraining factors. The high cost of vaccines, especially for less common diseases, and the limited availability of certain vaccines in specific regions hinder widespread adoption.

Additionally, the lack of awareness among travelers about the importance of vaccination and the associated risks of contracting endemic diseases poses significant challenges. The potential side effects and perceived inconvenience of multiple vaccinations may deter some individuals from seeking travel vaccination. These factors could have a negative impact on the market bringing down the share and growth.

Travelers Vaccines Market Regional Insights

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"North America to Dominate Market in Upcoming Years"

Currently, North America holds a leading position in the travelers vaccines market. The region benefits from a well-developed healthcare infrastructure, high awareness regarding preventive healthcare practices, and a significant number of outbound travelers.

With the increasing popularity of travel and tourism in this region, coupled with rising healthcare expenditure and government initiatives promoting travel vaccination, the region is expected to witness substantial growth in the coming years. North America presents lucrative opportunities for market players due to its vast population, emerging economies, and a growing travel industry. These factors make North America the leading region in the market.

Key Industry Players

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the global market.

List of Market Players Profiled

• GlaxoSmithKline (U.K.)
• Sanofi Pasteur (France)
• Merck (U.S.)
• Pfizer (U.S.)
• CNBG (China)
• Sanofi Pasteur MSD (France)
• Serum Institute of India (India)
• Biokangtai (China)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations.