The latest market report published by Credence Research, Inc. “Global Travel Vaccines Market – Growth, Future Prospects, Competitive Analysis, 2018 – 2026,” the global travel vaccines market was valued at US$ 3,592.1 Mn in 2017, and is expected to reach US$ 6,886.7 Mn by 2026, expanding at a CAGR of 7.5% from 2018 to 2026.
The medical branch engaged in the prevention and management of health problems in international travelers is called as Emporiatrics. Nowadays it has become compulsory for outbound visitors to get vaccination before boarding for travel or at the port of entry of their travel destination. Travel vaccines is usually taken 4 to 6 weeks before travel in order to build immunity against viral and microbial invasion. In comparison to pharmaceutical market the travel vaccines market is very small and concentrated on both the demand and supply chain. It is a very highly regulated market with its growth highly reliable on personal purchase and donations. The limitations associated with travel vaccines market are high cost and stringent regulatory norms sanctioned by regional healthcare authorities.
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In the current scenario routine vaccination holds the largest market share by type in the travel vaccines market. The major parameters responsible for the dominance of routine vaccination are the rising prevalence of infectious diseases such as tuberculosis, influenza and MMR (measles, mumps and rubella). On physicians prescription outbound travelers take recommended vaccination to mitigate infections such as Japanese encephalitis, cholera and diarrhea. It is studied that sudden change in temperature, altitude, humidity, and poor hygiene make visitors ill hence, recommended vaccination has gained prominence as a preventive measure. Required vaccination will exhibit excellent growth owing to key factors such as sudden outbreak of fatal diseases such as ebola, zika, yellow fever and Middle East respiratory syndrome.
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As per the facts provided by U.S. International Air Passenger Statistics Report in 2017, approximately 38.33 million citizens travelled abroad for recreational, business and religious purposes. Center for Disease Control and Prevention (CDC) has stipulated stringent healthcare policies making vaccination compulsory for outbound travelers to mitigate viral and bacterial infection. Favorable reimbursement scenario and domicile of key players have a positive spiraling effect on the travel vaccines market growth in North America. European Medical Agency has sanctioned stringent norms for the effective screening and recommended vaccination of travelers visiting Europe. Asia Pacific will highlight excellent growth throughout the forecast period owing to key factors such as rising prevalence of infectious disease and poor hygiene in developing countries such as India, China, Pakistan and Bangladesh. Middle East healthcare regulatory bodies perform compulsory vaccination of the haj piligrims at the port of entry to prevent the spread the infection of Middle East respiratory syndrome.
Major players providing travel vaccines are Baxter AG, Bharat Biotech, GlaxoSmithkline, Plc., Inovio Pharmaceuticals, Inc., Merck & Co., Inc., Novartis AG, PaxVax Corporation, Sanofi Pasteur SA, Valneva SE and VBI Vaccines, Inc.
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Key Market Movements:
- Rising prevalence of infectious diseases and increasing number of travelers throughout the globe
- Proactive government policies in promoting vaccination in all age group to curb the spread of infectious disease
- Favorable reimbursement scenario and rise in per capita income to drive the travel vaccines market growth
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