Report : Asia Pacific Travel Vaccines Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Product (Hepatitis A, Hepatitis B, Meningococcal Vaccines, and Others) and Application (Domestic Travel and Outbound Travel)
At 11.2% CAGR, the Asia Pacific Travel Vaccines market is speculated to be worth US$ 1,023.07 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Asia Pacifc travel vaccines market was valued at US$ 486.56 million in 2021 and is expected to reach US$ 1,023.07 million by 2028, registering an annual growth rate of 11.2% from 2021 to 2028. The rising tourism and travel including rising cases of new infectious diseases are the critical factors attributed to the market expansion.
Travelling and tourism have become an integral part of the human lifestyle. Travelling and tourism has not only added a change in the ongoing routine of people but has also offered opportunities to explore different culture, tradition, spiritualism, rural and ethnic tourism, wellness and health holidays, and many more across the world. Travelling outside the country requires immunization as a safety and precautionary measure to avoid the spread of infections. Various countries have their own policies to protect their citizens from travel-associated infections. For instance, the UK, National Health Service (NHS) organizes routine immunization or vaccination schedule for its citizens. If a person is traveling outside the UK, he/she needs to get vaccinated to prevent from infectious diseases such as hepatitis A, typhoid, and yellow fever. Similarly, in Saudi Arabia, travelers coming from Hajj and Umrah pilgrimages are required to show proof of vaccination for meningitis and seasonal influenza. Various countries require mandatory vaccination proofs documented on an International Certificate of Vaccination or Prophylaxis (ICVP).
The above-mentioned estimates suggest that travel and tourism will increase in coming years. Furthermore, conditions such as economic crises and demand for better job opportunities have equally contributed to the increasing travel and tourism across the region. Thus, the increasing travel and tourism is propelling the demand for travel vaccines.
On the contrary, high cost of travel vaccines hurdles the growth of Asia Pacific travel vaccines market.
Based on product, the travel vaccines market sphere segmented into hepatitis A, hepatitis B, meningococcal vaccines, and others. The others segment held 49.9% market share in 2021, amassing US$ 242.87 million. It is projected to garner US$ 505.70 million by 2028 to expand at 11.0% CAGR during 2021–2028.
By application, the Asia Pacific travel vaccines market is bifurcated into domestic travel and outbound travel . With 95.8% share of the domain, the outbound travel segment dominated the market in 2021. It accrued US$ 466.01 million in 2021 and is estimated to generate US$ 995.19 million by 2028 to grow at a CAGR of 11.4% over the forecast period.
Our regional analysis states that China captured 32.2% market share in 2021. It was assessed at US$ 156.89 million in 2021 and is likely to hit US$ 349.29 million by 2028, exhibiting a CAGR of 12.1% during the forecast period.
Key players dominating the Asia Pacific travel vaccines market are Abbott; Bharat Biotech; Emergent BioSolutions Inc.; GlaxoSmithKline plc; Merck & Co., Inc.; Novartis AG; Pfizer Inc.; and Sanofi among others.
- In June 2020, Sanofi Pasteur and Translate Bio have expanded their existing 2018 collaboration and license agreement to develop mRNA vaccines for infectious diseases.
- In March 2021, GSK entered into an agreement to supply its rotavirus vaccine, Rotarix, through the Humanitarian Mechanism for civil society organizations. The vaccine was made available at lowest global price for the tube presentation. The agreement builds on GSK’s existing commitment to the Humanitarian Mechanism for its PCV (pneumococcal conjugate vaccine), Synflorix, at the lowest global price for its four dose vial presentation, also supplied to UNICEF.