Report : South America 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 7.6% CAGR, the South America Travel Vaccines market is speculated to be worth US$ 334.25 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the SAM travel vaccines market was valued at US$ 200.44 million in 2021 and is expected to reach US$ 334.25 million by 2028, registering an annual growth rate of 7.6% from 2021 to 2028. The continuous demand for vaccines and increasing cases of new infectious diseases are the critical factors attributed to the market expansion.
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, SAM travel, underlying mutations of bacteria and virus, and development of new threats that requires rapid solutions are likely to boost the demand for vaccines and expected to flourish the growth of the market during the forecast period.
Despite several manufacturing challenges, vaccine production has increased significantly. The developments in technology have enabled researchers and manufacturing companies to offer potential changes in formulation, production, and development of vaccines. Also, growing developments in the healthcare industries in developing countries have triggered the development and production of vaccines. Such programs are likely to increase the production of vaccines and meet the never-ending demand for immunization in the future.
On the contrary, high cost of travel vaccines hurdles the growth of SAM 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 50.0% market share in 2021, amassing US$ 100.31 million. It is projected to garner US$ 165.79 million by 2028 to expand at 7.4% CAGR during 2021–2028.
By application, the SAM travel vaccines market is bifurcated into domestic travel and outbound travel . With 90.6% share of the domain, the outbound travel segment dominated the market in 2021. It accrued US$ 181.64 million in 2021 and is estimated to generate US$ 308.92 million by 2028 to grow at a CAGR of 7.9% over the forecast period.
Our regional analysis states that Brazil captured 71.4% market share in 2021. It was assessed at US$ 143.20 million in 2021 and is likely to hit US$ 243.85 million by 2028, exhibiting a CAGR of 7.9% during the forecast period.
Key players dominating the SAM travel vaccines market are Abbott; GlaxoSmithKline plc; Merck & Co., Inc.; Novartis AG; Pfizer Inc.; and Sanofi among others.
- In June 2020, Merck acquired Themis, a privately-held company emphasized on immune-modulation therapies and vaccines for infectious diseases and cancer. As a result of the acquisition, Themis will operate as a wholly-owned subsidiary of Merck.
- 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.