Meningococcal vaccines account for the largest vaccine segment in the global travel vaccines market and is expected to generate revenue of around $900 million by 2020, says Technavio.
Technavio has announced its latest market research report on travel vaccines for the forecast period, 2016-2020. This market analysis, under the vaccines vertical, discusses the major drivers and key emerging trends that will influence the growth of the global travel vaccines market during the forecast period. Some of the top vendors listed in this industry analysis include GlaxoSmithKline, Merck, Pfizer, and Sanofi.
Among various regions, the Americas will be the fastest-growing region in the global market, and is expected to contribute revenues of around $1,370 million by 2020. The region’s growth can be attributed to the increase in the prevalence of infectious diseases and growing awareness about vaccination and immunization.
“The combination vaccines are gaining prominence in the travel vaccines market as they eliminate the need of administering separate vaccines. Combination vaccines are used for immunizing the travellers and target multiple causative agents which help to prevent infectious diseases such as Japanese encephalitis, meningococcal disease, and hepatitis A infection. These vaccines also decrease the packaging and transportation expenses related to multiple individual vaccines,” says Sapna Jha, a lead analyst at Technavio for research on vaccines.
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This new industry research report from Technavio analyzes some of the key drivers and trends responsible for the growth of this market and its sub-segments.
Growing demand among travelers
The major factor driving the market growth is the growing demand for vaccines among international travelers. Many international and national bodies have mandated that the immigrants should be vaccinated before traveling to the disease-prone areas. The travelers are vaccinated or revaccinated, as per the government rules, to prevent undue transmission of such infectious diseases. For instance, as an outcome of the outbreak of meningococcal meningitis during the Hajj pilgrimage to Saudi Arabia, the Saudi Arabian government made it obligatory to produce a certificate of meningococcal vaccination from all visitors who visit the Saudi Arabia for Umrah or Hajj. Such regulatory necessities act as boosters to the moderately growing travel vaccines market. The vaccine market should continue its upward momentum as the governments must allocate fund toward the prevention of such epidemic. Moreover, the growing trend of medical tourism, particularly to low-cost regions like India also fuels the travel vaccines market. The growing awareness of immunization programs and rising public awareness through support from both government and non-government agencies are expected to drive the growth of travel vaccines market during the forecast period.
Additional age group approval
On approval of a vaccine, the regulatory authorities also specify the age group approved for receiving the vaccine. This age group is mentioned on the vaccine label and is based on the effectiveness and safety results obtained from clinical trials conducted using individuals from these age groups. Label expansion to include additional age groups approved for immunization requires additional regulatory approval. These approvals are based on the supplementary clinical trials conducted using individuals from additional age groups. Additional age group coverage increases the patient population for the vaccine, thereby increasing its market revenue.
Inclusion in NIP
The inclusion of vaccination in the NIP of various countries is a major factor driving the growth of the global travel vaccines market. This addition increases the accessibility of vaccines for several diseases such as meningococcal diseases among low-income families. The governments of numerous countries regularly conduct immunization programs to ensure that meningococcal vaccines are availabile to both adult and children, which further promote the consumption of meningococcal vaccines at the national level. Recommended vaccines and its dosages are regularly updated to comply with the prevalent serogroups of infectious agents.
Some of the other prominent vendors identified in this report are Abbott, AstraZeneca, Bavarian Nordic, Baxter, Beijing Minhai Biotechnology, Bharat Biotech, Bharat Immunologicals and Biologicals, Bio-Med, Seqirus CSL, Crucell, CSL, Dynavax Technologies, Emergent BioSolutions, GlycoVaxyn, GreenSignal Bio Pharma, Hualan Biological Engineering, Imunoloski Zavod, Indian Immunologicals, Janssen Pharmaceuticals, JN International Medical, Kaketsuken, LG Life Sciences, Lupin, Mitsubishi Tanabe Pharma, Novavax, Nuron Biotech, Panacea Biotec, Pfizer, Protein Sciences, Roche, SK Chemicals, Serum Institute of India, Shenzhen Kangtai Biological Products, Sinovac Biotech, Takeda Pharmaceutical, Vacunas Finlay, Valeant Pharmaceuticals, Valneva, and Zydus Cadila.
This research report includes an in-depth analysis, market shares, and sizes of the sub-segments and geography. It provides a comprehensive analysis of the key companies, including their market shares, business overview, and key financials. The market study also offers a detailed analysis of key drivers, challenges, and opportunities influencing this market.
A more detailed analysis is available in the Technavio report titled, ‘Global Travel Vaccines Market 2016-2020‘. Technavio also customizes reports by other regions and specific segments upon request.
Other related reports:
- Global Meningococcal Vaccines Market 2016-2020
- Global H1N1 Vaccines Market 2016-2020
- Global Human Vaccine Market 2016-2020
- Global Pneumococcal Vaccine Market 2016-2020
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