Vaccines are bio-based formulations that are developed primarily to combat specific diseases, by bolstering the patient’s immunity system. Vaccines contain agents comparable to the target organism, made from the killed or weakened form of the microbe. The efficacy of vaccine formulations is largely based on the vaccine stain, the schedule of the vaccine, pathophysiology of the disease, and genetic predisposition.
With the growing trend of globalization, international travel activities have risen astronomically in the past few years, which in turn has generated significant demand for travel vaccines. A number of infectious disease vaccines are region specific, and have been implemented with geography-specific immunization.
Innovations in novel vaccine technologies and tech advancements associated with molecular genetics will boost the growth of the market in coming years. On the other hand, lack of adequately trained workforce for vaccine production and poor healthcare infrastructure could restrain the market.
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The covid-19 outbreak is expected to generate limited disruptions, owing to the high demand for a vaccine for the covid-19 virus. Unprecedented investments being put into research and development from private and public bodies will have an impact on the travel vaccines market.
Travel vaccination has been made mandatory by major government authorization bodies such as the Center for Disease Control and Prevention and the National Health Service. This factor is further supported by the recent rise in inbound tourism to developing nations, which have higher health risks of ailments such as swine influenza and Ebola hemorrhagic fever, which has been a primary contributor to the growth of the travel vaccines market.
The rising numbers of tourists and business travelers in the past few years has fostered demand. This is further supported by the rise in the number of infectious diseases around the world. As the world continues to embrace globalization and free trade practices, the number of international tourists is expected to witness annual raises, which has a directly proportional impact on the travel vaccines market.
In the present pandemic, a number of government initiatives have resulted in at least 70 different vaccines being under development, which is a promising sign. However, the current lockdowns and travel bans are expected to unexpectedly result in delays for coronavirus vaccines.
The distribution aspect of the coronavirus vaccine development process is a key challenge. With travel bans being enforced amid the pandemic, commercial passenger planes have mostly been grounded, which is costly not only in terms of time and finances.
Passenger planes are one of the most popular modes of cargo transportation. As passenger flights remain grounded, numerous airline companies are attracting businesses associated with flying medical supplies.
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North America is expected to hold a leading position in the travel vaccines market. Currently the United States has come out as one of the worst affected countries in the pandemic, which is playing a significant role in terms of market growth.
The combination vaccines segment expected to gain traction at a faster rate within the region, closely followed by that of attenuated and recombinant vaccines. The FDA is likely to hasten the review and authorization of the coronavirus vaccine, resulting in strong sales in the years to come.
On the basis of product, vaccines for meningococcus bacteria is expected to display a higher growth rate. Europe will display high growth with higher expenditure in research and development. On the other hand, Asia Pacific is expected to generate remunerative opportunities owing to the growth in government expenditure on healthcare infrastructure.
On the other hand, problems associated to cost and low patient awareness will hold back market growth in the near future.
The report by PMR also comprehensively covers the competitive scenario of the global travel vaccines market, providing an exhaustive profile of major market players, new product launches, overall revenue, growth strategies, and regional presence.
Some of the leading players in the travel vaccines market include, but are not limited to Vaxin Inc., GlaxoSmithKline, Medimmune Inc., Sanofi Pasteur, CSL Ltd., Merck, Crucell N.V., Novartis, Bavarian Nordic A/S, Pfizer, and ALK – Abello A/S.
Currently, with the coronavirus pandemic wreaking havoc on world, the demand for a covid-19 specific travel vaccine is a need of the hour. So far, the Chinese government has shared the complete RNA sequence of the virus, which has kickstarted vaccine development endeavors around the world.
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In normal cases, vaccine development takes two to five years for development. However, with the current global effort researchers are anticipated to develop an effective vaccine in approximately 18 months.
Segmental Analysis of Travel Vaccines Market