Travel Vaccines Market Forecast 2023 - 2030

By Composition :

The type segment is categorized into mono vaccines and combination vaccines. In 2022, the mono vaccines segment accounted for the highest share in the travel vaccines market. Mono vaccines are single vaccines that protect against specific diseases such as Hepatitis A, Hepatitis B, Typhoid, Yellow Fever, Rabies, and others. Further, mono vaccines are generally more accessible and widely available compared to combination vaccines. Such types of vaccines are produced and distributed by pharmaceutical companies, healthcare facilities, and government immunization programs.

However, combination vaccines are expected to be the fastest-growing segment in the travel vaccines market during the forecast period. Combination vaccines offer protection against multiple diseases in a single vaccine formulation. Such types of vaccines reduce the number of injections needed, making the vaccination process more convenient for travelers.

Further, combination vaccines are cost-effective as compared to multiple individual vaccines which is a key factor anticipated to drive the segment growth over the forecast period.

By Disease Type :

The disease type segment is classified into hepatitis A, DPT, yellow fever, typhoid, hepatitis B, measles and mumps, rabies, meningococcal, Japanese encephalitis, and others. In 2022, the hepatitis A segment accounted for the highest share of 20.11% in the travel vaccines market. Hepatitis A is a highly prevalent disease in many regions of the world and is a highly contagious liver infection caused by the hepatitis A virus. Hepatitis A is primarily transmitted through contaminated food and water.

Further, the increasing number of travelers consuming local food and beverages or coming into contact with inadequate sanitation and hygiene conditions are suffering from hepatitis A which is driving the demand for the hepatitis A vaccine. Hence, the rising cases of hepatitis A are boosting the revenue growth of the travel vaccines market.

However, the typhoid segment is expected to grow at the fastest CAGR over the forecast period. Typhoid is a life-threatening infection caused by the bacterium Salmonella Typhi. Typhoid is common in places with poor sanitation and a lack of safe drinking water. Further, the administration of typhoid vaccines along with access to safe water and adequate sanitation helps in preventing typhoid fever.

For instance, according to the Centers for Disease Control and Prevention, approximately 21 million cases of typhoid fever and 200,000 deaths occur worldwide each year. Hence, the rising cases of typhoid fever are driving the need for effective typhoid vaccination, in turn, boosting the travel vaccines market.

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By Traveler Type :

The traveler type segment is categorized into inbound and outbound. In 2022, the inbound segment accounted for the highest market share in the travel vaccines market. Inbound travelers are individuals who are visiting a particular country or region from another country. Inbound travelers include tourists, business travelers, students, and immigrants. These travelers need to comply with the health regulations and requirements of the destination country, which include mandatory vaccinations or proof of immunization. Hence, the need to protect travelers against diseases prevalent in the destination country and to meet the entry requirements in a particular region is driving the demand for travel vaccines.

However, the outbound segment is expected to grow at the fastest CAGR in the travel vaccines market during the forecast period. Outbound travelers are individuals traveling from their home country to another country or region. Outbound traveling includes vacations, exploring new destinations, attending conferences or meetings, or engaging in international trade. Further, outbound travelers require travel vaccines to protect themselves from diseases that are prevalent in the destination country.

For instance, according to the U.S. Department of Commerce, National Travel and Tourism Office from the Bureau of Economic Analysis, in 2021, outbound travelers from the U.S. spent more than USD 8 billion, with an increase of 67.6 % from the previous year. Hence, the increasing expenditure by outbound travelers is a key factor anticipated to drive market growth.

By Region :

The regional segment includes North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

In 2022, North America accounted for the highest market share at 40.45% and was valued at USD 1,330.81 million, and is expected to reach USD 2,896.55 million in 2030. In North America, the U.S. accounted for the highest market share of 68.40% during the base year of 2022 owing to the high healthcare expenditure, advanced healthcare infrastructure, and extensive international travel.

The region is a major hub for both business and leisure travel, leading to a higher demand for travel vaccines. For instance, according to the Tourism Economics and U.S. Travel Association, in 2021, the total travel spending of domestic leisure travelers in the U.S. amounted to USD 751 billion and the international travel spending in the U.S. amounted to USD 40 million. Hence, the increasing travel spending in the U.S. is driving the growth of the market in the region.

However, Asia Pacific is expected to grow at the fastest CAGR of 11.8% over the forecast period owing to the increasing number of outbound travel from countries such as China and India. Additionally, the growing awareness of travel health and the availability of affordable travel vaccines is anticipated to contribute to the growth of the region.