Travel Vaccines Market Size (2024 - 2029)

Travel Vaccines Market Analysis

The Travel Vaccines Market size is estimated at USD 5 billion in 2024, and is expected to reach USD 7.47 billion by 2029, growing at a CAGR of 8.33% during the forecast period (2024-2029).

Travel vaccination is the administration of agent-specific but safe antigenic components for the prevalent diseases at the traveler's destination. Vaccinated individuals can develop immunity against the corresponding infectious agent and thus remain protected.

Before departure, the World Health Organization (WHO) recommends that travelers have a medical consultation to learn about the disease risk in the destinations they plan to visit and the steps to avert illness. Such vaccinations are recommended to shield the traveler from the diseases prevalent in the country of origin or destination. They aim to protect travelers and avoid spreading disease within and between countries. Additionally, some countries need proof of vaccination for travelers wanting to enter or exit the country. Proof of vaccination for traveling is defined as a vaccination requirement in accordance with the International Health Regulations (IHR) of the WHO. Such guidelines and policies have raised awareness among travelers, prompting the growth of the travel vaccines market.

Furthermore, after the COVID-19 pandemic, inbound tourism witnessed a significant uptick from most revered travel destinations. For instance, as per data from the United Nations World Tourism Organization (UNWTO), Italy witnessed 74.32 million tourist arrivals in 2022, compared to 40.19 million in 2021 and 38.42 million in 2020. Similarly, Türkiye recorded 51.39 million tourist arrivals in 2022, compared to 15.97 million in 2020. Hence, such a rise in outbound tourism positively impacts demand for travel vaccines and is projected to drive market growth over the next few years.

In addition, meetings, incentives, conferences, and exhibitions (MICE) tourism is witnessing strong growth across different nations. For instance, in October 2023, the Thailand Convention and Exhibition Bureau (TCEB) unveiled its strategic direction for 2024 to transform the country’s MICE industry. Similarly, the Indian Ministry of Tourism unveiled the National Strategy and Roadmap for the MICE industry in June 2021 to promote MICE tourism in India. According to the Confederation of Indian Industry (CII), the exhibition industry in the country is rapidly growing at a rate of more than 8% and is outpacing the GDP growth rate of the country. Such initiatives are expected to increase MICE-related travel to these destinations from various countries, prompting the requirement for travel vaccines. Such factors are expected to boost the growth of the travel vaccines market.

However, most travelers from developing nations have limited awareness about travel vaccines despite constituting a large share of global outbound tourism. Such factors may restrain market growth.

Travel Vaccines Industry Segmentation

Vaccinations are a critical component in the travel medicine industry. Beyond the protection of travelers, vaccines are administered to stop the introduction of vaccine-preventable diseases at home and their destination. The WHO endorses internationally recognized certificates with proof of poliomyelitis vaccination in certain circumstances, proof of yellow fever vaccination for entry into certain countries, and proof of meningococcal vaccination for Hajj pilgrims.

The travel vaccines market is segmented by type, travel type, vaccination center, and geography. By type, the market is segmented into cholera, diphtheria pertussis tetanus (DPT), encephalitis, hepatitis A, meningococcal, rabies, typhoid, yellow fever, and other types. Based on travel type, the market is bifurcated into domestic and outbound. The travel vaccines market is segmented by vaccination centers into hospitals, travel clinics, and other vaccination centers. By geography, the market is segmented into North America, Europe, Asia-Pacific, South America, and Middle East and Africa. For each segment, the market size and forecast are provided in terms of value (USD).