The driving factors for the growth of this market include increase in awareness about vaccine preventable diseases and rise in global travel traffic.
New York, NY -- (SBWIRE) -- 01/11/2017 -- Health related complications are greater in developing countries and rural areas because of dissimilarities in sanitary conditions, available food and water bases. The immunization Practices Advisory Committee of the Center for Disease Control and Prevention (CDC) mentions that travelers should be up-to-date on routine immunizations, irrespective of travel plans. The target population for the travel vaccines market include outbound travelers. The travel vaccines for the prevention of hepatitis A, hepatitis B, yellow fever, tetanus, poliomyelitis, meningococcal disease, typhoid fever are manufactured by leading market players namely Sanofi Pasteur, Merck, Novartis and GlaxoSmithKline. Among these aforementioned companies, Sanofi Pasteur and GSK are the notable players in the travel vaccines market that accounts for approximately 85% of total market. Recently in March 2014, Sanofi Pasteur, the vaccines segment of Sanofi announced its long term strategic collaboration with SK Chemicals Company to develop pneumococcal conjugate vaccine (PCV).
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The driving factors for the growth of this market include increase in awareness about vaccine preventable diseases and rise in global travel traffic. Moreover, innovation of novel vaccine technologies and technological advancements towards molecular genetics is further boosting the growth of market in coming years. However, requirement of expertise for the production of vaccines and unfavorable healthcare funding towards vaccination could pose a challenge for the growth this market.
Geographically, North America will be the leading market for global travel vaccines market, followed by Europe and Asia-Pacific. The major contributing factors for North America to lead the market include involvement of large number of companies in the production of vaccines and introduction of superior range of vaccines in the market. However, Asia-Pacific market is forecast to grow at a significant growth rate in coming years.
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The leading players of this market include GlaxoSmithKline, Sanofi Pasteur, Merck, Novartis, and Pfizer. Other key participants of this market include ALK – Abelló A/S, Bavarian Nordic A/S, Crucell N.V., CSL Ltd. Medimmune Inc. and Vaxin Inc.