The Travel Vaccines Market is likely to grow on a robust note in the next decade. The next decade would be seeing the integration of telehealth services with the physical ones that exist at the moment. Urgent care and primary care are bound to be accessed through virtual visits, along with improvement in collaboration with the clinics, dialysis centres, long-term care facilities, and mental health services. This shifting is to be witnessed in the healthcare vertical shortly.
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Global Scale of Travel Bans Could Delay Coronavirus Vaccine
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.
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.
Potential Regulations for International Travelers to Bolster Growth with Covid-19 Vaccine
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.
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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.
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