COVID-19 pandemics is disrupting the global economy, jeopardizing business across different industries. The high demand in the medical sector stays unfulfilled with growing turbulence in import and export activities. The accelerating rate of COVID-19 spread is compelling the think-tanks and global leaders in the industry towards making improvements across all the aspects connected with healthcare, to mitigate the chances of reoccurrence of pandemics such as COVID-19.
"Globalization has augmented global interconnectedness and dependency which is encouraging disease outbreaks from the regional level to global catastrophes. The same element of globalization is helping to unite global scientific efforts, propelling the world towards advancements in technology and knowledge. Virus and bacteria are traveling across borders with our progressive global air mobility era. Such developments are increasing the significance of travel and its security in terms of health," says PMR analyst.
COVID-19 Crisis Increases Awareness
COVID-19 continues to infect people and infrastructures across vital industries. Owing to the nature of transmission of coronavirus, which traveled from China to all parts of the world, the governing authorities are expected to be more aware regarding importance of travel vaccines. The future of the transport sector is set to witness a surge in the list of recommended travel vaccines, escalating the production of these vaccines. PMR projects high chances of inclusion of COVID-19 vaccine in the travel vaccine list in the future. The governments will grow more alert and aware regarding infectious diseases such as hepatitis B which hold the potential to recreate pandemonium like the current COVID-19 crisis.
Growth In Number Of Travel Vaccines
Active participation of global leaders in creating COVID-19 vaccine is anticipated to deliver new vaccine and technologies in the market. PMR considers these developments as major growth levers of the travel vaccines landscape in the near future. A high probability of the introduction of a superior range of vaccines is forecasted to populate the mandatory list of travel vaccines. Moreover, advanced technology will accelerate the production and manufacturing of different vaccines.
Surge In Global Travel Encourages Stringent Travel Vaccination Practices
Buoyed by globalization, the travel sector is expected to witness growth in movement and volume of travelers, which will act as a catalyst for the ever-growing demand for travel vaccines. Alarmed by the current situation of COVID-19, governments can include travel vaccines into the annual health programs of their respective citizens. Furthermore, the addition of these vaccines in insurance will enhance acceptance amongst people, mitigating malpractices to attain vaccination proofs. Increased government expenditure on COVID-19 vaccine production is believed to have a positive impact on the production of all the travel vaccines.
Future To Hold High Growth Opportunities
Assessing the underlying opportunity in the vaccine market, several new participants may join the ongoing vaccine hunt, making the vaccine landscape highly competitive. With enhanced competition, PMR expects the market participants to compete in terms of prices, making mandatory vaccines highly cost-effective. This approach in turn is forecasted to boost the acceptability and adoption rate of travel vaccines.
A hike in demand for travel vaccines will directly influence the production capacity and job opportunities in vaccine developing companies. The overall revenue in the market is predicted to increase in due course of time. While the current revenue from travel vaccines is at a halt, PMR projects the period after subsiding of the current lockdown situation to witness a sudden spike in revenue. This increment will be in the pretext of increased traffic of passengers with unfinished businesses.
PMR report highlights the impact of COVID-19 on the revenue of the travel vaccine market. User will also come across the latest innovations in vaccine technology and its influence on the vaccine landscape.