Travel Vaccine Market to Experience Greater Government Interference Post-COVID-19; Revenue to Increase in Long Term, Says
Date : Apr 10, 2020 Author : PMR Editorial Staff Category : Healthcare
COVID-19 pandemics is disrupting the global economy, jeopardizing business across different industries.
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.
Travel Vaccines Segmentation:
The initial projections for the flu vaccine market to reach US$8Bn by the end of 2029, is now projected to escalate even higher with the rapidly growing crisis of COVID-19. The initial projections for the flu vaccine market to reach US$8Bn by the end of 2029, is now projected to escalate even higher with the rapidly growing crisis of COVID-19.
Though the smallpox is eradicated from the world, there are chances of an outbreak of this virus by mischievous intent of people closely associated with vaccinia virus stored in laboratories. Additionally, the researchers and scientists working on this vaccinia virus are highly susceptible to getting infected. Witnessing the chaos created by COVID-19, the health authorities of different nations are expected to make small pox vaccine as a mandatory travel vaccine.
The oral vaccine will gain preference over injectable vaccines on the back of their ease of application and potential to reach masses. Owing to the high chances of contamination of medical equipment used for vaccination, oral vaccine is anticipated to gain prominence over the injectable vaccines.
Though this level of global morbidity was not observed in the case of h1n1, the probability of an outbreak remains high. The current crisis is set to raise the level of awareness amongst the health officials, which will directly influence the vaccination programs initiated by them in travel sector, especially for international air passengers.
The governing authorities of different nations are expected to accentuate their initiatives to curb the mortality rate caused by hepatitis B, which takes the lives of thousands of people every year. In light of the emergency situation caused by COVID-19, health authorities will invest in developing infrastructure and regulation such as including Hepatitis B vaccine in mandatory travel vaccine list to avoid re-occurrence of any such circumstances.
PMR expects the adult vaccines to gain rapid traction as travel vaccine in the coming days, creating a revenue pool for the manufacturers. Growing awareness regarding benefits of vaccination will upstream the self-admission and compliance rate of adult vaccines. COVID-19 has exposed the vulnerability of the geriatric population for contagious diseases, making them target consumers of the adult vaccine.
COVID-19 pandemic has substantially influenced different components associated with these travel vaccines such as viral vaccine media and transport containers.
Scientists engrossed in innovating the COVID-19 vaccine are projected to include viral vaccine media in their research and development activities. Owing to the fierce intensity of corona virus, the number of participation and test & trials have shot up, increasing the consumption of components such as viral vaccine media, required for the development of vaccines for infectious upsurges such as COVID-19. Such development are expected to significantly augment the demand for viral vaccine media.
Surge in involvement of scientific organizations and institutions in development of vaccines for COVID-19 is creating high demand for storage and transport of different types of vaccines and temperature-sensitive medical components. The increasing world-wide demand is creating a significant use case in the market for vaccine transport containers.
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.