COVID 19 Vaccine Development Tools Market Size, Share | 2030

Report Description

The global COVID-19 vaccine development tools market was valued USD 16 billion in 2020 and is estimated to expand at a CAGR of 8.6% during the forecast period, 2021- 2028. The SARS-CoV-2 infection curve has recently begun to plateau, notably in wealthy nations, despite the rapid discovery and implementation of vaccines.

The variations of SARS-COV-2 have surfaced in 2020, necessitating re-testing of the immunization efficacy of first-generation vaccines, while current efforts are still focused on determining the optimum vaccine rollout strategy to address the unprecedented global vaccination programs. The life sciences industry is focusing on developing long-term recovery for the SARS-COV-2 infection.

Get Free Sample Report

Market Trends, Drivers, Restraints, and Opportunities

• The crucial role of Artificial Intelligence (AI) in the COVID-19 vaccine is one of the key factors fueling the growth of the market.
• Rising pool of alliances to expedite vaccine development and clinical testing and significant funding initiatives by government and commercial groups are some of the major factors fueling the industry expansion.
• The current climate of expedited vaccine development and clinical testing has prompted vaccine developers and industry participants to collaborate, which is prompting the market growth.

Scope of COVID 19 Vaccine Development Tools Market Report

The report on the global COVID-19 vaccine development tools market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

COVID-19 Vaccine Development Tools Market Segment Insights:

Laboratory technology segment to dominate the market

Based on technology, the market can be bifurcated into laboratory technology and online technology.

The laboratory segment can be further divided into next generation sequencing, PCR & qPCR, flow cytometry, spectrometry, microscopy & electron microscopy, preparative & process chromatography, nucleic acid isolation & purification, transfection electroporation, cell culture, and automated liquid handling. The laboratory technology segment accounted for more than 95% market share revenue in 2020.

Increasing use of laboratory technologies in vaccine research and development, such as PCR, cell culture, flow cytometers, and spectrometry, is estimated to aid in the market development. In 2020, PCR and qPCR is estimated to contribute most revenue to the laboratory technology segment. Widespread use of PCR technologies in vaccine surveillance programs and efficacy testing is driving the market segment.

The online technology segment is expected to expand at a CAGR of 13% during the forecast period. Apart from the increased requirement for vaccine management and tracking systems, existing businesses are also pursuing the adoption of interactive online platforms that aid in R&D, driving the segment growth.

Vaccine research segment to hold a major market share

On the basis of applications, the market can be divided into vaccine research, vaccine process development, and vaccine quality assurance/quality control.

In 2020, the vaccine research segment dominated the market, accounting for more than 40% market revenue. Several causes, including increased government financing, substantial research by universities, healthcare organizations, and increased corporate development techniques by notable pharmaceutical corporations, are driving the segment growth.

Get Free Sample Report

Pharmaceutical and biopharmaceutical segment to account a significant market share

In terms of end-users, the market can be categorized as pharmaceutical & biopharmaceutical companies, contract research organization (CROs), and academic & research institutes.

The pharmaceutical and biopharmaceutical segment accounted for a significant market share in 2020. Existing vaccine development infrastructure of these companies is driving the segment growth The substantial share of the market segment can be due to pharmaceutical companies' strong investment skills, which aided in the rapid development of the COVID-19 vaccine.

Large pharmaceutical corporations are cooperating with biotech companies to help them scale up the COVID-19 vaccine manufacturing method. The main goal of research institutes is to conduct studies in order to uncover unique solutions that can be employed in vaccine development. They're working on a number of tools and evaluating the data generated by them in order to produce vaccines more quickly.

Get Free Sample Report

Asia Pacific is estimated to account a large market share

Based on regions, the market can be segregated into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.

In 2020, Asia Pacific dominated the COVID-19 vaccine development tools market, accounting for more than 35% of the market revenue. The early identification of the novel coronavirus' genome utilizing modern sequencing techniques in the region was a crucial component in the rapid vaccine development for SARS-CoV-2.

In 2020, North America had a revenue share of more than 25% of the market share. Several factors, including increased research and development efforts, funding initiatives, the presence of major players, rising COVID-19 cases, and a huge population base receiving COVID-19 vaccination have contributed to the regional market growth.

Get Free Sample Report