The Scientific Research And Development Services Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Scientific Research And Development Services Global Market Report 2024, The scientific research and development services market size has grown strongly in recent years. It will grow from $842.79 billion in 2023 to $906.01 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth in the historic period can be attributed to corporate r&d investments, government funding for research, environmental research, defense and aerospace research, globalization of research.
The scientific research and development services market size is expected to see strong growth in the next few years. It will grow to $1256.12 billion in 2028 at a compound annual growth rate (CAGR) of 8.5%. The growth in the forecast period can be attributed to renewable energy research, space exploration, pandemic preparedness, human genetics research, smart cities research, remote sensing and earth observation. Major trends in the forecast period include artificial intelligence (ai) in research, global collaboration in research projects, innovation in materials science and nanotechnology, integration of data science in research methodologies, robotics and automation research.
The rising prevalence of chronic diseases is expected to propel the growth of the scientific research and development services market going forward. Chronic diseases refer to a wide range of chronic conditions that are long-lasting and typically develop over an extended period of time. Scientific research and development services are dedicated to advancing medical science through activities such as conducting clinical trials, testing innovative drugs and therapies, and creating cutting-edge medical devices to address chronic diseases. For instance, in September 2022, according to the World Health Organization, a Switzerland-based specialized agency of the United Nations, there were 41 million deaths, which is 74% of those caused by non-communicable diseases (NCDs) or chronic diseases every year globally. There were 17.9 million deaths from cardiovascular diseases, 9.3 million deaths from cancer, 4.1 million deaths from chronic respiratory diseases, and 2.0 million deaths from diabetes. Therefore, the rising prevalence of chronic diseases is driving the growth of the scientific research and development services market.
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The scientific research and development services market covered in this report is segmented –
1) By Type: Social Sciences And Humanities Services, Physical, Engineering, And Life Sciences, Nanotechnology Services, Biotechnology Services
2) By Mode: Online, Offline
3) By End User Size: Large Enterprise, Small and Medium Enterprise
Major companies operating in the scientific research and development services market are developing strategic partnerships to shape the future of drug discovery and development. Collaboration and partnerships are essential in the Scientific Research And Development Services market, as it helps to drive innovation, speed up drug development, and lead to new discoveries and innovations. For instance, in August 2022, Sanofi, a France-based pharmaceutical company signed a strategic multi-target research collaboration with Atomwise for AI-powered drug discovery. Atomwise’s AI technology will be used to identify small molecules that could be used as potential drug candidates. The technology will also be used to predict the efficacy and safety of these drug candidates. Atomwise is a US-based technology-enabled pharmaceutical company.
The scientific research and development services market report table of contents includes:
- Executive Summary
- Scientific Research And Development Services Market Characteristics
- Scientific Research And Development Services Product/Service Analysis -Product/Service Examples
- Scientific Research And Development Services Market Trends And Strategies
- Scientific Research And Development Services Market – Macro Economic Scenario
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- Global Scientific Research And Development Services Market Competitive Benchmarking
- Global Scientific Research And Development Services Market Competitive Dashboard
- Key Mergers And Acquisitions In The Scientific Research And Development Services Market
- Scientific Research And Development Services Market Future Outlook and Potential Analysis
- Appendix
Top Major Players:
- com Inc
- Volkswagen AG,
- Alphabet Inc
- Toyota Motor Corporation
- Samsung Electronics Co. Ltd.
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