What Factors Propelled The Growth Of The Scientific Research And Development Services Market In The Past?
The scientific research and development services market has seen considerable growth due to a variety of factors.
• The market size for the scientific research and development services has seen considerable growth in the past few years. It is projected to expand from a worth of $859.14 billion in 2024 to reach an estimated $931.27 billion in 2025, demonstrating a compound annual growth rate (CAGR) of 8.4%.
The historic growth of this market is largely due to factors like corporate R&D investments, public funding for research, research in environmental studies, defense and aerospace investigations, as well as the globalization of research.
What Are The Estimated Market Size And Expected Annual Growth Rates For Globa Scientific Research And Development Services Market?
The scientific research and development services market is expected to maintain its strong growth trajectory in upcoming years.
• The market size of scientific research and development services is anticipated to undergo substantial growth in the coming years. By 2029, it's projected to reach a value of $1352.65 billion, with a compound annual growth rate (CAGR) of 9.8%.
This escalating growth in the predicted period can be credited to various factors such as research in renewable energy, space exploration, preparing for pandemics, human genetics investigation, study on smart cities, and remote sensing along with earth observation. Key trends expected in this period comprise of the application of artificial intelligence (AI) in research and conducting worldwide collaborations for research projects, advancements in the materials science and nanotechnology sectors, incorporation of data science in research procedures, and research in robotics and automation.
What Are the Critical Driver Fuelling the Scientific Research And Development Services Market's Growth?
The increasing number of chronic disease cases is anticipated to boost the expansion of the scientific research and development services market in the future. Chronic illnesses encompass a broad array of long-term conditions that generally develop over a prolonged time period. Scientific research and development services are committed to promoting medical science through activities including conducting clinical examinations, testing novel drugs and treatments, and inventing state-of-the-art medical equipment to address chronic illnesses. For example, in September 2022, as reported by the World Health Organization, a specialized entity of the United Nations based in Switzerland, there were 41 million fatalities, accounting for 74% of the total deaths caused by non-communicable diseases (NCDs) or chronic diseases worldwide. The death toll includes 17.9 million from cardiovascular diseases, 9.3 million from cancer, 4.1 million from chronic respiratory diseases, and 2.0 million from diabetes. Consequently, the escalating presence of chronic diseases is contributing to the growth of the scientific research and development services market.
What Are The Key Segments Within The Global Scientific Research And Development Services Market?
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
Subsegments:
1) By Social Sciences And Humanities Services: Sociology Research Services, Psychology Research Services, Economics Research Services, Educational Research Services
2) By Physical, Engineering, And Life Sciences: Physics Research Services, Chemistry Research Services, Environmental Science Research Services, Engineering Research Services
3) By Nanotechnology Services: Nanomaterials Research And Development, Nanotechnology Testing and Characterization, Nanotechnology Consulting Services
4) By Biotechnology Services: Genetic Engineering Research Services, Pharmaceutical Research and Development, Agricultural Biotechnology Services, Clinical Trials And Research Services
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How Are New Trends Impacting The Size Of The Scientific Research And Development Services Market?
Leading enterprises in the scientific research and development services industry are forging strategic alliances to craft the future of drug detection and progression. Collaborations and partnerships play a critical role in the Scientific Research And Development Services industry as they foster creativity, accelerate drug progression, and spur fresh innovations and discoveries. For example, in August 2022, Sanofi, a pharmaceutical firm based in France, inked a strategic multi-purpose research partnership with Atomwise for AI-assisted drug discovery. Atomwise's AI technology will be harnessed to detect small molecules that could potentially be utilized as drug contenders. This technology would also be employed to anticipate the effectiveness and security of these potential drug candidates. Atomwise is a pharmaceutical company in the US that leverages technology.
Who Are the Key Players in the Scientific Research And Development Services Market?
Major companies operating in the scientific research and development services market include:
• Amazon.com Inc.
• Apple Inc.
• Volkswagen AG
• Alphabet Inc.
• Toyota Motor Corporation
• Samsung Electronics Co. Ltd.
• Microsoft Corporation
• Ford Motor Company
• General Motors Company
• Honda Motor Co. Ltd.
• Pfizer Inc.
• Johnson & Johnson
• Siemens AG
• Roche Holding AG
• Intel Corporation
• IBM Corporation
• Merck & Co. Inc.
• Cisco Systems Inc.
• Novartis International AG
• Bristol-Myers Squibb Company
• Qualcomm Incorporated
• Defense Advanced Research Projects Agency (DARPA)
• IQVIA Holdings Inc.
• Battelle Memorial Institute
• Piramal Group and WuXi AppTec Co. Ltd.
• Charles River Laboratories Inc.
• Frog Design
• Lawrence Livermore National Laboratory LLC
• Lawrence Berkeley National Laboratory
• Jackson Laboratory
• Sanofi S.A.
• GlaxoSmithKline plc
What are the Regional Insights into the Scientific Research And Development Services Market?
North America was the largest region in the scientific research and development services market in 2024. Asia-Pacific was the second largest region in the scientific research and development services market. The regions covered in the scientific research and development services market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
