Press release
Global Scientific Research And Development Services Market Projected to Grow at 9.8% CAGR, Reaching $1352.65 Billion by 2029
Scientific Research And Development Services Market Size
Scientific Research And Development Services Market Size Valuation Forecast: What Will the Market Be Worth by 2025?
The market size of scientific research and development services has seen considerable growth in the previous years. The market, which is expected to rise from a value of $859.14 billion in 2024 to $931.27 billion in 2025, is predicted to develop at a compound annual growth rate (CAGR) of 8.4%. Factors contributing to this upward trend in the historic period include corporate investments in R&D, governmental support for research, research in the environmental sector, defense and aerospace research, as well as a global expansion of research.
Scientific Research And Development Services Market Size Forecast: What's the Projected Valuation by 2029?
Anticipated to exhibit robust expansion in the foroming years, the market size of scientific research and development services is poised to ascend to $1352.65 billion in 2029, boasting a compound annual growth rate (CAGR) of 9.8%. Factors contributing to this expansion during the prediction period encompass research endeavors dedicated to renewable energy, human genetics, smart cities, remote sensing and earth observation, as well as space exploration and pandemic readiness. Forecasts for the period also highlight several emerging trends including the application of artificial intelligence (AI) in scientific research, international collaborations on research initiatives, breakthroughs in materials science and nanotechnology, the amalgamation of data science in research procedures, along with research on robotics and automation.
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What Are the Drivers Transforming the Scientific Research And Development Services Market?
Advancements in the scientific research and development services market are expected to be driven largely by the increasing occurrence of chronic ailments. These ailments are usually long-lasting and tend to develop over a significant length of time. The goal of scientific research and development services is to enhance medical knowledge by conducting necessary clinical trials, testing potential drugs and treatments, and developing state-of-the-art medical devices to cope with chronic diseases. The World Health Organization, a specialized wing of the United Nations based in Switzerland, reported in September 2022 that non-communicable or chronic diseases were responsible for 74% of the 41 million deaths globally every year. This included 17.9 million deaths from cardiovascular diseases, 9.3 million from cancer, 4.1 million from chronic respiratory diseases, and 2.0 million from diabetes. Consequently, the surge in chronic ailments is deemed to be fueling the growth of the scientific research and development services market.
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What Long-Term Trends Will Define the Future of the Scientific Research And Development Services Market?
In the scientific research and development services sector, leading companies are forming strategic collaborations to steer the future of drug discovery and development. Such collaborations and partnerships are pivotal in the Scientific Research And Development Services market due to their role in promoting innovation, accelerating drug development and spurring new insights and breakthroughs. To illustrate, in August 2022, Sanofi, a pharmaceutical company based in France, established a strategic research partnership across multiple targets with Atomwise, leveraging AI for drug discovery. The AI technology from Atomwise will be instrumental in identifying small molecules that may serve as potential drug candidates, and in predicting the effectiveness and safety of these potential drugs. Atomwise is a technology-based pharmaceutical company from the US.
Which Segments in the Scientific Research And Development Services Market Offer the Most Profit Potential?
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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Which Firms Dominate the Scientific Research And Development Services Market by Market Share and Revenue in 2025?
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
Which Regions Offer the Highest Growth Potential in 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.
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