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Scientific Research And Development Services Market Expansion Continues, with Forecast Valuation of $1387.92 Billion by 2029
Scientific Research And Development Services Market
Scientific Research And Development Services Market Size Growth Forecast: What to Expect by 2025?
There has been a strong growth in the size of the scientific research and development services market in recent years. It is set to continue this trajectory, expanding from a value of $865.46 billion in 2024 to $940.33 billion in 2025, reflecting a compound annual growth rate (CAGR) of 8.6%. The significant growth during the historic period can be explained by factors such as increased R&D investments by corporations, government-sponsored research funding, environmental studies, defense and aerospace related research, and the broad international reach of research.
How Will the Scientific Research And Development Services Market Size Evolve and Grow by 2029?
Anticipated to experience swift expansion in the coming years, the scientific research and development services market is projected to hit a value of $1387.92 billion by 2029, showing a compound annual growth rate (CAGR) of 10.2%. Factors contributing to this predicted expansion during the forecast period include a focus on renewable energy research, space exploration, pandemic readiness, human genetics studies, smart cities investigation, and remote sensing and earth observation. Some key trends for this period are expected to be the use of artificial intelligence (AI) in investigation activities, international cooperation on research projects, advancements in material science and nanotechnology, incorporating data science into research procedures, and focus on examining robotics and automation.
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What Drivers Are Propelling the Growth of Scientific Research And Development Services Market Forward?
An increase in chronic illnesses is set to drive the expansion of the scientific research and development services market. Chronic illnesses encompass a broad array of persistent diseases that usually develop over a long duration. The primary role of scientific research and development services is to promote advancements in medical science via activities such as medical trials, testing of innovative medications and treatments, as well as the creation of state-of-the-art medical equipment to combat chronic diseases. As per the World Health Organization in September 2022, a Switzerland-based UN specialized agency reported that out of the 41 million deaths globally, 74% were a result of non-communicable diseases (NCDs), or chronic illnesses, every year. Among these, cardiovascular diseases accounted for 17.9 million deaths, cancer 9.3 million, chronic respiratory diseases 4.1 million, and diabetes 2.0 million. Consequently, the increasing prevalence of chronic diseases is fuelling the development of the scientific research and services market.
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Which Emerging Trends Are Transforming the Scientific Research And Development Services Market in 2025?
Leading enterprises in the scientific research and development services market are establishing strategic alliances to influence the future of pharmaceutical discovery and advancement. Collaboration and partnerships are vital within the Scientific Research And Development Services market, as it fosters innovation, accelerates drug creation, and paves the way for new discoveries and breakthroughs. For example, in August 2022, Sanofi, a pharmaceutical firm from France, formed a strategic multi-target research partnership with Atomwise for the utility of AI in drug discovery. Atomwise's AI technology will be utilized to pinpoint small molecules that could be potentially developed into drugs. This tech will also be employed to assess the effectiveness and safety of these prospective drug candidates. Atomwise is a pharmaceutical firm based in the US that leverages technology.
What Are the Key Segments in the 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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Who Are the Key Players Shaping the Scientific Research And Development Services Market's Competitive Landscape?
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 Geographic Markets Are Powering Growth 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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