The scientific research and development services industry
comprises establishments engaged in research and experimental development on a
contract, consultancy or outsourced basis in the areas such as biotechnology,
physical sciences, engineering sciences, life sciences and social sciences.
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The global scientific research and development services
industry has shown high growth in the past years with a CAGR of over 5%. The
year 2017 recorded highest ever growth in this market with a net value of
around $1 trillion as per TBRC’s in-house consultants.
TBRC’s latest report show the growing trends in the market
for each year, with sourced reasons to support the growth claims.
The report also shows the scientific research and
development services industry to grow with a slightly higher CAGR by 2021 as
compared to 2017, despite decreased government funding in future.
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This growth trend in coming years is attributed to factors
such as emerging markets growth, collaborations with other research institutes and
companies, high demand for research work and highly volatile market conditions
leading to increase demand of this industry.
Companies included in the report are Battelle Memorial
Institute, IQVIA Holdings, Inc., Defense Advanced Research Projects Agency,
Lawrence Livermore National Laboratory LLC, and Los Alamos National Laboratory.
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