Scientific R&D Services Market Expected To Grow Despite Decreased Government Funding

(EMAILWIRE.COM, August 24, 2018 ) 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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