Scientific Research And Development Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030

New York, Feb. 17, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Scientific Research And Development Services Global Market Report 2021: COVID 19 Impact and Recovery to 2030" - https://www.reportlinker.com/p06025351/?utm_source=GNW


The global scientific research and development services market is expected to grow from $816.57 billion in 2020 to $861.76 billion in 2021 at a compound annual growth rate (CAGR) of 5.5%. The growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. The market is expected to reach $1232.67 billion in 2025 at a CAGR of 9%.

The scientific research and development services market consists of the sales of scientific research and development services and related goods by entities (organizations, sole traders and partnerships) that engage in research and experimental development on a contract, consultancy or outsourced basis in areas such as biotechnology, the physical sciences, engineering sciences, life sciences and social sciences. Scientific research and development services establishments undertake processes where human capital is the major input. They make available the knowledge and skills of their employees, often on an assignment basis, where an individual or team is responsible for the delivery of services to the client. The scientific research and development services market is segmented into social sciences and humanities services; physical, engineering, and life sciences; nanotechnology services and biotechnology services.

North America was the largest region in the global scientific research and development services market, accounting for 39% of the market in 2020. Asia Pacific was the second largest region accounting for 27% of the global scientific research and development services market. Africa was the smallest region in the global scientific research and development services market.

4D printing has evolved from 3D printing with an additional feature of changing the geometrical shape and mechanical properties, with time being integrated as an additional fourth dimension. One of the major drawbacks of 3D printing is it can only take the shape in which it was originally made and is static and inanimate. Now with the latest development of 4D printing, objects can now be made with responsive materials with certain inherent properties that can change or transform in response to external stimuli. It has widespread applications in medical science such as tissue regeneration in biomedical field. For example, printed micro tissue from bio ink can undergo maturation via cellular coating to form functional tissue constructs such as engineered tissue constructs. Major biotechnology research companies using 4D bio printing technology include Poietis, Biolife4D and Precise Bio.

The outbreak of Coronavirus disease (COVID-19) has acted as a restraint on the scientific research and development services market in 2020 as governments globally imposed lockdowns and restricted trade, thereby limiting the need for professional services. COVID 19 is an infectious disease with flu-like symptoms including fever, cough, and difficulty in breathing. The virus was first identified in 2019 in Wuhan, Hubei province of the People’s Republic of China and spread globally including Western Europe, North America and Asia. Steps by national governments to contain the transmission have resulted in a decline in economic activity with countries entering a state of ’lock down’ and the outbreak is expected to continue to have a negative impact on businesses throughout 2020 and into 2021. However, it is expected that the scientific research and development services market will recover from the shock across the forecast period as it is a ’black swan’ event and not related to ongoing or fundamental weaknesses in the market or the global economy.

The scientific research and development services market is expected to grow rapidly due to increasing lifestyle and chronic diseases. This is mainly due to unhealthy lifestyles, growing aging population, rising inactivity and obesity. According to the World Health Organization, chronic disease prevalence is expected to rise by 57% globally, by the year 2020. China and India together had about 193.4 million diabetic patients in 2019 and India is expected to have about 101 million diabetic patients by 2030. In the field of mental health, the World Health Organization predicts that one in every four people are affected by a type of mental disorder, such as, depression, schizophrenia and anxiety in the future. In response to this, national governments across the globe are rapidly increasing their medical research expenditure. For instance, China’s medical research spending has increased and is expected to reach $1 trillion by 2020. Therefore, increasing investment for medical research to treat chronic diseases is further driving the demand for scientific research and development services.


Read the full report: https://www.reportlinker.com/p06025351/?utm_source=GNW

About Reportlinker
ReportLinker is an award-winning market research solution. Reportlinker finds and organizes the latest industry data so you get all the market research you need - instantly, in one place.

__________________________