The Value Added of Scientific Research and Development in Canada has shown a consistent upward trend from 2013 to 2023, rising from C$5.07 billion to C$8.26 billion. From 2013 to 2023, significant annual increases are evident, with a noteworthy dip in 2016 (-0.88%) and peak growth observed in 2020 (11.04%). Over the last two years, the value has increased from C$7.03 billion in 2020 to C$8.26 billion in 2023, demonstrating robust year-on-year growth rates of 6.15% in 2022 and 5.74% in 2023. The 5-year CAGR stands at a strong 5.8%.
Future trends to watch for include advanced technological developments, increased governmental and private sector R&D investment, and heightened international collaboration. The forecasted 5-year growth rate of 19.88% and an annual CAGR of 3.69% suggest a continued expansion path, underpinned by innovation-driven policies and market demand for high-value scientific research.
