The value of scientific research and development activities output in the UK stood at 38.6 billion euros in 2023, exhibiting stable but modest growth. Over the last two years, the sector showcased a year-on-year increase of 2.5% in 2022 and 2.39% in 2023. This reflects a steady, though decelerating, increase in output. The compound annual growth rate (CAGR) from 2018 to 2023 was 2.49%, indicating moderate growth over the recent five-year period.

Future trends to watch for include:

Projected lower forecast CAGR of 1.65% from 2024 to 2028, highlighting a potential slowdown in growth.
Influences of Brexit on funding and international collaboration.
Impact of governmental policies on research investments.
Emerging technologies and innovation drivers, such as AI and biotech, potentially reshaping the sector's landscape.