The output of scientific research and development in Canada has shown a consistent growth trajectory from 2013 to 2023, starting from CAD 7.14 billion in 2013 up to CAD 11.67 billion in 2023. During this period, the growth rates have fluctuated yearly, with notable peaks such as an 11.07% increase in 2020. The compound annual growth rate (CAGR) over the past five years (2018-2023) stood at a solid 5.43%, illustrating sustained momentum in the sector.

Forecasts from 2024 onwards suggest continued expansion, with the output expected to reach CAD 14.53 billion by 2028. The projected five-year CAGR from 2024 to 2028 is forecasted at 3.46%, indicating a slightly moderated yet steady growth pace.

Future trends to watch for:

Increased investments in R&D activities influenced by government policies and private sector participation.
Technological advancements in sectors like AI, biotech, and clean energy driving further R&D output.
Potential global collaborations and funding opportunities that could impact growth rates positively.
Economic factors such as inflation and interest rates that might affect funding availability for R&D.