The UK's scientific research and development output is projected to grow from £49.61 billion in 2024 to £60.93 billion by 2028. This presents steady year-on-year growth, with notable increments of approximately 5% or more annually. For context, in 2023, actual outputs were observed at £47.22 billion.
Over the five-year period, the compounded annual growth rate (CAGR) is anticipated to average around 5.2%, indicating a robust upward trajectory in the sector. This sustained growth underscores a strengthening commitment to R&D investment and is largely driven by innovation in pharmaceuticals, technology, and green energy.
Future trends to watch include the impact of government policies on innovation funding, Brexit's evolving influence on research collaboration, and advances in AI and biotechnology driving increased R&D activities.
