Between 2013 and 2023, the Scientific Research and Development output in the US grew from $179.88 billion to $387.71 billion, demonstrating consistent annual growth. The most significant year-on-year increase occurred in 2019 with a 14.37% rise. Over the past five years, ending in 2023, the sector showed a Compound Annual Growth Rate (CAGR) of 8.52%.

From 2024 onwards, the sector is expected to maintain its upward trajectory. Future forecasts indicate that by 2028, the output will reach $494.42 billion. The projected 5-year CAGR from 2023 to 2028 is 3.84%, suggesting steady, albeit slower, growth compared to previous years.

Future Trends to Watch for:

Increased investment in artificial intelligence and biotechnology research.
Growing emphasis on sustainability and environmental R&D.
Expansion in health-related research, especially due to post-pandemic influences.
Government policies and funding changing in response to emerging technological needs.