In 2023, South Korea's business enterprise expenditure on R&D in medical and health sciences led globally with 4.55 billion USD PPP, marking a significant 16.7% year-on-year increase. Canada followed with steady growth at 3.32%. Taiwan and Poland showed robust increases of 7.87% and 10.85%, respectively. Singapore's expenditure rose by 13.5%, while Portugal led the growth rate with 15.52%. Russia and Slovenia saw notable increases, and the Czech Republic had modest growth. Slovakia experienced a remarkable 48.53% surge. Conversely, Hungary had a slight decline of 0.2%.
Future trends to watch:
- Focus on precision medicine and biotechnology, likely accelerating spending growth.
- Potential shifts in regulatory climates, influencing investment strategies.
- Emerging markets may drive increased R&D as they expand health initiatives.
Top countries in Business Enterprise Expenditure on R&D in Medical and Health Sciences by Country
| # | 10 Countries | Million US Dollars PPP | Last Year | YoY | 5-years CAGR | |
|---|---|---|---|---|---|---|
| 1 | 1 South Korea | 4,550 | 2023 | +9.44% | +16.7% | View data |
| 2 | 2 Canada | 1,990 | 2023 | +1.57% | +3.32% | View data |
| 3 | 3 Taiwan | 1,510 | 2023 | +7.46% | +7.87% | View data |
| 4 | 4 Poland | 1,370 | 2023 | +9.15% | +10.85% | View data |
| 5 | 5 Singapore | 989.24 | 2023 | +3.86% | +13.5% | View data |
| 6 | 6 Portugal | 512.26 | 2023 | +14.76% | +15.52% | View data |
| 7 | 7 Russia | 292.95 | 2023 | +4.38% | +10.62% | View data |
| 8 | 8 Slovenia | 249.43 | 2023 | +2.64% | +4.74% | View data |
| 9 | 9 Czech Republic | 209.98 | 2023 | +2.74% | +0.68% | View data |
| 10 | 10 Hungary | 106 | 2023 | +3% | -0.2% | View data |
