Scientific Research and Development (R&D) output in Canada has seen robust growth between 2013 and 2023. As of 2023, the output stood at CAD 12.25 billion. The growth has been especially pronounced in recent years, with notable year-on-year increases of 5.50% in 2022 and 5.16% in 2023. The compound annual growth rate (CAGR) from 2018 to 2023 was 5.29%, indicating stable and sustained development in the sector.

Looking forward, the forecast is optimistic with continued growth. By 2028, the output is projected to reach CAD 15.17 billion, with a 5-year forecasted CAGR of 3.38%. This represents an overall growth rate of 18.07% during this forecast period.

Future trends to watch for include:

Increased investment in cutting-edge technologies such as artificial intelligence and biotechnology.
Government policy shifts that could further incentivize R&D activities.
Potential impacts of global economic fluctuations on funding and investment in R&D.