Between 2013 and 2023, the gross output of the US Scientific Research and Development Services industry exhibited a steady growth trend, increasing from $236.26 billion to $319.69 billion. The year-on-year growth rates fluctuated, peaking at 5.91% in 2015 and gradually declining to 2.2% by 2023. The compound annual growth rate (CAGR) also showed a decreasing trend, starting from 5.49% in 2013 and declining to 2.4% in 2023. This indicates a slowing growth momentum over the past decade.
For the forecasted period from 2024 to 2028, the industry is expected to continue its growth, though at a slower pace. The forecasted 5-year CAGR is 1.52%, with an overall growth of 7.85% from 2023 to 2028.
Future trends to watch:
- Impact of emerging technologies such as AI and biotech on R&D productivity.
- Government funding policies and their influence on R&D investment.
- Global competition and collaboration in scientific research.
