Scientific Research And Development Services Industry To Grow Alongside Increasing Lifestyle & Chronic Disease Incidence

The Business Research Company’s Scientific Research And Development Services Global Market Report 2021: COVID-19 Impact and Recovery to 2030

LONDON, GREATER LONDON, UK, January 26, 2021 /EINPresswire.com/ -- New year, new updates! Our reports have been revised for market size, forecasts, and strategies to take on 2021 after the COVID-19 impact: https://www.thebusinessresearchcompany.com/global-market-reports

The scientific research and development services market is expected to grow rapidly due to increasing lifestyle and chronic diseases. This is mainly due to unhealthy lifestyles, growing aging population, rising inactivity and obesity. According to the World Health Organization, chronic disease prevalence was expected to rise by 57% globally by the year 2020. China and India together had about 193.4 million diabetic patients in 2019 and India is expected to have about 101 million diabetic patients by 2030. In the field of mental health, the World Health Organization predicts that one in every four people will be affected by a type of mental disorder such as depression, schizophrenia, and anxiety in the future. In response to this, national governments across the globe are rapidly increasing their medical research expenditure. For instance, China's medical research spending has increased and was expected to reach $1 trillion by 2020. Therefore, increasing investment for medical research to treat chronic diseases is further driving the demand for the product research and development market.

The global scientific research and development services market is expected to grow from $816.57 billion in 2020 to $861.76 billion in 2021 at a compound annual growth rate (CAGR) of 5.5%. As per the scientific research and development industry report, the growth is mainly due to the companies rearranging their operations and recovering from the COVID-19 impact, which had earlier led to restrictive containment measures involving social distancing, remote working, and the closure of commercial activities that resulted in operational challenges. According to this research and development market research, the market is expected to reach $1232.67 billion in 2025 at a CAGR of 9%.

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