What is the size of healthcare research market globally?

Estimating the size of the global healthcare research market is a bit more challenging as it encompasses a wide range of research activities and sectors, such as pharmaceuticals, biotechnology, medical devices, and clinical research, among others. However, according to a report by Grand View Research, the global healthcare research and development market was valued at approximately $170 billion USD in 2020 and is expected to grow at a compound annual growth rate (CAGR) of around 7.5% from 2021 to 2028.

It’s important to note that these estimates may not capture the full extent of healthcare research activity, as they focus primarily on R&D spending in the pharmaceutical and biotechnology sectors, while other types of research and innovation are not always captured. Additionally, these estimates may be affected by factors such as the global economic environment, government funding priorities, and evolving healthcare needs and trends.