LONDON, Nov. 8, 2016 /PRNewswire/ -- The scientific research and development services industry comprises establishments engaged in research and experimental development on a contract, consultancy or outsourced basis in the areas such as biotechnology, physical sciences, engineering sciences, life sciences and social sciences.
Europe was the largest geographic market in the scientific research and development services market in 2015, accounting for around $90 billion or 35% of the market. This was mainly due to increased demand for biopharmaceuticals and other biotechnology products driving the demand for research. Asia was the second largest geographic market, accounting for $80 billion or 30% of the market. The Americas was the third largest geographic market, accounting for $65 billion or 25% of the global market. Oceania accounted for 5% and $15 billion, while the Middle East and Africa accounted for 5.0% of the global scientific research and development services market.
Global per capita scientific research & development services expenditure grew from $30 in 2011 to $35 in 2015 at a CAGR of nearly 2% and is expected to grow to $40 in 2019 at a CAGR of 3%.
Organ-on-a-chip via 3D printing considerably reduces costs in the initial stage of product development in the biotechnology research. It involves microfabrication of living tissues within microscale fluid channels to make an exact microscale copy of human organs and this process is aided through 3D printing. It encompasses mesoscale technologies like cell-laden hydrogels and 3D printing, and microscale technologies like laser assisted bio-printing and addresses major limitations of a previously popular top down tissue engineering method. This technology considerably reduces time to design, develop and produce products and applications in the biotechnology and biomedical fields, thus benefitting the scientific research and development services market
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