Physical, Engineering, And Life Sciences Global Market Report 2024

The physical, engineering, and life sciences market size has grown strongly in recent years. It will grow from $443.56 billion in 2023 to $472.05 billion in 2024 at a compound annual growth rate (CAGR) of 6.4%. The growth observed in the historical period can be attributed to a multitude of factors, including substantial medical discoveries and advancements in healthcare, the ongoing development of mathematical and theoretical knowledge, increased environmental awareness, significant achievements in space exploration and discovery, and the implementation of public health initiatives. These combined factors have played a vital role in driving the expansion of physical, engineering, and life sciences.

The physical, engineering, and life sciences market size is expected to see strong growth in the next few years. It will grow to $624.02 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. The anticipated growth in the forecast period can be attributed to a range of significant factors. These include the increasing integration of artificial intelligence (AI) and machine learning in the field, the ongoing development of sustainable engineering and solutions, the rising prominence of digital health and telemedicine, the expansion of smart infrastructure and cities, and the growing demand for personalized engineering solutions. Prominent trends expected during this forecast period encompass the broader integration of nanotechnology, advancements in bioinformatics and data analysis, an enhanced focus on sustainability and environmental impact, the continued expansion of immunotherapy and biopharmaceuticals, as well as the increasing adoption of Industry 4.0 and automation in the realms of physical, engineering, and life sciences.

The life science industry is undergoing a significant transformation, primarily driven by digital innovation, which has brought about a profound change in the sector. Key technology giants like Microsoft, Cisco, IBM, Amazon, and Google are at the forefront of initiating this digital transformation in the field of life sciences. Mobile computing is poised to play a crucial role in digitizing healthcare, both in conjunction with pharmaceutical treatments and as independent medical solutions. Digital transformation empowers individuals to make more informed decisions about their current business operations and positions organizations for the future. This surge in digital transformation is a driving factor behind the growth of the physical, engineering, and life sciences market.

The main categories within the domain of physical, engineering, and life sciences include physical and engineering sciences, as well as life sciences. Life Sciences Services are tailored to assist businesses in reimagining and transforming their IT landscapes, facilitating the development of next-generation platforms for essential functions. The entities involved in this field can span from organizations to sole traders and partnerships, and the service providers may comprise both large enterprises and small and medium-sized enterprises.

The physical, engineering, and life sciences market research report is one of a series of new reports that provides physical, engineering, and life sciences market statistics, including physical, engineering, and life sciences industry global market size, regional shares, competitors with a physical, engineering, and life sciences market share, detailed physical, engineering, and life sciences market segments, market trends and opportunities, and any further data you may need to thrive in the physical, engineering, and life sciences industry. This physical, engineering, and life sciences market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The increase in pharmaceutical spending is anticipated to be a major driver for the growth of the physical, engineering, and life sciences market. Pharmaceutical spending refers to the total amount expended on pharmaceutical products. This investment in the physical, engineering, and life sciences sector fosters innovation, development, and optimization of pharmaceuticals, resulting in advanced therapies, precision medicine, and more efficient drug delivery systems. For instance, in April 2022, the National Center for Biotechnology Information (NCBI) reported that in the US, the overall prescription drug expenditure for 2022 is expected to increase by 4.0% to 6.0% compared to the previous year. Clinics are projected to experience an increase in drug spending, estimated at 7.0% to 9.0%, while hospitals are forecasted to see a more moderate growth rate of 3.0% to 5.0% compared to 2021. Therefore, the rise in pharmaceutical spending is a significant driver behind the growth of the physical, engineering, and life sciences market.

The COVID-19 pandemic has presented unprecedented challenges to the global life sciences industry. Pharmaceutical and biotech companies worldwide have collaborated with governments to address the COVID-19 crisis, supporting vaccine development and addressing medicine supply chain disruptions. Regulatory agencies in the UK and EU have adapted by providing updated guidance in response to the evolving situation and supporting research and development efforts to mitigate the pandemic's impact. Regulatory challenges stemming from the pandemic may pose obstacles to the growth of the physical, engineering, and life sciences market.

The introduction and advancement of new technologies, such as nanosensors, bi-specific antibodies, and computational biology, highlight the progress achievable through interdisciplinary collaborations between researchers and organizations. Collaboration between the industry and regulators will foster self-regulation grounded in a culture of quality, operational excellence, and result monitoring. For instance, the FDA has expressed its intention to establish more collaborative partnerships with businesses to expedite product launches. Collaboration among stakeholders will facilitate the delivery of more responsive, cost-effective treatments and improved outcomes.

The increasing global popularity and adoption of the Internet of Things (IoT) represent the latest trend in the physical, engineering, and life sciences market. The IoT is a network of interconnected devices enabling data transmission across a wide range of networks. IoT drives continuous advancements in real-time data analytics, product design, and development, promoting accelerated business growth. Engineering service providers are increasingly incorporating industrial IoT to enhance and optimize their production processes, resulting in improved energy efficiency, resource allocation, and asset management. For example, PureSoftware, an engineering services company, has successfully integrated IoT into its services, establishing a robust IoT platform to enhance the speed and accuracy of data retrieval. India's IoT industry is projected to reach USD 15 billion by 2020, constituting about 5% of the global physical, engineering, and life sciences market.

In May 2023, Deloitte, a UK-based professional services network, concluded the acquisition of Optimal Design for an undisclosed sum. This acquisition is expected to strengthen Deloitte's position in the product engineering services (PES) landscape, expanding its capabilities to drive digital transformation in client projects. Through this acquisition, Deloitte enhances its existing engineering services, particularly in the realm of smart connected products and IoT devices. Optimal Design, a US-based product development firm, specializes in offering end-to-end product engineering solutions, ranging from concept inception to physical prototype development.

Major companies operating in the physical, engineering, and life sciences market include IQVIA Holdings Inc, Battelle Memorial Institute, Syneos Health Holdings Inc, PRA Health Sciences Inc, Charles River Laboratories International Inc, PAREXEL International Corporation, Pharmaceutical Product Development LLC, Medpace Holdings Inc, Albany Molecular Research Inc, Hitachi High Technologies America Inc, PDL BioPharma Inc, Defense Advanced Research Projects Agency (DARPA), Lawrence Livermore National Security LLC (LLNS), Los Alamos National Security LLC (LANS), AKKA Technologies SE, QinetiQ Group plc, WuXi AppTec Co. Ltd., Charles River Laboratories International Inc., Thermo Fisher Scientific Inc., Illumina Inc., Agilent Technologies Inc., Bruker Corporation, Waters Corporation, PerkinElmer Inc., Mettler-Toledo International Inc., Danaher Corporation, Bio-Rad Laboratories Inc., Bio-Techne Corporation, QIAGEN N.V., Merck KGaA, Abiomed Inc., Intuitive Surgical Inc.

North America was the largest region in the physical, engineering, and life sciences market in 2023. Western Europe was the second largest region in the physical, engineering, and life sciences market. The regions covered in the physical, engineering, and life sciences market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The countries covered in the physical, engineering, and life sciences market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada

The physical, engineering, and life sciences market consists of revenue earned by entities that engage in conducting research and experimental development in agriculture, environment, botany, electronics, chemistry, fisheries, forests, mathematics, veterinary, and other allied subjects. Research and development activities of physical engineering and life sciences organizations are funded by public sector organizations and commercial establishments. These organizations monetize their research findings, patents, or products to fund their research activities. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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