The global science industry plays a crucial role in driving innovation, advancing knowledge, and addressing critical challenges across various domains. According to a report by MarketsandMarkets, the global life science analytics market size was valued at $27.1 billion in 2022 and is projected to reach $47.5 billion by 2027, growing at a CAGR of 11.8% during the forecast period.
The Business Research Company’s report states that the global scientific research and development services market is expected to grow from $842.7 billion in 2023 to $906 billion in 2024, at a compound annual growth rate (CAGR) of 7.5%. In the United States, the scientific research and development services market is a significant contributor to the overall industry. According to Mercer’s SIRS Benchmark Survey, the Life Sciences Industry module covers 3,098 positions from 401 organizations across the country, providing robust compensation data for benchmarking salaries and assessing talent strategies.
Science is moving most quickly in two areas: artificial intelligence (AI) and biotechnology, according to research from companies and academic institutions. Prominent US universities with research strengths include Harvard, Stanford, and MIT, which have fractional counts in the 2018 Nature journal of 70.67, 39.85, and 37.69, respectively. Tech behemoths Alphabet Inc. (NASDAQ:GOOG), Microsoft, and Nvidia control AI research and development in the corporate world. With DeepMind, Alphabet Inc. (NASDAQ:GOOG) has created deep learning algorithms such as AlphaFold, which predicts human protein structures with 98.5% accuracy, and Alphabet Inc. (NASDAQ:GOOG)’s AlphaTensor, which advances matrix multiplication to potentially speed up computation.
On the other hand, prominent companies in the biotechnology industry are Novo Nordisk A/S (NYSE:NVO), Merck & Co., Inc. (NYSE:MRK), Pfizer Inc. (NYSE:PFE), and Eli Lilly and Company (NYSE:LLY). Novo Nordisk has been at the forefront of diabetes treatment since its inception. Novo Nordisk A/S (NYSE:NVO)’s insulin products, such as Tresiba, Levemir, and NovoLog, have benefited millions of people living with diabetes worldwide. The company’s innovative GLP-1-based medications, like Saxenda and Wegovy, have shown promising results in promoting weight loss and improving metabolic health. In the first quarter, Novo Nordisk A/S (NYSE:NVO) reported a 28% year-over-year increase in net profit, which came to 25.4 billion Danish kroner ($3.65 billion). Sales of Wegovy, their well-known medication for weight loss, more than doubled to 9.38 billion kroner.
Similarly, Eli Lilly and Company (NYSE:LLY) is a leading global pharmaceutical and biotechnology company. Lilly has played a pivotal role in the treatment of diabetes, introducing revolutionary insulin products like Humalog (insulin lispro) and Humulin. The company’s recent launch of Mounjaro (tirzepatide) and Zepbound (tirzepatide) has revolutionized the management of type 2 diabetes and obesity by activating two incretin hormone receptors, GIP and GLP-1. Eli Lilly and Company (NYSE:LLY) reported revenue of $8.77 billion in Q1 2024, up 26% year-over-year. Their net income was $2.24 billion, up 67% year-over-year, and earnings per share (EPS) stood at $2.48, up 66% year-over-year during the same period.
The Top Country With Most Scientists per Capita in the World
A scientist waving a test tube in the air, excitedly celebrating a discovery in the lab.
For our methodology, we have ranked the countries with the most scientists per capita in the world based on number of scientists per 1000 employed in 2021. For the accuracy of data, we relied on Statista.
Scientists per 1000 employed: 17.26
South Korea tops the list for being the country with the most scientists per capita in the world. In 2020, South Korean researchers published 91,030 scientific and technical journal articles, ranking 13th worldwide and accounting for 1,762 publications per million population. Companies like Samsung and LG have pioneered innovations in consumer electronics, displays, and memory chips. South Korea was an early adopter of high-speed internet and mobile networks.
The country’s researchers played a pivotal role in developing and commercializing 5G technology, with companies like Samsung and LG leading the way. South Korea has a thriving biotechnology industry, with companies like Samsung Biologics and Celltrion leading the way in biopharmaceutical development. Researchers at institutions like the Korea Advanced Institute of Science and Technology (KAIST) have made significant contributions to areas like stem cell research and regenerative medicine.
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