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DESCRIPTION
Academic Research Market Global Size:
As per ELINT Market Research’s latest released procurement market research report, the global academic research market size is anticipated to witness strong growth in the upcoming years. The report indicates a $329.6 million valuation in 2022, which is expected to expand at 8-10% CAGR by 2028. Consequently, some of the major factors responsible for this optimistic growth of the academic research sector include globalization, government funding, the popularity of multidisciplinary studies & academic R&D, and corporate sector needs.
Moreover, a few of the prominent trends that are anticipated to blossom throughout the projection period comprise the expansion of research centers, technological breakthroughs, international cooperations, an emphasis on medical inventions, and the use of AI and machine learning in academic study and development solutions.
Market Definition:
Academic research and development constitute systematic scientific investigation processes to produce fresh knowledge, improve currently available data, and come up with creative new ideas to address the issue or handle the circumstance. Therefore, the main objective of implementing this study is to enhance existing products or derive unique ones. Further, the primary categories of specialization in this sector are medicine, information technology & engineering, humanities & sociology, and arts.
Academic Research Market Drivers:
- Raising Complexity of Clinical Protocols –
Healthcare-based organizations constantly evolve new creations in their field to sustain patients’ requirements efficiently. Hence, this domain majorly demands refined academic study and development solutions to address complex healthcare challenges, which propel the massive growth in the global academic research industry.
- Requirement for Therapeutic Knowledge –
Investigators holding specialized therapeutic expertise in areas like cardiology, neurology, oncology, etc., drive international academic research market development. Thus, these skilled professionals can conduct research projects, and clinical practices and promote scientific learning.
Academic Research Market Challenges:
- Completion of Pre-Clinical Study –
Academic research procurement intelligence market players face difficulty in completing pre-clinical research, especially in the medical field due to multiple factors like lack of resources, time boundaries, and technical expertise shortages. Hence, healthcare institutions find it challenging to dvelop drugs on time, and also discover appropriate candidates for clinical tests. Consequently, to overcome this challenge, organizations can collaborate with renowned pharmaceutical firms like Academia, which can help them obtain specialized research facilities.
- Lessening Investments in Research Moves –
Academic research and development market players encounter significant challenges due to decreasing investments in R&D activities, which causes less production of new products and innovations. These reduced investments could occur due to budget restrictions, changing people’s choices, and more.
Academic Research Market Opportunities:
- Enhanced Research Outcomes of Pharma Companies –
Pharma companies collaborate with academic research associations to obtain the required knowledge and skills to develop innovative therapeutic solutions. This is a great opportunity for businesses operating in the academic research market
- Rise of Artificial Intelligence based Acedmic Research Methods –
As artificial intelligence is constantly integrating into academic research systems, it is pushing new opportunities for industry participants. These intelligent solutions can help research teams determine, classify, curate, and understand the most notable and contemporary conclusions using existing data.
Academic Research Market Segmentation:
- Various Subject Areas –
The global academic research market can assist in different subject areas including, social science, biological science, humanities, technology, medicine, construction, etc. Thus, by understanding this segmentation, market players can fulfill each domain’s individual requirements and methodologies.
- Types of Research Methods –
The academic research industry possesses diverse research methods such as primary, practical, and translational. Each research method assists in fulfilling different objectives like obtaining fundamental knowledge, addressing unique issues, and overcoming the voids between scientific findings.
Regional Analysis of the Academic Research Market:
ELINT’s procurement market analysis exhibits varied market sizes and percentages for different countries including North America with 42%, EU with 32%, and Asia with 17%. Thus, these nations hold substantial shares in the overall academic research solutions industry. Additionally, when it comes to supplier and buyer power levels, these countries showcase dominance in the worldwide research sector. For instance, North America possesses high supplier and buyer authorities, which means both purchasers and vendors lead in these regions and bargain their favorable terms. On the other hand, EU and APAC provinces hold a medium degree of supplier and buyer powers, which drive them to a moderate level of cost and contract negotiation positions.
Pricing Models in the Academic Research Market:
Pricing models of the global academic research market help stakeholders collaboratively manage their relations. The research grant is a handy cost model that owns 50% stakes in the industry and allows researchers to confirm funding using grants given by governmental associations and private entities. Further, the principal investigator method assists in obtaining funding through individual agreements to execute research activities. Additionally, collaboration and consortium models allow multiple educational suppliers, industrial stakeholders, and research institutes to combine their resources and knowledge to jointly deal with challenging investigation issues.
Cost Structure in the Academic Research Market:
The major cost structures of the global academic research sector comprise clinical units & facilities at 12-15%, overheads at 50-60%, and technology & R&D activities at 2–5%. Thus, these components contribute respective percentage shares in the total expenses of manufacturing academic research solutions.
Impactful Cost Components in the Academic Research Market:
Impactful cost components of manpower resources comprise technological skills, investigators, technicians, and support team members. Further, network resources include communication, data sharing, and industry partners. Therefore the combination of both manpower and network resources influences vastly the overall pricing structure of the international academic research industry.
Contract Structure in the Academic Research Market:
Collaboration-based contracts of the academic research market hold 49% of industry size and help academic institutions and consumers to partner for a particular period. Moreover, another prominent contract model is resource sharing which owns 35% stakes in the total market allocation. Lastly, the milestone-based agreements contain 15% stakes for conducting collaborative research initiatives.
Leading Academic Research Procurement Market Intelligence Companies:
Leading companies operating in the global academic research market that are concentrating on supplying cutting-edge research solutions to consumers include Albert Einstein College of Medicine of Yeshiva University, British Heart Foundation, Brown University, Centerphase, Charite University, Dana Farber Cancer Institute, Emory University, Semmelweis University, Seoul National University Hospital, Silesian School of Medicine, Singapore Clinical Research Institute, Spitalul Universitar de Urgenta Bucuresti, Sun Yat-sen University, Texas A&M University, The University of Texas Health Science Center, Tohoku University, Georgetown University Medical Center, Harvard University, Johannes Gutenberg University Mainz, Johns Hopkins University, Karolinska Institutet, Kyusyu University Hospital, Linkoeping University, Los Angeles Biomedical Research Institute, M.D. Anderson Cancer Center, Martin-Luther-Universität Halle-Wittenberg, McMaster University, Medical College of Wisconsin, Nagasaki University, National Taiwan University Hospital, Odense University Hospital, Osaka University, Peking University Clinical Research Institute, Philipps University Marburg Medical Center.
