Scientific Research & Development in Florida
The Scientific Research and Development industry in Florida has thrived over the five years to 2017, slightly outpacing growth at the national level. Given that industry operators derive a substantial share of revenue from the Department of Defense, reduced defense funding has hampered industry demand. In addition, budget enforcement cuts have taken a toll on the industry during the early part of the current period. Despite these headwinds, rising public and private funding for health-related research and development (R&D) has spurred industry growth. The industry is projected to grow strongly over the five years to 2022. While the industry will benefit from an anticipated increase in federal funding for defense, other federal agencies are expected to experience cuts in funding. These budgetary cuts are expected to temper more rapid industry growth. Fortunately for industry operators, the rapidly growing life sciences cluster in Florida will help sustain industry growth. As medical device and pharmaceutical companies continue to bolster their R&D efforts to keep their pipelines full with new drugs and medical devices, demand for scientific R&D will increase.
This industry includes companies and organizations that are involved in physical, engineering or life sciences research and development (R&D). The industry only includes operators whose primary purpose is R&D and excludes players such as pharmaceutical or manufacturing companies that may undertake R&D to support their primary operations. Government entities are also excluded from this industry, though these entities may contract and fund the research this industry undertakes.
This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.
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