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A revised analysis puts the global market size at US$5.4 billion for the year 2027.
The COVID-19 induced recession has now cast serious questions on the ability of governments and companies to earmark financial commitments in times of crisis.
The only hope for the market in successfully mitigating the short- and long-term damage of the crisis, is securing fiscal stimulus from governments. However, the commitment of pandemic scarred deficit widened governments in funding innovation ecosystems is yet to be seen.
Most R&D budgets which are so vital for innovation are largely dependent upon financial support from governments. Healthy financial performance of companies also determines the extent of willingness to reinvest earnings into R&D and new product development.