The article is devoted to the study of changes in the trends of global economic development and growth associated with the increasing role of developing countries in research and development (R&D). Currently, developing countries and whole industries, especially in China, India and other developing nations, are moving from catching-up phase to the advanced development, as they have already developed own extensive R&D landscape, created patent reserves, successfully implemented state policies stimulating national high-tech sectors, attracted international capital. There is an ongoing competition between various technologies and countries, industries and companies, universities and startups. All this represents an expanding basis for further global innovation growth. It is shown that the development of knowledge-intensive sectors in the world economy is largely determined by the activities of private companies, consistently increasing its R&D expenditures. The current phase of global innovative development is characterized as of intensified global competition for technology, highly qualified personnel and growing investment in knowledge-intensive sectors. As a result, the path of catching-up development, which was followed by developing countries at the beginning of the XXI century, is replaced by a stage of direct competition and attempts to enter the path of advanced development. The leading role in this struggle is played by private companies. The article emphasizes the importance of R&D in the private sector and the role of the stock market in ensuring sustainable scientific, technological and innovative development on the global scale.