The global healthcare patent filing outsourcing market size is expected to reach USD 1.8 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.5% from 2021 to 2028. In-house departments of pharmaceutical and medical devices firms typically do not have sufficient time to carry out patent filing processes. Even if they do, it will be a costly option for the firms. Therefore, the market is significantly driven by the growing need for cost-saving and time-saving in patent filing processes.
The
market suffered a hefty decline of 2.1% in 2020 owing to the COVID-19 pandemic.
Organizations such as the European Patent Office (EPO) and the United State
Patent and Trademark Office (USPTO) announced relaxations such as extension of
deadlines in order to accommodate 2019 novel coronavirus related delays and
interruptions. However, with the lifting of COVID-19 related shelter-in-place
mandates and commercialization of the vaccine, the bottle necking of patent
filing is clearing. The market is projected to recover from 2021 onwards and
expand with a lucrative CAGR over the forecast period.
Growing
innovations in the medical device and pharmaceutical space is driving the
market. Surging number of start-ups in the healthcare industry with new and
innovative products, will also boost market growth. Patent applications are
majorly filed by the well-established players in the healthcare industry such
as Novartis, Covidien, Boston Scientific, Medtronic, Ethicon, Olympus Corp.
These companies innovate in-house, partner with high-tech companies for
consumer-facing offerings, and also license technologies from universities.
Such companies hold huge potential market growth across the globe.
For more info visit here: https://www.grandviewresearch.com/industry-analysis/healthcare-patent-filing-outsourcing-market
Healthcare Patent
Filing Outsourcing Market Report Highlights
- Medtech
accounted for the largest revenue share of 51.2% in 2020 owing to growing
technological innovations in medical devices
- Filing and
prosecution services accounted for the largest revenue share of over 50.0%
in 2020 owing to complexity, cost-efficiency, and time-saving associated
with outsourcing such activities
- By origin,
non-resident is the fastest growing segment with a CAGR of 5.9% between
2021 to 2028 as national patent in one country might not prevent copying
of a product or technology in a different country
- Asia pacific
region contributed for the largest share of 65.5% owing to high number of
patents filed in the region coupled with availability of low cost
outsourcing services in the region. Furthermore, the off-shore model is
highly adopted in this industry, where such offices are majorly placed in
countries such as India, Japan, Korea, Malaysia, Singapore and others
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Healthcare Patent
Filing Outsourcing Market Segmentation
Grand View Research has
segmented the global healthcare patent filing outsourcing market on the basis
of domain, service, origin, and region:
Healthcare Patent
Filing Outsourcing Domain Outlook (Revenue, USD Million, 2016 - 2028)
- Medtech
- Assistive Care devices
- Consumables and Disposables
- Diagnosis and Imaging Devices
- Drug Delivery Devices
- Surgical Devices
- Wearable Medical Devices
- Pharmaceutical
Healthcare Patent
Filing Outsourcing Service Outlook (Revenue, USD Million, 2016 - 2028)
- Pre-filing
- Filing & Prosecution
- Post Grant
Healthcare Patent
Filing Outsourcing Origin Outlook (Revenue, USD Million, 2016 - 2028)
- Resident
- Non-resident
Healthcare Patent
Filing Outsourcing Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- U.S.
- Canada
- Europe
- Germany
- France
- U.K.
- Spain
- Italy
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa
- South Africa
- Saudi Arabia
- UAE
List of Key
Players of Healthcare Patent Filing Outsourcing Market
- Clarivate
- ipMetrix Consulting Group
- CRJ IPR Services LLP
- Patent Outsourcing Limited
- Synoptic Intellectual Patents (P) Limited
- Dennemeyer
- Powell Gilbert
- Bristows
- Hoyng Rokh Monegier
- Carpmaels & Ransford Services Limited
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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