Repercussions of the COVID-19 pandemic will boost the healthcare patent filing outsourcing market, forecast to touch US$ 1.5 Bn by 2025 at a CAGR of 6%
Noida, Uttar Pradesh, India, March 15 2021 (Wiredrelease) Report Ocean Pvt Ltd –:Rapid growth in the need for a cost-efficient and time-saving patent filing process is expected to augment the market’s growth primarily. Growing medical device innovations and powerful pharmaceutical and biopharmaceutical product pipelines will further drive the market during the forecast period. For instance, the incorporation of Artificial Intelligence (AI) in the healthcare practice is on the rise. According to the World Intellectual Property Organization (WIPO) report, over 12,000 patents were filed as of 2018 in China. This increase in the number of patents on the country or global level is estimated to lead the consumption. Following these promising developments, the Global Healthcare Patent Filing Outsourcing Market is estimated to see healthy growth, pegged at a CAGR of around 6% throughout the forecast period 2020-2025.
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The consequences of the COVID-19 pandemic included patent filing processes disruption worldwide owing to shelter-in-place mandates. In 2020, the United States Patent and Trademark Office (USPTO) authorized an extension of 30 days under the CARES (Coronavirus Aid, Relief, and Economic Security) Act for patent filing processes with a due date between March 27 and April 27. On April 28, 2020, notices for additional extensions for due dates of patent and trademark matters were issued by the USPTO. In 2021, the USPTO assured the introduction of patents end-to-end (PE2E) search tool and the continuation of the pilot program of peer search collaboration. Such favorable policies are expected to increase the demand and sales for healthcare patent filing outsourcing worldwide.
Several small-scale companies and start-ups are booming in the healthcare industry with new innovative product offerings. These developments are predicted to augment the market during the forecast period. Furthermore, growth in the count of patent filing applications by well-established players such as Covidien, Novartis, Boston Scientific, Olympus Corp., Ethicon, and others. will also drive the healthcare patent filing outsourcing demand in the coming years.
Patent protection is expected to play a significant role in the development of the global pharmaceutical industry. Drug development is a time-consuming and expensive process, which increases the scope for the innovation and development of new technology. Therefore, the market companies are focus on patent protection to recuperate their investments and earn profits. Moreover, these companies also use patent protection to strengthen market position through taking long-term sustainable competitive advantage. The benefits above of patents for pharmaceutical firms will drive the demand for healthcare patent filing outsourcing.
Segmentation Overview of the Global Healthcare Patent Filing Outsourcing Market
The healthcare patent filing outsourcing market is segmented based on Domain, Service, and Origin. These major market segments are further categorized into various sub-segments to study the market in detail.
By Domain Outlook
Medtech (Assistive Care devices, Consumables and Disposables, Diagnosis and Imaging Devices, Drug Delivery Devices, Surgical Devices, Wearable Medical Devices) Pharmaceutical
By Service Outlook (Pre-filing, Filing & Prosecution, Post Grant)
By Origin Outlook (Resident, Non-resident)
Key Players Insights
Clarivate, CRJ IPR Services LLP, ipMetrix Consulting Group, Synoptic Intellectual Patents (P) Limited, Patent Outsourcing Limited, Dennemeyer, Bristows, Hoyng Rokh Monegier, Powell Gilbert, and Carpmaels & Ransford Services Limited, among others, are the main healthcare patent filing outsourcing companies included during the research study.
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