SAN FRANCISCO, March 22, 2021 /PRNewswire/ -- 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 toexpand 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.
Key suggestions from the report:
- 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
Read 120 page research report with ToC on "Healthcare Patent Filing Outsourcing Market Size, Share & Trends Analysis Report By Domain, By Service (Pre-filing, Filing & Prosecution, Post Grant), By Origin (Resident, Non-resident), By Region, And Segment Forecasts, 2021 - 2028" at:https://www.grandviewresearch.com/industry-analysis/healthcare-patent-filing-outsourcing-market
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.
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
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About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
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