Healthcare Patent Filing Outsourcing Market Worth $1.8 Billion By 2028

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.

Related Press Release@ Healthcare Patent Filing Outsourcing Market Report

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

Leave a Reply

Your email address will not be published. Required fields are marked *