Healthcare Patent Filing Outsourcing Market Value Expected to Reach US $ 4,567.2 Million by 2027, Covering Pre and Post COVID-19 Market Analysis: Acumen Research and Consultation
Acumen Research and Consulting, a global provider of market research, in a recently published report titled “Healthcare Patent Filing Outsourcing Market – Global Industry Analysis, Market Size, Opportunities and Forecast, 2020-2027”
LOS ANGELES, April 27, 2021 (GLOBE NEWSWIRE) – The Global Healthcare Patenting Outsourcing Market is expected to grow at a CAGR of around 5.5% from 2020 to 2027 and achieve a market value above US $ 4,567.2 Mn by 2027.
In 2020, Asia-Pacific dominated the market, registering the largest market share. During the forecast period, the region is expected to remain at the forefront. This large share is due to the large number of patents filed in the region, as well as the availability of low cost outsourcing services. China is the source of a significant number of patents filed in the Asia-Pacific region. According to the World Intellectual Property Organization, China filed 1,327,847 patents in 2019, while Japan filed 452,130 and India filed 34,015 patents, respectively.
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Impact of COVID-19 on the Healthcare Outsourcing Patent Filing Market
Due to the mandatory shelter-in-place from the COVID-19 pandemic, patent filing processes around the world have been disrupted. Under the CARES (Coronavirus Aid, Relief, and Economic Security) Act, the USPTO has authorized a 30-day extension for patent filing processes with an expiration date between March 27 and April 27, 2020 The USPTO issued notices for additional patent extensions and trademark expiration date on April 28, 2020. In 2021, the USPTO promised the introduction of an end-to-end patent search tool (PE2E) as well as the continuation of the peer research collaboration pilot program.
The increasing demand for cost-effective and fast patent filing process is expected to drive the market growth. Growing innovations in medical devices, along with strong pharmaceutical and biopharmaceutical pipelines, will drive the market during the forecast period. For example, the number of artificial intelligence (AI) applications in healthcare is increasing. With new and innovative products, several start-ups are thriving in the healthcare sector. This will help the market during the forecast period. In addition, the increase in the number of patent applications filed by established players such as Novartis, Covidien, Boston Scientific, Ethicon, Olympus Corp. and others will drive the demand for outsourcing of patent filing in the field of health during the forecast period.
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The global healthcare patent filing outsourcing market is segmented on the basis of field, service, and origin. By field, the market is categorized into medical and pharmaceutical technology. Medtech is further sub-segmented as assistive devices, consumables and disposables, diagnostic and imaging devices, drug delivery devices, surgical devices, and wearable medical devices. By service, the market is segmented into pre-filing, filing and prosecution, and post-issuance. By origin, the market is divided into residents and non-residents.
The medical technology segment dominated the market and accounted for the largest share of the revenue, which can be attributed to the increasing technological advancements in the medical device industry. In 2016, Medtronic, Olympus, and Boston Scientific, for example, filed for 182, 150, and 225 patents, respectively. Medtronic filed a patent for a valve delivery device on November 6, 2020, and it was published on February 25, 2021. Similarly, Boston Scientific received a patent for the 15 MHz Opticross 35 Peripheral Imaging Catheter on April 17. 2020. Such advances by medical device manufacturers present huge opportunities for outsourcing of patent filing in healthcare.
The filing and prosecution segment dominated the healthcare patent filing outsourcing market, accounting for the majority of revenues. This share can be attributed to the complexity of filing and prosecution, as well as the profitability achieved by outsourcing these tasks. Filing and prosecuting in-house will also take a lot of time and internal resources. As a result, the time savings provided by healthcare outsourcing companies in filing and lawsuits will drive segment growth over the forecast period.
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Some of the main competitors are Clarivate, ipMetrix Consulting Group, CorporateDir.com, Patent Outsourcing Limited, Synoptic Intellectual Patents (P) Limited, Dennemeyer, Powell Gilbert, Bristows, HOYNG ROKH MONEGIER, CARPMAELS & RANSFORD LLP, and among others.
Some of the major observations regarding the healthcare patenting outsourcing industry include:
- In July 2020, United Health Products Inc. announced that it had filed a non-provisional patent application with the US Patent and Trademark Office for the hydrocolloid (gel) format of its oxidized regenerated cellulose product HemoStyp, and also filed an application separate under the Patent Cooperation Treaty with the World Intellectual Property Organization.
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