Acumen Research and Consulting, a global provider of market research studies, 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 Patent Filing Outsourcing Market is expected to grow at a CAGR of around 5.5% from 2020 to 2027 and reach the market value of over US$ 4,567.2 Mn by 2027.
In 2020, Asia Pacific dominated the market, by recording the largest market share. Over the forecast period, the region is expected to remain at the forefront. The 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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COVID-19 impact on healthcare patent filing outsourcing market
As a result of the COVID-19 pandemic’s mandated shelter-in-place, patent filing processes around the world were disrupted. Under the CARES (Coronavirus Aid, Relief, and Economic Security) Act, the USPTO authorized a 30-day extension for patent filing processes with a due date between March 27 and April 27 in 2020. The USPTO issued notices for additional extensions of patent and trademark due dates on April 28, 2020. In 2021, the USPTO promised the introduction of a patent end-to-end (PE2E) search tool as well as the continuation of the peer search collaboration pilot program.
The growing demand for a cost-effective and time-saving patent filing process is expected to drive market growth. Growing medical device innovations, as well as robust pharmaceutical and biopharmaceutical product pipelines, will drive the market over the forecast period. For example, the number of healthcare Artificial Intelligence (AI) applications is growing. With new and innovative products, several start-ups are thriving in the healthcare industry. This will help the market during the forecast period. Furthermore, the increase in the number of patent applications filed by well-established players such as Novartis, Covidien, Boston Scientific, Ethicon, Olympus Corp., and others will drive demand for healthcare patent filing outsourcing over the forecast period.
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The global healthcare patent filing outsourcing market is segmented based on domain, service, and origin. By domain, the market is classified into medtech and pharmaceuticals. Medtech is further sub-segmented as assistive care devices, consumables and disposables, diagnosis and imaging devices, drug delivery devices, surgical devices, and wearable medical devices. By service, the market is segmented as pre-filing, filing & prosecution, and post-grant. By origin, the market is bifurcated into resident and non-resident.
The medtech segment dominated the market and accounted for the largest revenue share, which can be attributed to the medical devices industry’s increasing technological advancements. In 2016, Medtronic, Olympus, and Boston Scientific, for example, filed 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 Opticross 35 15 MHz Peripheral Imaging Catheter on April 17, 2020. Such advancements by medical device manufacturers present enormous opportunities for healthcare patent filing outsourcing.
The filing and prosecution segment dominated the healthcare patent filing outsourcing market, accounting for the majority of revenue. This share can be attributed to the complexity of filing and prosecution, as well as the cost-effectiveness obtained by outsourcing such tasks. In-house filing and prosecution will also consume a significant amount of time and internal resources. As a result, the time savings provided by healthcare outsourcing firms in filing and prosecution will boost the segment’s growth over the forecast period.
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Some of the leading 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 key observations regarding the healthcare patent filing outsourcing industry include:
- In July 2020, United Health Products Inc. announced the filing of a non-provisional patent application with the U.S. Patent and Trademark Office for the hydrocolloid (gel) format of its HemoStyp oxidized regenerated cellulose product, and has also filed a separate application under the Patent Cooperation Treaty with the World Intellectual Property Organization.
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