Healthcare Patent Filing Outsourcing Market Is Expected To Expand At A CAGR Of 5.5% From 2021 To 2028
Healthcare Patent Filing Outsourcing Industry Overview
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.
Healthcare Patent Filing Outsourcing Market Segmentation
Grand View Research has segmented the global healthcare patent filing outsourcing market on the basis of domain, service, origin, and region:
Based on the Domain Insights, the market is segmented into Medtech, and Pharmaceutical.
- The medtech segment dominated the market and accounted for the largest revenue share of 51.2% in 2020. This is attributed to growing technological advancements in the medical devices industry. For instance, in 2016, Medtronic, Olympus, and Boston Scientific filed 182, 150, and 225 patents respectively.
- The medtech segment is further sub-segmented into assistive care devices, consumables and disposables, diagnosis and imaging devices, drug delivery devices, surgical devices, and wearable medical devices. The wearable medical devices segment is expected to expand with the fastest CAGR over the forecast period
Based on the Service Insights, the market is segmented into Pre-filing, Filing & Prosecution, and Post Grant.
- The filing and prosecution segment dominated the healthcare patent filing outsourcing market and accounted for the largest revenue share of 51.5% in 2020. This share is attributable to the complexity associated with filing and prosecution coupled with cost-efficient attained by outsourcing such tasks.
- The pre-filing segment accounted for the second-highest share by service in 2020. Pre-filing is a crucial step in patent filing as a lot of time and money of applicants could be wasted if the step is not done by professionals with strong knowledge of the patent processes.
Based on the Origin Insights, the market is segmented into Resident, and Non-resident.
- The resident segment dominated the market and accounted for the largest revenue share of 63.5% in 2020. Approximately, 70.0% of the overall patents registered on the WIPO repository are resident patents. However, the non-resident segment is projected to expand with a faster CAGR as filing patents in one country does not ensure protection from plagiarism in another country.
- Also, the aid of local patent outsourcing firm with the know-how of local regulations is beneficial for applicants to get a patent in another country. Such factors will augment the growth of the non-resident segment over the forecast period.
Healthcare Patent Filing Outsourcing Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Key Companies Profile & Market Share Insights
This market is highly fragmented in nature due to the presence of a substantial number of medium to small sized patent outsourcing firms. The majority of the market players are privately held. High technical know-how is required for healthcare patent filing outsourcing therefore entry barrier for new players is high. Also, large medtech and pharmaceutical players going for in-house patent filing processes might hinder the market growth. However, single point service and deep professional expertise offered by the outsourcing players will help further penetrating the in-house territory and augment market growth over the forecast period. Some of the prominent players in the healthcare patent filing outsourcing market include:
- 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
Order a free sample PDF of the Healthcare Patent Filing Outsourcing Market Intelligence Study, published by Grand View Research.
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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