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Healthcare Patent Filing Outsourcing market suffered a hefty decline owing to the COVID-19 pandemic

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 Share By Geographical Regions:

Asia Pacific dominated the market and accounted for the largest revenue share of 65.5%. The high share is attributable to the colossal number of patents filed coupled with the availability of low-cost outsourcing services in the region. Medical devices and pharmaceutical companies in North America and Europe outsource their patent filing processes to countries in the Asia Pacific owing to low-cost labor. This will, in turn, augment the regional growth of the market over the forecast period.

Healthcare Patent Filing Outsourcing Market Insights By Key Players:

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; and Hoyng Rokh Monegier. The majority of the market players are privately held. This market is highly fragmented in nature due to the presence of a substantial number of medium to small sized patent outsourcing firms. High technical know-how is required for healthcare patent filing outsourcing therefore entry barrier for new players is high.

Gain deeper insights on the market and receive your free copy with TOC now @: https://www.grandviewresearch.com/industry-analysis/healthcare-patent-filing-outsourcing-market/request/rs15

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

COVID-19 is an incomparable global public health emergency that has affected almost every industry. The updated study provides insights, analysis, estimations, and forecasts, considering the COVID-19 impact on the market.

Base year for estimations

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD Million and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company share, competitive landscape, growth factors and trends

Segments covered

Domain, service, origin, region

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country scope

U.S.; Canada; Germany; France; U.K.; Spain; Italy; China; Japan; India; Brazil; Mexico; Argentina; South Africa; Saudi Arabia; UAE

Key companies profiled

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

Customization scope

Free report customization (equivalent up to 8 analyst’s working days) with purchase. Addition or alteration to country, regional & segment scope.

 

For Any Questions or Inquire please visit @: https://www.grandviewresearch.com/inquiry/451266/ibb

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:

Healthcare Patent Filing Outsourcing Domain Outlook (Revenue, USD Million, 2016 - 2028)

·         Medtech

o    Assistive Care devices

o    Consumables and Disposables

o    Diagnosis and Imaging Devices

o    Drug Delivery Devices

o    Surgical Devices

o    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

o    U.S.

o    Canada

·         Europe

o    Germany

o    France

o    U.K.

o    Spain

o    Italy

·         Asia Pacific

o    China

o    Japan

o    India

·         Latin America

o    Brazil

o    Mexico

o    Argentina

·         Middle East & Africa

o    South Africa

o    Saudi Arabia

o    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



on March 4 at 2:06

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