Healthcare Patent Filing Outsourcing Market Share, Size, Trends, Industry Analysis Report, By Domain (MedTech, Pharmaceutical); By Service (Pre-filing, Filing & Prosecution, Post Grant); By Origin (Resident, Non-resident); By Regions; Segment Forecast, 2021 - 2028
- Published Date:May-2021
- Pages: 117
- Format: PDF
- Report ID: PM1874
- Base Year: 2020
- Historical Data: 2016 - 2019
Report Outlook
The global healthcare patent filing outsourcing market was valued at USD 1.06 billion in 2020 and is expected to grow at a CAGR of 5.6% during the forecast period. Key factors responsible for the market growth include a strong drug pipeline, rising patent registration in both the medical and biopharma sector, its cost efficiency, and the need to save time during the patent filing process.
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This growth is supported by digital initiatives in healthcare, such as the emergence of virtual digital clinical trials to decrease the delay in the drug approval process. The use of artificial intelligence, machine learning, and data analytic tools is on the rise. As per a report published by the World Intellectual Property Organization (WIPO), in China alone, more than 12,000 patents were filed, in 2018.
Several start-ups in the country are coming with new and innovative products and services. This has augmented the market growth over the coming years. Significant rise in patent applications by the established key players such as Covidien, Olympus Corporation, Novartis, and Ethicon also expected to boost the demand for the healthcare patent filing process over the assessment period.
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Healthcare Patent Filing Outsourcing Market Report Scope
The market is primarily segmented on the basis of domain, service, origin, and geographic region.
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Insight by Domain
MedTech market segment accounted for the largest revenue share of the healthcare patent filing outsourcing industry in 2020. This is primarily due to innovations and technological advancements in the medical equipment industry. In line with this, in 2016, the US. based companies Medtronic, Boston Scientific, and Olympus filed around 182, 225, and 150 patents, respectively.
In 2020, Medtronic filed for a valve delivery device, which got approval in February 2021. Similarly, in April 2020, Boston received a patent for the “Opticross 35 15 MHz Peripheral Imaging Catheter”. These innovations and consequent patent filings by the medical equipment manufacturers offer huge growth opportunities for the segment’s growth.
However, the wearables market segment is anticipated to witness the highest growth rate over the assessment period of the healthcare patent filing outsourcing industry. This is primarily due to an increase in demand for telehealth services and other digital healthcare transformation projects.
The amalgamation of healthcare data and software power has led to the emergence of new advanced players seeking a competitive position in the market. Thus, the strong demand for wearable devices among fitness-savvy people to have real-time information of their health status is projected to drive the market segment in the healthcare patent filing outsourcing industry.
Insight by Service
In 2020, the filings segment accounted for the largest revenue share. Such a high share is attributed to the complexity in the patent filing procedure, coupled with cost-efficiency assured by outsourcing such services. Industry players predicted that filing and prosecution is a total time waste process and consumes a lot of internal resources. Hence, timesaving and cost-effectiveness offered by such concerned outsourcing firms are likely to complement the segment’s growth.
The pre-filing segment is estimated to account for the second-largest market share. The step in the patent filing process is considered an important step and saves a lot of time and money, which otherwise might be wasted if not properly analyzed by the experienced professional, having sound knowledge of the patent procedures. This, in turn, is expected to augment the demand for the pre-filing services, boosting the segment’s growth.
Geographic Overview
In 2020, the North America region accounted for over 10% of the global market. The U.S is the largest contributor, followed by Canada. The factors contributing to the region’s growth include the presence of outsourcing companies having rich experience in patent filing, competent authorities, the sound financial ability of the big medical device players to outsource non-core activities to concentrate on its key activities of research and innovation.
Moreover, the region spends a lot on research and innovations to bring forward new things or procedures to stay competitive and have a first-mover advantage. Hence, the market for the healthcare patent filing outsourcing industry is bound to grow significantly over the coming years.
Competitive Insight
The prominent players operating in the healthcare patent filing outsourcing market are Clarivate, Bristows, Hoyng Rokh Monegier, CRJ IPR Services LLP, Patent Outsourcing Limited, ipMetrix Consulting Group, Synoptic Intellectual Patents (P) Limited, Dennemeyer, Powell Gilbert, and Carpmaels & Ransford Services Limited.
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