The global healthcare patent filing outsourcing market size is expected to reach USD 1.61 billion by 2028 according to a new study by Polaris Market Research. The report “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 (North America, Europe, Asia Pacific, Latin America, Middle East & Africa); Segment Forecast, 2021 - 2028” gives a detailed insight into current market dynamics and provides analysis on future market growth.
Setbacks caused by the COVID-19 pandemic included healthcare patent filing processes across the globe, mostly due to shelter-in-place mandates. In 2020, the USPTO has extended the patent filing process by 30 days, under the CARES (Coronavirus Aid, Relief, and Economic Security) Act.
Moreover, notices and additional extensions for upcoming trademark matters were issued by the USPTO. In 2021, USPTO has also assured the introduction of patents end-to-end search tool, in association with the ongoing pilot program for peer search collaboration.
Recently, in January 2020, the US and China signed an Economic and Trade Agreement, under which a system was established for filed generic drugs for the approval process. The agreement enabled patent term extensions to compensate for unnecessary delays in granting trademarks, as well as, to resolve any of the disputes. Such government initiatives are expected to augment the need for local healthcare trademark filing, and thereby, outsourcing a few of the services.
Trademark protection plays an important role in the pharma industry. The drug development process is a time-consuming process and costly procedure. Healthcare and pharmaceutical companies also using trademark protection to expand their market position and ease out the competition. The aforementioned benefits of patents for biopharma companies are expected to drive the market forward via rapid uptake of the filing outsourcing process.
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Asia Pacific is projected to register a lucrative market growth rate over the healthcare patent filing outsourcing study period. Such high market growth is due to the surge in a colossal number of trademarks being filed and the availability of low cost-efficient outsourcing services among Asian countries.
There is a sudden rise in applications from China. It is being predicted that, in 2019, China has filed 1,327,847 patents, in comparison with Japan and India accounting for 452,130 and 34,015 applications, respectively. As a result, Asia Pacific is expected to continue its dominance in the healthcare patent filing outsourcing industry.
Companies operating in the healthcare patent filing outsourcing industry include 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.
Polaris Market Research has segmented the healthcare patent filing outsourcing market report on the basis of domain, service, origin, and region:
Healthcare Patent Filing Outsourcing Market, Domain Outlook (Revenue - USD Million, 2016 - 2028)
Healthcare Patent Filing Outsourcing Market, Service Outlook (Revenue - USD Million, 2016 - 2028)
Healthcare Patent Filing Outsourcing Market, Origin Outlook (Revenue - USD Million, 2016 - 2028)
Healthcare Patent Filing Outsourcing Market, by Regional Outlook (Revenue - USD Million, 2016 - 2028)