Healthcare Patent Filing Outsourcing Market Distribution Channel Estimates and Global Trend Analysis, 2028

Posted on 2022-08-16 by researchinsights in Healthcare, Industrial, Pharmaceuticals, Technology // 0 Comments

San Francisco, Calif., USA, Aug 16, 2022 — /EPR Network/ —

Healthcare Patent Filing Outsourcing Industry Overview

The global healthcare patent filing outsourcing market size was estimated at 1.1 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 5.5% from 2021 to 2028. Rising need for a cost-efficient and time-saving patent filing process is expected to augment the growth of the market. Growing innovations in medical devices and robust pharmaceutical and biopharmaceutical product pipelines will also drive the market over the forecast period. For instance, the number of healthcare Artificial Intelligence (AI) is on the rise. According to a report published by the World Intellectual Property Organization (WIPO) over 12,000 patents were filed as of 2018 in China.

The repercussions of the COVID-19 pandemic included disruption of patent filing processes across the world owing to shelter-in-place mandates. In 2020, the USPTO authorized an extension of 30 days under the CARES (Coronavirus Aid, Relief, and Economic Security) Act for patent filing processes with a due date between March 27 and April 27. On April 28, 2020, notices for additional extensions for due dates of patent and trademark matters were issued by the USPTO. In 2021, the USPTO assured the introduction of patents end-to-end (PE2E) search tool as well as the continuation of the pilot program of peer search collaboration.

Gather more insights about the market drivers, restraints and growth of the Global Healthcare Patent Filing Outsourcing Market

Several start-ups are booming in the healthcare industry with new and innovative products. This will augment the market over the forecast period. Furthermore, growth in the number of patent applications by well-established players such as Novartis, Covidien, Boston Scientific, Ethicon, Olympus Corp., etc. will also drive the demand for healthcare patent filing outsourcing over the forecast period.

In January 2020 The U.S. and China went under the Economic and Trade Agreement (Phase I). This resulted in establishing a system for patent linkage while approving generic drug products. The agreement provided patent term extensions and adjustments to recompense for unreasonable delays in granting patents as well as resolved patent disputes before generic market approval. Such government initiatives will augment the need for local healthcare patent filing outsourcing companies thereby, boosting the market growth.

Patent protection plays a significant role in the pharmaceutical industry. Drug development is a time-consuming and expensive process. Therefore, such companies need patent protection to recuperate their investments as well as earn profits. Moreover, some pharmaceutical firms also use patent protection to strengthen market position and avoid competition. The aforementioned benefits of patents for pharmaceutical firms will drive the demand for healthcare patent filing outsourcing.

Browse through Grand View Research’s Healthcare Industry Related Reports

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