A Better Approach To Healthcare Patent Filing Outsourcing and Impact of COVID-19Posted by Mrudula Anil Karmarkar on March 3rd, 2022 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 2021 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. 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. To Request Sample Copy of this report, click the link: Healthcare Patent Filing Outsourcing Market Report Highlights
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:
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