The global healthcare patent filing outsourcing market is expected to grow at a CAGR of around 6% from 2020 to 2027 and expected to reach the market value of around US$ 2,434.2 Mn by 2027.
When a new healthcare product or device is developed by a startup company, a patent must be filed in its name to protect the copyrights and eliminate the risk of the product being copied. These patents aid in preventing competitors from selling something that is similar to or related to a specific device or product. Before applying for a healthcare patent, the device or product in question must be approved by the Food and Drug Administration (FDA). Overall, the patent filing process is time-consuming and complicated. Healthcare patent filing outsourcing companies guarantee complete assistance to healthcare firms throughout the process. As a result, these advantages contribute to the increased growth rate of the healthcare patent filing outsourcing market. Pre-filing, filing and prosecution, and post-grant services are provided by healthcare patent filing outsourcing companies.
Rising need for a cost-efficient and time-saving patent filing process foster the growth of the global healthcare patent filing outsourcing market
Outsourcing is becoming a popular strategy for healthcare organizations to use in order to control the rising costs of providing services. Outsourcing services unrelated to the primary operations of the organization may also allow healthcare administrators and staff to focus more effectively on the core business of the organization. Furthermore, the most frequently obtained benefit was that patent outsourcing helps to improve service quality levels. Several other users mentioned economies of scale, the use of the external provider's infrastructure, the opportunity for the healthcare organization to focus on its core business, and increased flexibility as important benefits.
Startups are booming in the healthcare industry with new product offerings ultimately contributing growth of the global healthcare patent filing outsourcing market
The most frequently cited reason for outsourcing healthcare patent filing is cost savings. Because the technology industry is highly competitive and rapidly growing, organizations focus on cost reduction in order to maintain and/or gain a competitive advantage. During an outsourcing agreement, the customer will provide the outsourcing provider with proprietary information and intellectual property in order for the outsourcing provider to prepare for or deliver services to the customer. However, while the outsourcing provider has access to use the enterprise customer's data which are generally entitled to copyright protection or to use techniques and processes that have been patented, the outsourcing provider's service delivery platform will contain software and technological processes that are works of authorship and thus entitled to copyright or techniques and processes that may be patentable. Additionally, in most of the outsourcing transactions the outsourcing provider's employees and the enterprise personnel work under the same trademark which may be proved damaging if, for example, the outsourcing provider fails to perform as required. The outsourcing of an IT activity/function usually involves the transfer of skilled staff and expertise to the service provider, the latter often being left without any person with the necessary technical skills to run that function. In such cases, the customer will likely be forced to rely on the service provider and continue the outsourcing relationship with that service provider if he or she wishes to change service providers or bring the IT operation back in-house. As a result, parties who wish to enter into an outsourcing arrangement must exercise extreme caution when negotiating the terms of the contract and must include provisions in the contract to control and/or minimize any of the aforementioned potential risks or downsides.
The global healthcare patent filing outsourcing market is segmented based on domain, service, and origin. By domain, the market is classified into Medtech and pharmaceuticals. Medtech is further sub-segmented as assistive care devices, consumables and disposables, diagnosis and imaging devices, drug delivery devices, surgical devices, and wearable medical devices. By service, the market is segmented as pre-filing, filing & prosecution, and post grant. By origin, the market is bifurcated into resident and non-resident
In terms of domain, the Medtech segment is expected to dominate the market during the forecast period. One of the major factors driving the growth of the global healthcare patent filing outsourcing market is technological advancement. Furthermore, by service, the filing and prosecution segment is expected to dominate the market in the coming years. This share can be attributed to the complexity of filing and prosecution, as well as the cost-effectiveness obtained by outsourcing such tasks. Based on origin, the resident segment is expected to dominate in the coming years.
In terms of region, Asia Pacific is expected to hold the maximum share of the global healthcare patent filing outsourcing market. The Board of Investment (BOI) is a Thai government agency in charge of promoting investment. The BOI provides tax and non-tax incentives to pharmaceutical and biotechnology investors. For pharmaceutical manufacturing companies, producing medicines or active ingredients, tax incentives cover exemption from import duty on machinery; exemption from corporate income tax for five, six or seven years according to the location zone subject to a cap on the amount of investment; and exemption or reduction from import duty on raw material and essential parts, again according to the location zone in the country. Furthermore, no CROs in Thailand have been officially accredited with OECD-GLP or ICH-GCP. They are, however, all in the process of preparing for compliance in order to meet the standards through practice. A few companies, such as Bio-Innova and International Bio Services, have applied for GLP accreditation and are currently being audited by the Bureau of Laboratory Quality Standards. Thai CROs are not required by law to follow OECD-GLP/GCP.
Medical device and pharmaceutical companies in North America and Europe, on the other hand, outsource their patent filing processes to Asia Pacific countries due to low-cost labor. This, in turn, will boost the market's regional growth over the forecast period.
The prominent players for the global healthcare patent filing outsourcing market involve Clarivate, IP Metrix Consulting Group, CorporateDir.com, Patent Outsourcing Limited, Synoptic Intellectual Patents (P) Limited, Dennemeyer, Powell Gilbert, Bristows, HOYNG ROKH MONEGIER, CARPMAELS & RANSFORD LLP, and among others
Market By Domain
Market By Service
Filing & Prosecution
Market By Origin
Healthcare patent filing outsourcing market is expected to reach a market value of around US$ 2,434.2 Mn by 2027.
The healthcare patent filing outsourcing market is expected to grow at a CAGR of around 6% from 2020 to 2027.
Based on domain, medtech segment is the leading segment in the overall market.
Startups are booming in the healthcare industry with new product offerings is one of the prominent factors that drive the demand for healthcare patent filing outsourcing market.
Clarivate, ipMetrix Consulting Group, CorporateDir.com, Patent Outsourcing Limited, Synoptic Intellectual Patents (P) Limited, Dennemeyer, Powell Gilbert, Bristows, HOYNG ROKH MONEGIER, CARPMAELS & RANSFORD LLP, and among others.
Asia Pacific is anticipated to grab the highest market share in the regional market
North America is expected to be the fastest growing market in the forthcoming years