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World Intellectual Property Day: Patent filings surge as Indian inventors prove mettle — top six patenting trends World Intellectual Property Day: Patent filings surge as Indian inventors prove mettle — top six patenting trends

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World Intellectual Property Day: Patent filings surge as Indian inventors prove mettle — top six patenting trends – Crypto News

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World Intellectual Property Day: India witnessed 83,000 patent filings in FY2023, marking a staggering 24.6 per cent annual growth rate, according to a Nasscom report released on World Intellectual Property (IP) Day, which is celebrated on April 26 every year. It was the highest annual growth rate in two decades.

The report, Patenting Trends in India, noted that the count of patents granted has doubled to over 100,000 between FY2019 and FY2023.

Here are top 6 patenting trends 

Domestic Innovation Growth: The share of patents filed by residents of India has doubled over the last decade, from 33.6 per cent of the total filings in the fiscal year 2019 to over 50 per cent by the fiscal year 2023. This indicates more focus and awareness of intellectual rights in the country, which is being led mainly by educational institutes.

The total number of patents granted has more than doubled between FY2019 and FY2023, with projections showing over 100,000 patents to be granted between March 2023 and March 2024.

Global engagement: Leading Indian deep-tech startups have filed for more than 900 patents since 2008. Moreover, 32,000 patent applications under the Patent Cooperation Treaty (PCT) have been filed in India by other countries. The data points towards such filings, which would indicate India’s increasing base in the global innovation landscape.

Sector-specific innovations: Maximum patent applications were in the field of healthcare, essentially around medical imaging, diagnosing, report generation, and testing. Other areas that are important for filing a patent are Automation/Software Development and Retail/e-commerce. In 2019, there have been spikes in artificial intelligence patents about image processing, natural language processing, and predictive modelling.

IoT technology: IoT technology is increasingly being adopted for enhancing connectivity and automation across industries. The trend shows a growing integration of IoT solutions in sectors like manufacturing, smart cities, and healthcare, which are leveraging interconnected devices for more efficient operations.

Neurotechnology: This emerging field is seeing increased interest from startups, focusing on developing technologies that improve brain-computer interfaces and cognitive computing applications. These innovations are likely aimed at healthcare applications, including diagnostics and patient monitoring systems.

Healthcare innovations: Startups are heavily patenting in healthcare, especially around medical imaging, diagnostics, report generation, and testing. This trend underscores the critical role of technology in transforming healthcare through more accurate and timely diagnostics and personalised treatment plans.

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Published: 26 Apr 2024, 04:48 PM IST

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