For all of the optimism in recent years regarding worldwide innovation and advancements in technology across all industries, would it surprise you to learn that total global patent volume increased by a meager 3% in 2014? Or that this 3% growth rate represents the worst patent volume growth rate since 2009, one year removed from the worst global recession since the Great Depression?
2014's stunted growth in patent volume did not confine itself to one specific industry, as many traditional innovators, such as semiconductors, aerospace and defense, struggled to produce new patents. In fact, in 2014 semiconductors and aerospace and defense saw their patent volume plummet by 5% and 1%, respectively.
Not all of 2014's innovation and patent news disappointed, however, as life sciences posted strong results. The pharmaceutical and biotech industries in particular saw patent growth rate increases of 12% and 7%, respectively. Many economic and business experts, such as Deloitte Consulting LLP, anticipate that this strong growth in life sciences will continue into the near future due to the fact that today's current global economic environment displays several factors necessary for life science success and innovation, at least with respect to the U.S. According to Deloitte's 2014 Global Life Sciences Report, these factors include a growing U.S. GDP, an aging country population, and increasing levels of federal and state government spending in the life sciences arena. Look for the life sciences industry to post another successful year in patent growth – and investment – for 2015 and beyond.
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