As the world becomes more competitive and innovation-driven, protecting one’s intellectual property through Patent Registration has become increasingly important.
Despite the many challenges faced by the world in 2022, the growing number of Patent application requests worldwide is proof of the value and benefits of this service.
Global Increase in Patent Registration Requests despite Challenging Times
The number of requests to protect new inventions through Patent Registration increased worldwide in 2022. It reached a record high of over 278,000.
This happened even though the world faced many difficult problems like the COVID pandemic, inflation, and supply chain issues.
In India, the number of Patent Registration went up by 25.4%, and in South Korea, it increased by just over 6%.
Benefits of Having Patent Registration
It provides exclusive rights.
Patent Registration provides inventors and businesses with the exclusive right to make, use, and sell their invention.
This is valid for a limited time period. However, it can be extended also.
This helps them protect their invention from being copied or used by others without their permission.
Your Business gets a competitive advantage.
Inventors and businesses having Patent can use their invention to differentiate their products and services from those of their competitors.
It leads to increased sales and profits.
You can generate extra income through Patent Registration.
You can licence a Patent to others in exchange for a fee. Furthermore, It is quite beneficial in earning extra income, getting new investors, and expansion in the market.
Beneficial in getting Legal Protection
When an inventor or business gets a patent, it means that no one else can make, use or sell their invention without their permission.
If someone tries to do so, the inventor or business can take them to court and ask for money as compensation.
Asia leads in Patent Filings and Design Protection
In 2022, Asia experienced the most significant growth in patent applications.
Asia’s share in Patent Filings increased by 0.5% to reach 54.7%.
China’s participation in the international design registration system also boosted demand for design protection, leading to double-digit growth in this area.
The WIPO’s Hague System, which facilitates the international registration of industrial designs, recorded an 11.2% increase in the number of designs included in international applications, reaching just over 25,000.
In conclusion, the increase in Patent Registration requests globally in 2022 despite challenging times highlights the importance of protecting intellectual property.
In short, registering a patent, offers exclusive rights, competitive advantage, legal protection, and the opportunity for extra income. Asia leads in Patent Filings and Design Protection.
You must also get your invention patented as soon as possible.
If you require any assistance regarding Patent Registration online, feel free to contact our experts at: 8881-069-069.
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