The number of patents in the Biotechnology sector in Singapore has shown significant fluctuation from 2013 to 2023. The value in 2023 stands at 129.16 units. Notably, there was a substantial increase from 2019 onwards, moving from 126.32 units to 129.16 units in 2023. The sector experienced notable declines between 2014 and 2018 before rebounding strongly from 2019 onwards. Over the last two years, the year-on-year percentage variation shows a consistent modest growth of around 2.3%. The compound annual growth rate (CAGR) over the last five years records an average variation per year of approximately 8.01%.
Forecasted data from 2024 to 2028 suggests a steady increase in patent filings, with projected values rising from 131.96 units in 2024 to 142.2 units in 2028, indicating a forecasted 5-year CAGR of 1.51% and an overall 5-year growth rate of 7.76%. This trend suggests that the sector's growth is stabilizing after a period of volatility.
Future trends to watch for include the impact of technological advancements like CRISPR and personalized medicine on patent volumes, as well as potential policy changes that may influence the rate of innovation in the biotechnology sector. Moreover, continued investment in R&D and collaboration with global biotech firms could further drive patent growth in the coming years.