From 2013 to 2023, the number of patents in the biotechnology sector in South Korea grew significantly, culminating at 1740 units in 2023. Between 2013 and 2023, the sector saw notable fluctuations in growth rates, with particularly high growth in 2020 at 33.05%, likely indicating a period of intensified innovation or regulatory changes stimulating patent applications. The annual growth (CAGR) over the last five years leads to an average yearly increase of approximately 11.35%.
Forecasts predict a continuation of this upward trend, albeit at a decelerated rate, projecting 2450 patents by 2028. The forecasted CAGR for the next five years is 5.34%, expecting total growth of 29.72% from 2023 to 2028. This suggests a maturational phase where growth stabilizes.
Future trends to watch for include advances in biotechnology domains such as precision medicine, biopharmaceuticals, and genetic engineering. Additionally, shifts in global regulatory landscapes and increased governmental support could further impact patent activities.