Number of Patent Applications Remains High/Patent Laws Change

In fiscal year 2023, the U.S. Patent & Trademark Office (PTO) received 418,262 patent applications, up from only 109,359 in 1970. To some extent, patents tend to reflect the health of R&D budgets. The greater the funding, the more patents are filed. At the same time, however, the rapid growth in the number of patent applications reflects today’s increased focus on protection of intellectual property by corporations and universities along with the extremely high traffic from biotech firms attempting to patent gene expressions and other biological discoveries.

A patent application leads either to a patent grant or to a denial. The PTO granted 346,152 total patents during calendar year 2023 (which includes utility patents in addition to design, plant and reissue patents). In contrast, there were only 67,964 patents granted in 1970. A patent typically takes 18 to 24 months after application to receive a grant. The term of patent protection is currently defined as beginning on the date the patent is granted and ending 20 years from the earliest filing date of the application.

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Number of Patent Applications Remains High/Patent Laws Change, Business and Industry Trends Analysis

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