RT team
Synopsis: India has become a hotbed of innovation as it leads the world in patent application growth. According to data from the World Intellectual Property Organization (WIPO), Indian innovators saw a remarkable 31.6% surge in patent filings in 2022, the highest globally. India now ranks sixth in total patent applications worldwide.
This is India’s 11th consecutive year of growth in patent applications, underlining the nation’s growing innovation ecosystem. China maintains its leading position in patent applications, followed by the US, Japan, South Korea, and the European Union.
China’s dominance has grown significantly, accounting for 46.8% of the world’s total patent filings in 2022, while the US’s share has decreased to 17.2%. The key sectors for patent applications globally are computer technology, electrical machinery, measurement, medical technology, and digital communication.
WIPO’s Director General, Daren Tang, highlighted the increasing role of developing countries in driving intellectual property, emphasizing that innovation and creative potential in these regions are expanding. However, he expressed concerns over the decrease in venture capital funding in various parts of the world and urged investors to support groundbreaking ideas.
Prime Minister Narendra Modi acknowledged India’s innovative zeal, setting a positive tone for the nation’s future. With India’s steady growth, the patent landscape is evolving rapidly, positioning the country as a key player in global innovation.
Source: WIPO Report
