DAEJEON, June 6 (Korea Bizwire) — In the realm of stem cell technology, as nations forge ahead with their endeavors, South Korea has emerged as a formidable contender, boasting an average annual growth rate that has steadily surged, trailing only China, according to a recent report.
The Korean Intellectual Property Office (KIPO) divulged on Sunday that the volume of patent applications in the field of stem cells within South Korea had witnessed a remarkable uptick, marking a consistent average annual growth rate of 10.7 percent from 2011 to 2020.
This achievement is second only to the soaring figure of 32.6 percent attained by China.
In stark contrast, the United States experienced a notable deceleration, registering a sluggish 0.7 percent, while Japan encountered a setback of 2.3 percent.
Analyzing the patent filings submitted to the intellectual property offices (IP5) of prominent nations and regions, including South Korea, the U.S., China, the European Union, and Japan during the same time frame, it becomes evident that the U.S. emerged as the frontrunner, with a substantial number of patents totaling 4,221, accounting for 38.5 percent of the overall filings.
China secured the second position with 1,639 patents, commanding a share of 15.0 percent, followed closely by South Korea with 1,394 patents, constituting 12.7 percent, while Japan obtained 1,246 patents, representing 11.4 percent.
According to the KIPO, the global market for stem cells is poised for substantial expansion, prognosticated to exhibit an average annual growth rate of 9.74 percent, eventually culminating in an estimated value of approximately US$36 billion by the year 2030.
Ashley Song (firstname.lastname@example.org)