As per the analysis of Thomson Reuters of global patents, the industry of life sciences is growing tremendously and taking over from the technology sector in order to drive innovations across the globe.
With an increasing number of patents applied for or even granted in the year 2014 than in any year known in the history, the humankind has never been so much inventive. The wide range comprises from designing innovative driverless cars, discovery of new drugs for cancer or even building bionic limbs.
However, the growth in the innovation has been slowing down, with global patent volume up 3% in the previous year, which is the smallest annual rise from the end of the great recession in the year 2009. Recent years have witnessed around double-digit increase in the percentages.
While some part of that may be because of the tighter and strict patenting rules and regulation in the United States, there are also some signs of more shifts in the fundamentals, along with the volume of scientific literature that has been published, which is a precursor to patents which is down by around 22% across 12 different industries.
Significantly, the patents for semiconductors have gone down around 5% in the year 2014. That may have spell some kind of trouble for other areas, as microchips form fundamentals for certain innovations including wearable technology, big data and its Internet-of-things, which offers wireless communication through appliances.
However, with more than 2.1 million innovative and unique inventions that have been recorded across different industries in the previous year, the whole world is not exactly short of some more new and innovative ideas.