Every Industry’s approach is different when it comes to innovation. All the industries have to innovate, but not all innovate at an equal pace. The most common measurement of innovativeness for a company in the industry is measured by the amount of patents they apply for in any given year. Besides number of patents, the other criteria are volume, success, globalization and influence. So which are the industries where the most innovation is taking place and have higher innovation potential? Let’s find out.
It’s not rocket science to come to a conclusion that technology industry tops the list due to the amount of innovation done be it new devices, software etc. Companies are forced to develop in order to keep ahead of their competition. The tech industry has been growing consistently in the last few decades and it’s actually not slowing down. IT industry each year takes around 30% of patents filled across 12 industries. Tech companies, be it Enterprises or small businesses or even startups need to keep on innovating constantly to stay in the market.
Either “Innovate or die” as said by Jack Matson, professor of Penn State University, is the mantra for small businesses and startups. Companies are coming up with new technology, new API’s, devices, ideas etc to stay ahead of their competition have an competitive advantage. Amazon showcased new Alexa devices and other voice interface devices at CES 2017 and was one most talked tech innovations in CES. Not only that, innovations are taking place in smart phones, drones, AI, IoT, devices, next generation TV’s like the OLED TVs and the fascinating ways that cars and technology continue to collide.
Second on the list of most innovation industry happenings is the automotive industry which constitutes around 12% of patents’ stake. Automakers spend more than $100 billion globally each year on R&D, ranking the auto industry next to technology driven industries. Innovation trends have picked up very quickly giving rise to new ideas for new innovation products.
There has been lot of technology related innovation advancements in this industry. We saw some noted ones at CES 2017 ranging from infotainment systems to advances in autonomous self-driving technology. Bose also showcased ride-smoothing tech for autonomous cars ride-smoothing trucker seats. Hyundai and Toyota also revealed concept models of voice control, intelligent voice systems, artificial intelligence based concept cars.
Next up is the pharmaceutical industry. This industry is basically comprised of companies engaged in researching, developing, manufacturing & distributing drugs either for human or veterinary use. There is always a market for new drugs with fewer side effects which can have enormous positive influence on global health.Why ? As everyone wants to get cured faster, reduce suffering, surgery prevention’s and shorter hospital stays. Spending $140 billion per year on R&D gives consumers 25 to 35 new drugs.
Each year, the pharmaceutical industry is always innovating. Although, the innovative pharmaceutical industry is currently facing some challenges caused by slower sales growth, expiring patents, increasing competition, shorter product life cycles, tighter policies and regulations, adverse media coverage, decline in the number of new innovative drugs under development. In spite of all this, the worldwide market for pharmaceuticals is projected to grow from around $1 trillion in 2015 to $1.3 trillion by 2020, representing an annual growth rate of 4.9 percent.
Fourth in the list is Healthcare industry. It is one of the world’s largest and fastest growing industries & has been constantly speeding up innovation. Healthcare industry main deals with well being of people and is an aggregation and integration of sectors within the economic system that provides goods and services to treat patients with curative, preventive, rehabilitative, and palliative care.
So researchers in conjunction with other industries like pharmaceutical and biotech industry are constantly coming up with new innovations for the betterment of mankind. Innovations may be in improving treatments, skincare, vet, medical devices, processes, sensors, medical instruments and much more. Beauty and Personal care also forms a part of the Healthcare industry and that has been doing well too in terms of innovation.
Biotechnology is one more industry which is a conglomeration of many industries – medical, healthcare, manufacturing, agriculture, pharmaceuticals etc. Vaguely the biotech industry broadly segments into the medical and agricultural markets. There have been innovation advances in the field of pest resistant crops, new bacterial strains, or novel pharmaceuticals verticals.
Although, enterprising biotechnology is also being applied to other exciting areas like production of chemicals the use in these areas is still specialized and limited. On the other hand, the medical and agricultural industries have each undergone a biotech revolution with new—and often controversial— research efforts, development programs, and business strategies to discover, alter, or produce novel bio-molecules and organisms using bio-engineering.
Medical biotech, with revenues exceeding $150 billion annually, receives the bulk of biotech investment and research dollars. Because of extremely high research and development costs coupled with very little revenue in the years of development, many biotechnology companies are partnering with larger firms for new product development and fostering innovation.
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