COVID-19 Pandemic and Technological Change: Analysis of Patent Applications

Abstract

Purpose: This study is aimed to measure COVID-19's impact on innovation and monitor technical change during the Pandemic through patent applications. Methodology: Patent application annual total number of European Patent Office patent applications data on 35 different technological disciplines separated into five key categories from 2012 to 2021 were utilized in the analysis. The Prophet forecasting model to forecast patent applications for 2020 and 2021 has been developed. The technological advancements and Pandemic impact on innovation were then analyzed using the actual and forecasted values. Findings: The study's findings indicate no apparent difference between actual numbers and forecasted values. It was found that in 2020 and 2021, more patent applications than expected were made in 15 and 16 technological areas, respectively. The study also found that semiconductors, audio-visual, and nanotechnology advancements have been notable during the Pandemic. Originality: The originality of this study lies in the use of the Prophet forecasting model based on European Patent Office patent application values in the analysis of the effects of the pandemic on innovation and technological change for 35 different technological disciplines.