In other words, the value of the patent is roughly equivalent to the value of previously sold or acquired patents or patented items in the same field. There are two prerequisites for using this method for patent valuation: The existence of the patent market or an equivalent market.

Patent Types:

Patent on Plants
If you have created or discovered a novel plant variety, you may apply to the government for a plant patent. After filing, you have exclusive rights to sell or use this plant for 20 years. Any new and useful technique, program, or machine, or any new and valuable functional improvement to an existing invention, is eligible for a utility patent.2 A utility patent is granted for a period of twenty years from the date of filing. 
 

Patented Design No. 1
An invention's ornamental design, enhanced aesthetic look, or form may all be protected by a design patent. This kind of patent is acceptable when no functional improvements are being made and the product's appearance is being changed.2 This patent is valid for a period of 15 years beginning on the day it was issued. 
A Patent's Worth, Part 1
The financial worth of a patent must be recognized by a company. Transactions including mergers and acquisitions, dissolution of company, bankruptcy, and examination of infringement all place a premium on this value for firms.
The invention's value is essential in determining the patent's worth. Getting a patent on an idea that won't bring the creator any money is a waste of time and resources. The intangible nature of patents makes it hard to put a price on them.3 The economic analysis approach is the gold standard for determining a patent's worth.

The Patenting Process
The Patent and Trademark Office has a typical processing time of roughly two years for applications they receive. Mail-in applicants are typically notified within eight weeks of their application number and formal filing date, and applications are numbered in consecutive order. When an application is submitted online, the assigned number is made public within minutes.7 The inventor may produce goods with the "patent pending" label while waiting for the application to be accepted.8 Legal expenditures, filing fees, prosecution fees, translation charges, and maintenance costs are just some of the expenses you may expect to incur while pursuing a patent.