Market Overview:
The
global medical writing market has evolved exponentially with the expansion of
the pharmaceutical and biotechnology industries. The use of medical writing is
extensive in pharmaceutical & biotechnology companies. Moreover, the
burgeoning CRO industry fosters the growth of the market. With the increase in
patent expiration, the need to draft new patents is growing too, which, as a
result, drives the medical writing market. Cumulatively led by these factors,
the global medical writing market size valuation is expected to cross USD 5.28
Billion by 2030 at a CAGR of 10.31 % during 2022-2030.
Medical Writing Market – Competitive Analysis
Highly
competitive, the medical writing market appears to be well-established, with
many players forming a competitive landscape. The competitive strength of these
players is highly dependent on service precision, service pricing, versatility,
and service reliability. Service providers operating in the medical writing
market strive to offer quality services that are based on best practices.
Major Players:
Global
medical writing market players leading market are Freyr
Solutions (US), Parexel International Corporation (US), Cactus Communications
(UK), IQVIA (US), Covance Inc. (US), OMICS International (India), SIRO
CLINPHARM (India), SYNCHROGENIX (US), INCLIN, (US), and Clinexa Life Sciences
Pvt (Australia), among others.
Drivers & Restraints
Medical
writing comprises scripting of diverse scientific information, preparing
regulatory paperwork, and publication of documents related to drug discovery,
clinical trials, and several other written communication work intended for
regulatory bodies, health care providers, researchers, the general public, etc.
Medical
writing requires medical knowledge and understanding of drug development and
regulatory guidelines. It plays a vital role in the success of various clinical
trials and research projects. It is quite challenging to handle pre-approval
regulatory writing, develop a scientific platform & publication plan,
promotional & educational materials, all at once by a single company.
Hence, this medical writing has been the preferred model for quite some time
now.
Hiring
a medical writing vendor benefits, not just the pharmaceutical companies but
also to the patients and society ultimately. Resultantly the global medical
writing market has been making quite a stride over the last few years.
Increasing demand for regulatory paperwork in the pharmaceutical and
biopharmaceutical industry is a significant driving force behind the growth of
the market. Besides, rising patent expiration has been leading to increasing
the demand for medical writers in recent years.
Substantial
investments made in the rising numbers of research and development activities
in the pharma & biotechnology industries are directly linked to the growth
of the medical writing market insights. As various companies and
government bodies are investing in R&D of clinical trials, the demand for
clinical writing is increasing. Also, medicines are becoming more complex
nowadays, and the pharmaceutical industry is becoming increasingly focused on
their core competency of drug discovery.
Consecutively,
pharma companies are getting heavily reliant on outsourced partners for
non-core capabilities, such as medical writing. The increased reliance in terms
of strong, highly credentialed, and responsive service providers to assist with
the publication, regulatory, and promotional strategies offers an exciting
opportunity for the medical writing industry. However, factors such as
stringent government regulatory policies are restraining the growth of the
market.
Medical Writing Market – Segments
The report has been
segmented into four major dynamics.
By Type :
Clinical Writing, Scientific Writing, Regulatory Writing, Disease &
Drug-Related Writing, and others.
By Application : Medical
Education, Medical Journalism, Medico Marketing, and others.
By End User :
Pharmaceutical & Biotechnology Companies, Contract Research Organizations
(CROS), and others.
By Regions : Americas, Europe, Asia Pacific, Middle
East & Africa, and Rest-of-the-World.
Global
Medical Writing Market – Regional Analysis
North
America accounts for the largest share in the global medical writing market,
attributing to the well-developed healthcare, pharmaceutical, and biotechnology
industries. The presence of major players and pharma & biotechnology
companies foster the market growth excellently. Moreover, increasing the
consumption of medicines, medical devices, and other pharmaceutical products
drive the growth of the regional market.
Furthermore,
substantial investments made in the discovery and development of various drugs
and medical products impact the market growth positively. Also, rising numbers
of researches in biotechnology alongside the burgeoning CRO industry
substantiate the growth of the regional market. The North American medical
writing market is expected to grow at a substantial CAGR over the forecasted
period.
Europe
is another lucrative market for medical writing. The presence of some of the
best healthcare services propels the growth of the regional market. Moreover,
the growth of the healthcare industry and the expansion of various
biopharmaceutical industries in the region create a massive demand for medical
writing. Indeed, the resurging economy in the region is a dominant factor
substantiating the market growth, increasing the healthcare and pharmaceutical
industries.
The
market size is increasing with the augmenting demand for CMOs and CTOs. Also,
increasing government funding initiated to increase the numbers of R&D
activities for the drug discoveries, provides impetus to the regional market
growth. The European medical writing market is expected to grow at a
considerable CAGR over the assessment period.
The
medical writing market in the Asia Pacific region is emerging as a profitable
market. The region has the world’s largest population and fast-developing
healthcare industry. The rapidly growing pharma industry, alongside the
healthcare industry, fosters the market growth in the region. Besides, the
availability of skilled professional and cost-competitive services allows the
region to have the edge over other regions. The APAC medical writing market is
expected to grow at a rapid rate during the forecasted period.
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