Medical Writing 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 4.04
Billion in 2023. The Medical Writing industry is projected to grow from USD
4.30 Billion in 2024 to USD 7.20 Billion by 2032, exhibiting a compound annual
growth rate (CAGR) of 6.65% during the forecast period (2024 - 2032)
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.
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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