Medical Writing Market Statistics, Segment, Trends and Forecast to 2030
Medical Writing Market Overview
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. 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.
The 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 valuation is expected to cross 5.28 Billion by 2030 at a CAGR of 10.31 % during 2022-2030.
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.
Market Segmentation
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.
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 market is expected to grow at a considerable CAGR over the assessment period.
The 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 market is expected to grow at a rapid rate during the forecasted period.
Competitive Analysis
Highly competitive, the 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 market strive to offer quality services that are based on best practices.
Major Players:
the global medical writing market Players include 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.
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