Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Medical Writing market.
Trusted Business Insights presents an updated and Latest Study on Medical Writing Market 2020-2029. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Medical Writing market during the forecast period (2020-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Report Overview: Medical Writing Market
The global medical writing market size was valued at USD 2.3 billion in 2020 and is expected to expand at a CAGR of 9.9% from 2021 to 2027. High demand for medical writing services can be attributed to a rise in CRO outsourcing, increased R&D investments by market players, favorable environment for clinical trials in developing regions, new medical device regulations, and increasing penetration of internet and social media.
As per a conducted study conducted in 2018, around 80% of internet users in the U.S. searched online for health-related information. In addition, nearly 60% of social media users rely on information posted by doctors on social media platforms. Physicians can expand their reach for better patient care by engaging with patients on these platforms. Hence, demand for online medical writing is increasing. However, the information posted on such forums should be in accordance with medical writing guidelines.
In recent years, pharmaceutical companies have adapted their advertising strategies to improve patient outreach. In addition, the growing influence of social media on customers decisions has compelled pharmaceutical and biotechnology companies to reconsider their marketing strategies. Hence, the robust growth of health and wellness-related blogs is expected to increase the demand for scientific writing.
Regulatory agencies require detailed methodologies for all phases of product development for approval, which makes the process tedious. In addition, insurance providers demand information about drugs for determining reimbursement policies. Hence, it has become challenging for pharmaceutical companies to keep up with industry norms.
Increasing investments in R&D are resulting in a rise in the number of clinical trials. However, the number of medical writers is not increasing at the same rate, resulting in the shortage of skilled writers in the field of medicine, which is expected to increase the scope for new writers in the field of medicine.
Type Insights: Medical Writing Market
Clinical writing lead the global medical writing market in 2019 and is likely to maintain its lead during the forecast period. Clinical writing is used by health professionals on a regular basis and a clinical writer must have a thorough knowledge of the medical language as well as culture. An understanding of the target reader and the purpose of the writing is required for effective clinical writing.
It is used in protocols, consent documents, and clinical study reports for all the phases of clinical trials in product development. It mainly focuses on professionals with a sound comprehension of drug/product development processes and analysis of scientific data.
Regulatory writing is expected to be the fastest growing segment during the forecast period. It is used throughout the process of product development for clinical documentation. Regulatory writing is required for describing and reporting data from clinical trials through the preparation of regulatory submission documents. When the product or drug receives approval, post-approval regulatory documentation is required.
Application Insights: Medical Writing Market
Medical journalism was the largest application segment in 2019. Medical journalism is mainly concerned with investigating, reporting, and communicating medical issues to a wide audience. This type of journalism targets nonprofessional/non-expert audiences, along with healthcare professionals.
Medical and health-related issues are of common interest to most people, as they have an impact on the behavior of people. Rapid advancements in the field of medicine and growing importance of medical information have increased the need for writers who are capable of comprehending and communicating health-related information through their writing. Medico marketing is expected to witness the fastest CAGR over the forecast period 2021-2027.
End-use Insights: Medical Writing Market
The end use segment includes medical device/pharmaceutical & Biotechnology companies and CROs & others. CROs & others lead the market in 2019 due to rising R&D costs. Drug manufacturers are under pressure to replace revenue loss specifically due to the introduction of generics post-patent expiration.
Medical device, pharmaceutical & biotechnology companies hire medical writers or journalists frequently. Established pharmaceutical companies have separate departments for medical writing purposes. In addition, various companies outsource medical writing services.
Regional Insights: Medical Writing Market
North America lead the market in terms of revenue in 2019. Medical writing in the U.S. for FDA approval requires an in-depth understanding of the requirements laid down by the regulatory authority. The documents for FDA submission must be succinct and accurate. The need for quality medical writing is increasing in Asia Pacific as it is being recognized as an emerging profession. China and India are likely to dominate the regional market owing to inexpensive labor, quick turnaround time, abundance of English writers, and easy availability of resources.
Medical Writing Market Share Insights: Medical Writing Market
Some of the key players in the market are
- Parexel International Corp.
- Trilogy Writing & Consulting GmBH
- Covance, Inc.
- OMICS International
Top pharmaceutical, medical device, and biotechnology companies are significantly investing in R&D activities to maintain their position in the market by introducing innovative products. Research and development activities provide market players with a competitive advantage over their competitors. Strategic alliances between large pharma companies and CROs have become an ongoing trend. Around 20 major partnerships have been finalized in the last five years. For instance, the merger between Quintiles and IMS Health was the biggest merger in the contract research organization (CRO) industry.
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends and opportunities in each of the sub-segments from 2016 to 2027. For the purpose of this study, Trusted Business Insights has segmented the global medical writing market report based on type, application, end use, and region:
Type Outlook (Revenue, USD Million, 2016 – 2027)
- Clinical Writing
- Regulatory Writing
- Scientific Writing
Application Outlook (Revenue, USD Million, 2016 – 2027)
- Medical Journalism
- Medical Education
- Medico Marketing
End-use Outlook (Revenue, USD Million, 2016 – 2027)
- Medical Device/Pharmaceutical & Biotechnology Companies
- Contract Research Organizations & Others
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