The Insight Partners published latest research report on “Medical Writing Market Share Report, Size, Trends & Growth Forecast to 2027 - COVID-19 Impact and Global Analysis by Type; Application; End User; and Geography”, the global market size is expected to reach USD 3,981.8 million by 2027 from USD 2,322.40 million in 2019; it is estimated to record a CAGR of 7% from 2020 to 2027.
The Insight Partners published latest research report on “Medical Writing Market Share Report, Size, Trends & Growth Forecast to 2027 - COVID-19 Impact and Global Analysis by Type; Application; End User; and Geography”, the global market size is expected to reach USD 3,981.8 million by 2027 from USD 2,322.40 million in 2019; it is estimated to record a CAGR of 7% from 2020 to 2027.
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Medical writing is employed by pharmaceutical companies to get their products registered with international regulatory authorities. It involves preparing a variety of medical documents for regulatory submissions, including protocols and final reports for clinical trials, and clinical expert reports. It may also include the preparation of manuscripts for publication in medical journals. The scientific information in these documents needs to be presented to suit the level of understanding of the target audience, such as patients, general public, physicians, or regulators.
The global medical writing market, by geography, is segmented into North America, Europe, Asia Pacific (APAC), Middle East and Africa (MEA), and South America. North America accounted for the largest share of the market in 2018, followed by Europe and Asia Pacific. The region is home to a few major companies engaged in medical writing, such as Synchrogenix and Parexel International Corporation.
North America accounted for the largest share of the global medical writing market in 2018. The dominance of this region is primarily attributed to rapid growth in the healthcare sector in the US, Canada, and Mexico. Many pharmaceuticals and biotechnology companies like the Cactus Medical, Caudex Medical, and Frontage Laboratories, Inc., in the US are often looking for medical and regulatory medical writers who can help them with their medical writing and compilation of dossiers for submission. In the US, the medical documents are primarily submitted to the FDA for permission to conduct clinical trials or investigation of new drug applications as well as for the approval for the marketing of new drugs.
The COVID-19 outbreak first began in Wuhan (China) in December 2019, and since then, it has spread at a fast pace worldwide. Increase in the number of hospitalizations related to COVID cases has significantly necessitated the demand for a number of healthcare products, biomedical devices, and drugs. The increasing number of drugs trials and vaccine research has led to high demand for medical writing services. This represents a significant opportunity for medical writing service providers.
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Global Medical Writing Market Share Report, Segmentations, Regional & Country Scope:
| Report Coverage | Details |
| Market Size Value in | USD 2,322.40 Million in 2019 |
| Market Size Value by | USD 3,981.8 Million by 2027 |
| Growth rate | CAGR of 7% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
| No. of Pages | 161 |
| No. of Tables | 71 |
| No. of Charts & Figures | 66 |
| Historical data available | Yes |
| Segments covered | Type; Application; End User; and Geography |
| Regional scope | North America; Europe; Asia Pacific; Latin America; MEA |
| Country scope | US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina |
| Report coverage | Revenue forecast, company ranking, competitive landscape, growth factors, and trends |
| Companies Covered | Cactus Communications, Certara, Covance, Freyr Solutions, Inclin Inc., Parexel International Corporation, Quanticate, Siro Clinpharm Private Limited, Synchrogenix, Triology Writing and Consultancy GMBH |
Browse key market insights spread across 161 pages with 71 list of tables & 66 list of figures from the report, “Medical Writing Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type [Clinical Writing, Regulatory Writing, Scientific Writing, Others]; Application [Medical Journalism, Medical Education, Medico Marketing, and Others]; End User [Pharmaceutical and Biotechnology Companies, and Contract Research Organizations (CROs)]; and Geography” in detail along with the table of contents: https://www.theinsightpartners.com/reports/medical-writing-market
The global medical writing market is segmented into North America, Europe, Asia Pacific (APAC), South America, and the Middle East and Africa (MEA). North America held the largest share of the global medical writing market in 2018, followed by Europe and Asia Pacific. The US, Canada, and Mexico are the prime contributors to the North America medical writing market. Medical writing in the US, especially the ones that are for FDA approval, requires a deep understanding of the requirements laid down by regulatory authorities. The documents for FDA submission need to be accurate and concise. The Canadian Minister of Small Business and Exports Promotion recently announced the investment in Everest Clinical Research through the Women Entrepreneurship Fund (WEF). North America is the major stakeholder in the CRO market, followed by Europe, owing to factors such as the rapid growth of the pharmaceutical market, availability of advanced technologies, and high-quality standards of the pharmaceuticals and biopharmaceuticals industries.
Moreover, increasing demand for regulatory paperwork in the pharmaceutical and biopharmaceutical industry is expected to benefit the growth of the market in the forecast period. Regulatory authorities demand detailed methodologies for all the phases of product development to get approval for any product in the pharmaceutical and biopharmaceutical industries. This makes the process tedious. The insurance providers require all necessary information about drugs for determining reimbursement policies. Therefore, it becomes a challenging task for pharmaceutical and biopharmaceutical companies to keep up with the industry norms. Pharmaceutical and biopharmaceutical companies are challenged to identify the improvements in processes to convey the information to the responsible regulatory agency. Therefore, the pharmaceutical and biopharmaceutical industries employ medical writers. The medical writers who are involved in medical writing understand the requirements and expectations of the regulatory agencies, and they are exposed to different tasks that offer valuable insights in protocol design. The data generated from the clinical trial reflect all the required information about product labeling, provide summaries for statistical and highly complex data, and also proffer suggestions for process improvements. Medical writers are capable of quickly processing and analyzing the information as per the required rules and regulations by implementing solutions to accelerate the document developing process, thereby allowing to speed up the entire process of drug development. The medical writers enhance the speed and quality of specific documentation. Not only has this, but they also clarify the uncertainties regarding regulatory requirements.
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