Medical Writing Market to Garner USD 3,981.8 million, Globally, by 2027 at 7.0% CAGR: The Insight Partners

The medical writing market was valued at US$ 2,322.40 million in 2019 and is projected to reach US$ 3,981.8 million by 2027; it is expected to grow at a CAGR of 7.0% during the forecast period.

The report highlights key driving factors and also the prominent players and their developments in the market.

Medical writing is a form of communication of clinical as well as scientific information and data to a broad range of audiences; the said content is communicated in different formats. Medical writers combine their expertise in science and their research skills with an understanding of how to present information and pitch it right for the intended audience. It is an integral part in the development drugs and is employed in contract research organizations (CROs), pharmaceutical companies, and communications agencies. Medical writing is employed by pharmaceutical companies to get their products registered with international regulatory authorities. It involves preparing various medical documents for regulatory submissions, including protocols and final reports for clinical trials, and clinical expert reports.

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An upsurge in the demand for regulatory framework in pharmaceuticals and biopharmaceuticals industries is a major factors propelling the growth of the medical writing market. To grant approval for any product, regulatory authorities demand detailed methodologies for all the phases of product development. 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 proffer suggestions for process improvements. The information contained in the medical writings should clear and sound to ensure its easy spread around the audience, and for this reason, the medical writers enhance the speed and quality of specific documentation. The medical writing market based on type is segmented into clinical writing, regulatory writing, scientific writing, and others. On the basis of application, the market is segmented into medical journalism, medical education, medico marketing, and others. The medical writing market based on end user is segmented into pharmaceuticals and biotechnology companies, and contract research organizations (CROs).

North America is expected to be the largest shareholder in the global medical writing market. For the FDA approval in the US, medical writing requires a deep understanding of the requirement 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 owing to factors such as the robust growth of the pharmaceutical market, availability of advanced technologies, and high quality standards of the pharmaceuticals and biopharmaceuticals industries. The growth of the market in North America is attributed to the presence of a large number of pharmaceuticals companies and extensive drug development activities in the US. However, the use of low-cost offshore locations for CRO activities by several US pharmaceutical companies results in differences between consumption and production.

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.

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Medical Writing Market: Competitive Landscape and Key Developments
The global medical writing market is concentrated with a few well-established players, such as Cactus Communications, Certara, Covance, Synchrogenix, and Parexel International Corporation.
The robust growth in CRO outsourcing has been a significant factor contributing to the growth of the medical writing market. A large portion of medical writing is outsourced these days. With an increase in demand for medical writing is leading to the growth of the business of medical writing firms. The quality of documents that are produced by medical writers in a CRO is considered superior to the writers in BPO companies. The medical writings of CRO have greater scientific depth, written in a superior language, and are excellent in presentation. They use topnotch formatting and presentation skills, along with adhering to guidelines. Besides, the documents produced by CROs are delivered on time as they have tight timelines. These factors are leading to the rise in importance of CRO medical writing outsourcing.

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The Insight Partners is a one stop industry research provider of actionable intelligence. We help our clients in getting solutions to their research requirements through our syndicated and consulting research services. We specialize in industries such as Semiconductor and Electronics, Aerospace and Defence, Automotive and Transportation, Biotechnology, Healthcare IT, Manufacturing and Construction, Medical Device, Technology, Media and Telecommunications, Food and Beverages, Consumers and Goods, Chemicals and Materials.

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