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Artificial Intelligence (AI) In Medical Writing Market Share, Trend Analysis, Key Drivers, Size And Forecast To 2033
Artificial Intelligence (AI) In Medical Writing Market
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According to The Business Research Company's, The artificial intelligence (AI) in medical writing market size has grown rapidly in recent years. It will grow from $0.79 billion in 2023 to $0.91 billion in 2024 at a compound annual growth rate (CAGR) of 15.2%. The growth in the historic period can be attributed to the rise in contract research organization outsourcing, rising cost of medical writing, trade agreements and government policies, the increased complexity in the approval of regulatory process and growing need for accurate and reliable medical content.
The artificial intelligence (AI) in medical writing market size is expected to see rapid growth in the next few years. It will grow to $1.62 billion in 2028 at a compound annual growth rate (CAGR) of 15.3%. The growth in the forecast period can be attributed to the promising environment for clinical study, increasing adoption of telemedicine and remote healthcare services, expanding digital infrastructure, growing awareness of AI's potential benefits in healthcare, and the growing need for accurate and reliable medical content. Major trends in the forecast period include advancements in natural language processing (NLP) and machine learning algorithms, adoption of machine learning (ML), the rise of digital health services, integration with emerging technologies, and advancements in clinical decision support systems.
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Market Drivers and Trends:
Increasing demand for new pharmaceutical drugs and therapies is expected to propel the growth of artificial intelligence (AI) in the medical writing market going forward. The increasing demand for new pharmaceutical drugs and therapies is driven by the continual need to address unmet medical needs, treat emerging diseases, combat drug resistance, and improve patient outcomes through innovative and more effective treatments. AI in medical writing within the pharmaceutical and drug production sectors enhances efficiency, accuracy, and innovation, contributing to the development of safer and more effective therapies for various medical conditions. For instance, in June 2023, according to the European Federation of Pharmaceutical Industries and Associations (EFPIA), a European trade association representing the pharmaceutical industry, the total pharmaceutical production in Europe accounted for $384,200 million (€340,000 million) in 2022, an increase of approximately 4.95% from 366,267 million (€323,950 million) in 2021. Therefore, increasing demand for new pharmaceutical drugs and therapies will drive the growth of artificial intelligence (AI) in the medical writing market.
Major companies operating in AI in the medical writing market are focused on integrating advanced features such as AI-Powered drafting to enhance efficiency and accuracy in document creation and management for regulatory submissions and medical communications. AI-powered drafting uses artificial intelligence algorithms to automatically generate initial drafts or outlines of documents, leveraging machine learning and natural language processing to assist in content creation tasks. For instance, in June 2024, TrialAssure, a US-based pharmaceutical technology provider, introduced TrialAssure LINK AI 2.0. This enhanced version enables pharmaceutical and biotechnology firms, clinical research organizations, and service providers to efficiently generate regulatory and medical writing documents using AI. The solution automates the creation of diverse clinical and technical documents, spanning from initial drafting to final approval stages, streamlining the entire authoring process.
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Major Key Players of the Market:
International Business Machines Corporation, IQVIA Holdings Inc., Icon PLC, Syneos Health Pvt Ltd, Parexel International Corporation, Veeva Systems, Cactus Communications, Tata Elxsi, Allucent Inc, Certara Inc, Freyr Solutions, Amplity Health, Indegen Limited, MMS Holdings Inc., Jasper AI Inc, Symbiance AI Inc, GenInvo Technologies Pvt. Ltd., Trilogy Writing & Consulting GmbH, Yseop S.A.S., Turacoz Healthcare Solution, Averbis GmbH, EMTEX Life Sciences, DeepCura AI, Dezzai Inc, Narrativa Inc
Artificial Intelligence (AI) In Medical Writing Market 2024 Key Insights:
• The artificial intelligence (AI) in medical writing market size is expected to see rapid growth in the next few years. It will grow to $1.62 billion in 2028 at a compound annual growth rate (CAGR) of 15.3%.
• Impact Of Increasing Pharmaceutical Demand On AI In Medical Writing
• AI-Enhanced Medical Drafting Tool For Regulatory And Clinical Documents
• North America was the largest region in the artificial intelligence (AI) in medical writing market in 2023
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