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Medical Writing Market 2024 - By Size, Share, Growth, Analysis, Trends And Forecast To 2033
Medical Writing Market
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According to The Business Research Company's, The medical writing market size has grown rapidly in recent years. It will grow from $3.42 billion in 2023 to $3.81 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. The growth in the historic period can be attributed to rising pharmaceutical r&d, increasing complexity of drugs and therapies, increasing demand for regulatory writing, need for accurate and compliant scientific documentation, clinical trial expansion.
The medical writing market size is expected to see rapid growth in the next few years. It will grow to $5.62 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. The growth in the forecast period can be attributed to digital transformation in healthcare, the growing trend of remote work and virtual collaboration in medical writing, incorporating patient input into medical writing, emergence of personalized medicine, increased outsourcing of clinical research, patient-centric communication, integration of real-world data in publications. Major trends in the forecast period include technological advancements, increasing use of artificial intelligence and machine learning in medical writing, partnerships between medical writing agencies, technology providers, and pharmaceutical companies, advancements in digital tools and platforms have streamlined medical writing.
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Market Drivers and Trends:
The rising development of new drugs is expected to propel the growth of the medical writing market going forward. Novel drugs are pharmaceutical substances not previously approved or marketed for therapeutic use. Medical writing helps the development of new drugs by providing strategies and techniques required in publishing documents for drug development. It also includes information regarding drug research and information technology. For instance, in January 2023, according to a report published by the Food and Drug Administration, a US-based federal agency, the Center for Drug Evaluation and Research (CDER) granted approval to 37 new drugs in 2022 that had never been previously approved or marketed in the United States, categorically referred to as novel drugs. Of these 37 drugs, 20, accounting for 54%, received approval during the same year. Therefore, the rising development of new drugs is driving the growth of the medical writing market.
Product innovation has emerged as a key trend gaining popularity in the medical writing market. Major companies operating in the medical writing market are concentrating on creating innovative products to strengthen their position in the market. For instance, in September 2021, Certara Inc., a US-based company that provides drug development software and services, launched the New Synchrogenix Writer Software. The Synchrogenix Writer program automates data mapping and allows for early writing before database lock, increasing consistency, lowering risk, and speeding up the regulatory filing process. A new regulatory SaaS application accelerates the production and assessment of patient narratives. Patient accounts of adverse events or medication responses are essential for clinical research reporting in all therapeutic areas and throughout the clinical phases.
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• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
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• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
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• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
Major Key Players of the Market:
Cardinal Health Inc., Merck and Co.Inc., AbbVie Inc., Abbott Laboratories, Medtronic Plc., Labcorp Drug Development Inc., IQVIA Holdings Inc., Icon Plc., Parexel International Corporation, Syneos Health, Ashfield Healthcare Limited, Indegene Pvt. Ltd, UDG Healthcare Plc., Evidera, Certara Inc., MMS Holdings Inc., Freyr Solutions, Cactus Communication Ltd., Omics International Pvt Ltd., Quanticate International limited, Inclin Inc., Criterium Inc., Aptitude Health., Siro Clinpharm Private Limited, ProScribe Medical Communications, Pegasus Knowledge Solutions Inc., Cognibrain, Scientific Communications Group, InkLab Medical Communications, Trilogy Writing and Consulting GmBH.
Medical Writing Market 2024 Key Insights:
• The medical writing market size is expected to see rapid growth in the next few years. It will grow to $5.62 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%.
• Medical Writing Market Growth Fueled By Surge In Novel Drug Development
• Innovative Product Strategies Reshaping The Landscape Of The Medical Writing Market
• North America was the largest region in the medical writing market in 2023
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