The report highlights key driving factors and also the prominent players and their developments in the market.
Medical Writing Market: Insight
According to the latest study on “Global Medical Writing Market to 2027 – Covid-19 Impact and Analysis and Forecast 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”, the 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 2019–2027. 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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Medical Writing Market Competitive Landscape
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 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.
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.
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.
Upsurge in demand for regulatory framework in pharmaceuticals and biopharmaceuticals industries drives market growth
Regulatory authorities demand detailed methodologies for all the phases of product development to methodically approve any product, which makes the process tedious. Moreover, insurance providers require all necessary information about drugs for determining reimbursement policies. Therefore, it becomes a challenging task for pharmaceuticals and biopharmaceuticals companies to keep up with the industry norms. The companies, along with CROs, are challenged to identify the improvements in processes to convey the information to the responsible regulatory agency. Therefore, these industries employ medical writers to ensure a systematic process of documentation. The medical writers 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 clinical trials 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 writing should be put up is clear context to ensure its easy spread around the audience; for this, the medical writers enhance the speed and quality of specific documentation. They also clarify the uncertainties regarding regulatory requirements.
Medical Writing Market: Segmentation
Based on product type, the global medical writing market is segmented into clinical writing, regulatory writing, scientific writing, and others. The clinical writing segment held the largest share of the global medical writing market in 2018. Clinical writing is a specialized medical writing adopted by healthcare professionals on a daily basis, and it contains factual information.
Based on application, the global medical writing market is segmented into medical journalism, medical education, medico marketing, and others. Medical education held a larger share of the global medical writing market in 2018. Medical education refers to providing education or training of unbiased medical and scientific content. It is a spectrum of medical education activities that spans from purely educational to promotional. Medical education has managed to maintain its role as a mainstay medical communication tool till now. The medical education is targeted toward physicians as well as patients. It is targeted at physicians includes medical literature, textbooks, medical journals, e-learning modules, slide decks, continued education (CE) programs, continued medical education (CME) programs, etc. However, medical education targeted at patients mostly includes patient educational material.
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