The report gives detail analysis of the “Medical Writing Market ” structure along with forecast, market size & share, different segments and developing trends of the industry.
Medical Writing Market Major Players:
Key players leading the global medical writing market include Freyr Solutions (US), Parexel International Corporation (US), Cactus Communications (UK), IQVIA (US), Covance Inc. (US), OMICS International (India), SIRO CLINPHARM (India), SYNCHROGENIX (US), INCLIN, (US), and Clinexa Life Sciences Pvt (Australia), among others.
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Medical Writing Market Overview:
Global medical writing market has evolved exponentially with the expansion of the pharmaceutical and biotechnology industries. The use of medical writing is extensive in pharmaceutical & biotechnology companies. Moreover, the burgeoning CRO industry fosters the growth of the market. With the increase in patent expiration, the need to draft new patents is growing too, which, as a result, drives the medical writing market. Cumulatively led by these factors, the global medical writing market valuation is expected to cross USD 3.25 BN by 2025 at a CAGR of 10.1 % during 2019-2025.
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Medical Writing Market Drivers & Restraints
Medical writing comprises scripting of diverse scientific information, preparing regulatory paperwork, and publication of documents related to drug discovery, clinical trials, and several other written communication work intended for regulatory bodies, health care providers, researchers, the general public, etc.
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Medical writing requires medical knowledge and understanding of drug development and regulatory guidelines. It plays a vital role in the success of various clinical trials and research projects. It is quite challenging to handle pre-approval regulatory writing, develop a scientific platform & publication plan, promotional & educational materials, all at once by a single company. Hence, this medical writing has been the preferred model for quite some time now.
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Hiring a medical writing vendor benefits, not just the pharmaceutical companies but also to the patients and society ultimately. Resultantly the global medical writing market has been making quite a stride over the last few years. Increasing demand for regulatory paperwork in the pharmaceutical and biopharmaceutical industry is a significant driving force behind the growth of the medical writing market. Besides, rising patent expiration has been leading to increasing the demand for medical writers in recent years.
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Substantial investments made in the rising numbers of research and development activities in the pharma & biotechnology industries are directly linked to the growth of the market. As various companies and government bodies are investing in R&D of clinical trials, the demand for clinical writing is increasing. Also, medicines are becoming more complex nowadays, and the pharmaceutical industry is becoming increasingly focused on their core competency of drug discovery.
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Consecutively, pharma companies are getting heavily reliant on outsourced partners for non-core capabilities, such as medical writing. The increased reliance in terms of strong, highly credentialed, and responsive service providers to assist with the publication, regulatory, and promotional strategies offers an exciting opportunity for the medical writing industry. However, factors such as stringent government regulatory policies are restraining the growth of the market.
Medical Writing Market – Segments
The report has been segmented into four major dynamics.
By Type: Clinical Writing, Scientific Writing, Regulatory Writing, Disease & Drug-Related Writing, and others.
By Application: Medical Education, Medical Journalism, Medico Marketing, and others.
By End User: Pharmaceutical & Biotechnology Companies, Contract Research Organizations (CROS), and others.
By Regions : Americas, Europe, Asia Pacific, Middle East & Africa, and Rest-of-the-World.
Global Medical Writing Market – Regional Analysis
North America accounts for the largest share in the global medical writing market, attributing to the well-developed healthcare, pharmaceutical, and biotechnology industries. The presence of major players and pharma & biotechnology companies foster the market growth excellently. Moreover, increasing the consumption of medicines, medical devices, and other pharmaceutical products drive the growth of the regional market.
Furthermore, substantial investments made in the discovery and development of various drugs and medical products impact the market growth positively. Also, rising numbers of researches in biotechnology alongside the burgeoning CRO industry substantiate the growth of the regional market. The North American medical writing market is expected to grow at a substantial CAGR over the forecasted period.
Europe is another lucrative market for medical writing. The presence of some of the best healthcare services propels the growth of the regional market. Moreover, the growth of the healthcare industry and the expansion of various biopharmaceutical industries in the region create a massive demand for medical writing. Indeed, the resurging economy in the region is a dominant factor substantiating the market growth, increasing the healthcare and pharmaceutical industries.
The market size is increasing with the augmenting demand for CMOs and CTOs. Also, increasing government funding initiated to increase the numbers of R&D activities for the drug discoveries, provides impetus to the regional market growth. The European medical writing market is expected to grow at a considerable CAGR over the assessment period.
The medical writing market in the Asia Pacific region is emerging as a profitable market. The region has the world’s largest population and fast-developing healthcare industry. The rapidly growing pharma industry, alongside the healthcare industry, fosters the market growth in the region. Besides, the availability of skilled professional and cost-competitive services allows the region to have the edge over other regions. The APAC medical writing market is expected to grow at a rapid rate during the forecasted period.
Medical Writing Market – Competitive Analysis
Highly competitive, the medical writing market appears to be well-established, with many players forming a competitive landscape. The competitive strength of these players is highly dependent on service precision, service pricing, versatility, and service reliability. Service providers operating in the medical writing market strive to offer quality services that are based on best practices.
Medical Writing Industry/ Innovation /Related News:
January 23, 2020 ---- Nuvisan Pharma Services GmbH & Co KG (Germany), a leading global CRO/CDMO, announced the acquisition of Inamed GmbH (Germany), an international Contract Research Organization (CRO). Nuvisan Pharma provides pharmaceutical research services while Inamed is specialized in clinical trials with patients living with respiratory and rare diseases.
Inamed offers a wide range of clinical trial and related services, such as medical writing, project management, and others. Over the last several years, Nuvisan and Inamed have worked together, collaborating on a number of services. The merger is the logical next step in this long-lasting, successful cooperation.