Report : Medical Writing Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type [Clinical Writing, Regulatory Writing, Scientific Writing, Others]; Application [Medical Journalism, Medical Education, Medico
Surge in demand for regulatory framework in pharmaceuticals and biopharmaceuticals industry to escalate medical writing market growth at 7.0% CAGR
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 and scientific information and data in different formats to broad audiences. Medical writers combine their expertise in science and their research skills with an understanding of ways of presenting information and pitch it at the right level for the intended audience. Medical writing is an integral part of drug development and is employed in contract research organizations (CROs), pharmaceutical companies, and communications agencies. North America accounts for the largest share of the global medical writing market. The global market, by type, has been segmented into clinical writing, regulatory writing, scientific writing, and others. In 2018, the clinical writing segment dominated the global medical writing market. Clinical writing is a specialized medical writing adopted by health professionals on a daily basis, and it contains factual information that is essential, accurate, and specific about patient conditions, diagnostics procedures, treatments, and prognoses. Clinical writing differs from other kinds of medical writing as it revolves around patient care. It also has legal implications and can be used as evidence in malpractice or negligence lawsuits. It is written briefly in a cryptic form, and in the cases of charting, it rarely comprises proper or complete sentence structures.
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.
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 global medical writing market is concentrated with a few well-established players, such as Cactus Communications, Certara, Covance, Synchrogenix, and Parexel International Corporation.
The report segments the global medical writing market as follows:
By End User