North America Medical Writing Market to Grow at a CAGR of 7.1% to reach US$ 1,266.23 Million from 2020 to 2027

North America Medical Writing Market Forecast to 2027 - COVID-19 Impact and Regional Analysis by Type (Clinical Writing, Regulatory Writing, Scientific Writing, and Others); Application (Medical Journalism, Medical Education, Medico Marketing, and Others); End User (Pharmaceutical and Biotechnology Companies, Contract Research Organizations (CROs), and Others); and Country

Publication Month : Nov 2020

  • Report Code : TIPRE00016267
  • Category : Healthcare IT
  • Status : Published
  • No. of Pages : 116
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TheNorth America medical writing market is expected to reach US$ 1,266.23 million in 2027 from US$ 732.95 million in 2019. The market is estimated to grow with a CAGR of 7.1% from 2020-2027.

A medical writer is an individual that applies the principles of clinical research in developing clinical trial documents that effectively and clearly give a detail on research results, product use, and other medical information. The medical writers also ensure that their documents comply with regulatory, journal, or other guidelines in terms of content, structure, and format. Rising demand for medical writing in the fields of medical education, regulation, and industrial is burgeoning.The demand for medical writing is on the rise on account of increasing drugs, biomedical, and other pharmaceutical product launches. The scope of the medical writing market includestype, application, end-user, and region.

US Medical Writing Market Revenue and Forecasts to 2027 (US$ MN)

US Medical Writing Market Revenue and Forecasts to 2027 (US$ MN)
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Market Insights-

Need for Medical Writers in the Medical Device Industry

The medical device industry is similar but still different from the pharmaceutical industry in terms of medical writing. Earlier, not much importance was given to medical writing in the medical devices industry. Recently, digital health, including tele-monitoring and digital health apps, has become essential. Particularly in the case of apps, it is not always easy to distinguish between a “life-style app” (example: fitness tracker) and an app that is classified as a medical device.Medical devices require similar documents to pharmaceuticals (example: patient informed consent forms, clinical study protocols, and clinical study reports with lay summaries), albeit there are different content requirements. A document solely used for medical devices is the clinical evaluation reports mentioned above. Periodic Safety Update Reports are also new documents according to the medical device reports, while they have been required in pharmaceuticals for many years. There are a few specialized medical device journals, but the journals for medical device research are targeted to specific disease areas or specialties (e.g., cardiac surgery, interventional cardiology). General medicine journals, like The Lancet or the New England Journal of Medicine, are also targeted if warranted by the novelty and importance of the publication. Thus, with a growth in the medical device industries, the requirement for medical writers is increasing, thereby boosting the market growth.

Type- Based Market Insights

Based on type,themedical writing marketis segmented into clinical writing, regulatory writing, scientific writing, and others. The clinical writing segment held the largest share of the market in 2019, whereasthe regulatory writing segment is anticipated to register the highest CAGR in the market during the forecast period.

North America Medical Writing Market, by Type – 2019 and 2027

North America Medical Writing Market, by Type – 2019 and 2027
  • Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
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Application- Based Market Insights

Based on application, the medical writing market, is segmented intomedical journalism, medical education, medico marketing, and others. The medical education segment held the largest share of the market in 2019, whereas themedico marketing segment is anticipated to register the highest CAGR in the market during the forecast period.

End-User - Based Market Insights

Based on end-user, the medical writing market, is segmented intopharmaceutical and biotechnological companies, contract research organizations (CROs), others. The pharmaceutical and biotechnological segment held the largest share of the market in 2019, also the same segment is anticipated to register the highest CAGR in the market during the forecast period.

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North America Medical Writing Market: Strategic Insights

north-america-medical-writing-market
Market Size Value inUS$ 732.95 Million in 2019
Market Size Value byUS$ 1,266.23 Million by 2027
Growth rateCAGR of 7.1% from 2020-2027
Forecast Period2020-2027
Base Year2020
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Product launches and approvals are commonly adopted strategies by companies to expand their footprint worldwide and meet the growing demand. The players operating in the medical writing market adopt the expansion, collaboration, and product launch strategies to enlarge customer base across the world. These strategies allow the players to maintain their brand name globally. For instance, Freyr Solutions continued its global growth with the launch of a regional center in Mexico. Emphasizing on emerging business opportunities in Mexico, Freyr Solutions is focused to help its clients grab the Mexican market share in a compliant way.

NORTH AMERICA MEDICAL WRITING MARKET SEGMENTATION

By Type

  •       Clinical Writing
  •       Regulatory Writing
  •       Scientific Writing
  •       Others

By Application

  •       Medical Journalism
  •       Medical Education
  •       Medico Marketing
  •       Others

By End User

  •       Pharmaceutical and Biotechnology Companies
  •       Contract Research Organizations (CROs)
  •       Others

By Country

  •       North America
    •       US
    •       Canada
    •       Mexico

Company Profiles

  • Cactus Communications
  • Certara
  • Covance
  • Freyr Solutions
  • InClinInc
  • Parexel International Corporation
  • Quanticate
  • SIRO Clinpharm Private Limited
  • Synchrogenix
  • Trilogy Writing & Consulting GmbH
Report Coverage
Report Coverage

Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

Segment Covered
Segment Covered

Type, Application, End User, and Country

Regional Scope
Regional Scope

North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

Country Scope
Country Scope

US, Canada

  1. Cactus Communications
  2. Certara
  3. Covance
  4. Freyr Solutions
  5. InClinInc
  6. Parexel International Corporation
  7. Quanticate
  8. SIRO Clinpharm Private Limited
  9. Synchrogenix
  10. Trilogy Writing & Consulting GmbH

The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.

  1. Data Collection and Secondary Research:

As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.

Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.

  1. Primary Research:

The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.

For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.

A typical research interview fulfils the following functions:

  • Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
  • Validates and strengthens in-house secondary research findings
  • Develops the analysis team’s expertise and market understanding

Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:

  • Industry participants: VPs, business development managers, market intelligence managers and national sales managers
  • Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.

Below is the breakup of our primary respondents by company, designation, and region:

Research Methodology

Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.

  1. Data Analysis:

Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.

  • 3.1 Macro-Economic Factor Analysis:

We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.

  • 3.2 Country Level Data:

Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.

  • 3.3 Company Profile:

The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.

  • 3.4 Developing Base Number:

Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.

  1. Data Triangulation and Final Review:

The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.

We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.

We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.

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