Medical Writing Market Snapshot
2018 - 2026
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The medical writing market is expected to register a CAGR of nearly 9.0% during the forecast period.
In view of the ongoing pandemic, the medical writing market is expected to be positively impacted as there is an increased need to have systems in place to ensure that the right information is shared, and in the right manner. At the start of the pandemic, most medical journals expected to see a dip in the number of submissions. However, at the end of the year, 2020 many high-impact journals have reportedly seen considerable increases in submissions during the pandemic.
Also, the data published by Kolabtree in March 2021 stated a 50% rise in demand for freelance medical writers during the coronavirus pandemic. Thus, in a view of the aforementioned factors, the market is likely to have a profound impact on the COVID-19.
Furthermore, the global medical writing market is primarily driven by the growing research and development activities in healthcare sectors coupled with the growing demand for medical writing worldwide. In recent years, the medical writing market is grown rapidly owing to the development of administrative, security, and distribution records and instructive and correspondence material identified with wellbeing and human services items. As per the survey conducted by "Pew Intenert and American Project" in 2018 reported that around 80% of internet users in the United States searched online for health-related information. Additionally, around 60% of social media users depends on information posted by doctors on social media platforms. Physicians can expand their reach by engaging with patients on these platforms for better patient care. Thus, demand for online medical writing is rising. However, the information posted on such forums should be in accordance with medical writing guidelines.
In addition, development in technologies coupled with high adoption of these technologies anticipated to boost market growth. Furthermore, the growing need for regulatory paperwork in the healthcare industries to convey the drug-related information is projected to augment the market growth. However, the lack of skilled professionals is expected to impede the growth of the Medical Writing market over the forecast period.
Scope of the Report
Medical writing refers to the writing of scientific documents by specific healthcare professionals for various purposes such as publishing, regulatory submissions, and others. The medical writing market is segmented by type (scientific, regulatory, clinical, others), end-user (contract research organizations, pharma and biotechnological companies, others), and geography (North America, Europe, Asia-Pacific and Rest of the World). The report offers the value (in USD million) for the above segments.
|Regulatory Medical Writing|
|Contract Research Organizations|
|Pharma and Biotechnological Companies|
|Rest of the World|
Key Market Trends
Regulatory Medical Writing is Expected to Have Significant Growth Over the Forecast Period
Regulatory medical writing involves the creation of documentation required in the approval process of drugs, devices, and biologics. Which may include study reports, study protocols, investigator brochures, and others. There is enormous growth in the number of drug developments in the past decade. The growing number of developmental drugs that require regulatory documentation is anticipated to drive market growth over the forecast period.
Furthermore, the high demand for regulatory medical writing services can be attributed to a favorable environment for clinical trials in developing regions, new medical device regulations, and rising penetration of social media and the internet. As per the data published on the U.S. Federal Government, there were around 373,420 research studies are going on in all 50 states and in 220 countries as of 7th March 2021. Regulatory agencies require detailed methodologies for all phases of product development for approval, which makes the process tedious. This will boost the segmental growth over upcoming years.
Moreover, the companies in the medical field are continuously investing in advancing the product technologies in devices is creating a robust opportunity for the medical writing industry to grow. According to The United Nations Educational, Scientific and Cultural Organization (UNESCO), the global R&D investment has reached USD 1.7 trillion and the number of researchers is expected to grow exponentially by 2030. Hence, the robust growth of regulatory medical writing segment is expected to witness over upcoming period.
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North America Anticipated to Have Significant Growth Over the Forecast Period
North America anticipated having significant market growth owing to the presence of key market players and healthcare companies that involving in the research and development of drugs and medical devices, medical publications, and many other healthcare activities that require a huge amount of documentation. For instance, As per the data published by the Centers for Medicare & Medicaid Services (CMS), in the United States, national healthcare spending is projected to grow at an average rate of 5.5% per year during 2018-2027, to reach nearly USD 6.0 trillion by 2027. Healthcare spending is projected to grow 0.8% faster than the GDP per year, over 2018-2027. As a result, the healthcare share of GDP is expected to rise from 17.9% in 2017 to 19.4% by 2027. Increasing investments in R&D are resulting in a rise in the number of clinical trials which may likely to boost the medical writing market in the region.
The COVID-19 pandemic highlighted the need for North American companies and research organizations to collaborate with the government to develop new drugs, in order to meet future health crises. Several universities and key players are focusing on developing vaccines for coronavirus. For instance, Eli Lilly partnered with AbCellera for the development of vaccines. Thus, looking at above mentioned scenario, the Medical Device, Biotech and Life Science companies are also allocating increased budgets towards hiring medical writers, in a bid to highlight their unique advantages and position themselves perfectly in the market. Thus, in a view of afoormentioned factors the regional market is expected to flourish over the upcoming years.
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The global medical writing market is moderately competitive. Market players are focusing on geography expansions and broadening their services to strengthen the market share. The key market players operating in the market include Paraxel International, IQVIA Inc., Laboratory Corporation of America Holdings, Icon Plc, and Cardinal Health among others. Research and development activities provide market players with a competitive advantage over their competitors. Strategic alliances between large pharma companies and CROs have become an ongoing trend.
- In January 2021, ICON Clinical Research, Inc. expanded its Brentwood research operations to create 85 new jobs over the next five years. ICON Clinical Research provides outsourced development services to pharmaceutical, biotechnology and medical service industries.
- In March 2020, Apttus announced its partnership with HighPoint which is an IQVIA company to bring digital transformation to tech projects across the healthcare and life Sciences industry.
Table of Contents
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing R&D expenditure and Development of New Therapeutics
4.2.2 The burgeoning of Contract Research Organizations and Outsourcing Services
4.3 Market Restraints
4.3.1 Lack of Skilled Professionals for Medical Writing
4.4 Porter's Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION
5.1 By Type
5.1.1 Scientific Writing
5.1.2 Regulatory Medical Writing
5.2 By End-User
5.2.1 Contract Research Organizations
5.2.2 Pharma and Biotechnological Companies
5.3 By Geography
5.3.1 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.3.4 Rest of the World
6. COMPETITIVE LANDSCAPE
*List Not Exhaustive
6.1 Company Profiles
6.1.1 Cardinal Health
6.1.2 Certara USA, Inc.
6.1.3 Freyr Solutions
6.1.4 Icon Plc
6.1.5 InClin, Inc.
6.1.6 IQVIA Inc.
6.1.7 Laboratory Corporation of America Holdings
6.1.8 OMICS International
6.1.9 Paraxel International
6.1.11 SIRO Clinpharm Private Limited
6.1.13 Trilogy Writing & Consulting GmbH
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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Frequently Asked Questions
What is the study period of this market?
The Global Medical Writing Market market is studied from 2018 - 2026.
What is the growth rate of Global Medical Writing Market?
The Global Medical Writing Market is growing at a CAGR of 9% over the next 5 years.
Which region has highest growth rate in Global Medical Writing Market?
Asia Pacific is growing at the highest CAGR over 2021- 2026.
Which region has largest share in Global Medical Writing Market?
North America holds highest share in 2020.
Who are the key players in Global Medical Writing Market?
- Paraxel International
- IQVIA Inc
- Laboratory Corporation of America Holdings
- Icon Plc
- Cardinal Health
Are the major companies operating in Global Medical Writing Market.