Global Medical Writing Market Size

Medical Writing Market Analysis

The Medical Writing Market is expected to register a CAGR of nearly 9.1% during the forecast period.

The medical writing market had a significant impact during the pandemic, as there was an increased need to have systems in place to ensure that the right information is shared in the right manner. At the start of the pandemic, most medical journals were expected to see a dip in the number of submissions. However, at the end of 2020, many high-impact journals reportedly experienced considerable increases in submissions during the pandemic. As per the study "Pandemic publishing: Medical journals strongly speed up their publication process for COVID-19" published in August 2020, the data showed that from the start of the pandemic, the scholarly publishing industry has been able to significantly speed up the dissemination of information related to coronaviruses. The study also concluded that articles related to coronaviruses are the only ones whose publication process has accelerated. Therefore, the COVID-19 pandemic is anticipated to have a significant impact on the market as a result of the aforementioned factors.

Furthermore, the global medical writing market is primarily driven by the growing research and development activities in the healthcare sector and the growing demand for medical writing worldwide. As per a May 2020 update by the India Brand Equity Foundation (IBEF), in the Union Budget 2022-23, the Department of Biotechnology was allotted INR 2,581 crores (USD 343.56 million) for the development of basic infrastructure, genetic engineering, technologies, and bioinformatics, agriculture biotechnology, and training skilled professionals. This is anticipated to boost the number of research and development activities which would fuel the target market growth during the forecast period.

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. Currently, most pharmaceutical companies outsource their clinical data management to specialized medical writing service providers. The rising introduction of various pharmaceutical products into the market is expected to increase the demand for experienced medical writers in the industry. For instance, in September 2021, The European Medical Writers Association (EMWA) announced that it will upgrade its Medical Writing session (formerly Internship Forum) in consideration of the recent establishment of the Getting into Medical Writing (GIMW) group. This group aims to assist new EMWA members in successfully and seamlessly beginning their careers as medical writers. This is expected to drive the medical writing market over the forecast period.

Thus, the growing need for regulatory paperwork in the healthcare industry to convey drug-related information is projected to augment market growth. However, the lack of skilled professionals is expected to impede the growth of the medical writing market over the forecast period.