Dublin, June 02, 2022 (GLOBE NEWSWIRE) -- The "Medical Writing Market Size, Share & Trends Analysis Report by Type (Clinical, Regulatory), by Application (Medical Journalism, Medico Marketing), by End Use, by Region, and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The global medical writing market size is expected to reach USD 8.4 billion by 2030, expanding at a CAGR of 10.41% during the forecast period. The growth of the market is attributed to increasing R&D investments by pharmaceutical companies, a rise in contract research organization (CRO) outsourcing, partnerships & collaborations between market players, the surge in the number of clinical trials, and updates in medical device regulations.
The European MEDDEV 2.7/1 Rev.4 guidance on Clinical Evaluation Reports (CER) was published in 2016. As per a recent article published in 2018, regulations, such as the European Medical Devices Regulation (MDR 2017/745) and In-Vitro Diagnostics Regulation (IVDR 2017/746) followed in May 2017, and key changes relevant to writers in the field of medicine include increased need for relevant data from clinical studies and requirement of experienced authors. Hence, the ever-changing regulatory landscape is expected to increase the need for medical writers.
Drug development is a billion-dollar industry with complex processes of obtaining product approvals. A well-documented, well-communicated, and well-developed research is needed to gain product approval, which increases the demand for experienced writers in the field of medicine. In addition, social media has become a crucial part of the marketing and communication strategies of many organizations, including healthcare providers. Social networking is now being used in order to engage with patients as part of digital marketing, thereby creating a high demand for writing services in the field of medicine.
Strategic alliances between large healthcare companies and CROs have become an ongoing trend. For instance, in June 2018, LabCorp acquired Sciformix Corporation, a scientific process outsourcing company. This acquisition strengthens the regulatory and pharmacovigilance solutions portfolio of Covance, Inc. Also, market players are opening new offices to improve their geographic presence. In June 2019, Quanticate expanded its global reach in North America by opening a new office in Toronto. The company would provide medical writing as one of the services from its Toronto office.
The COVID-19 pandemic impacted the business of clinical writers. According to AMWA Support: Impact of COVID-19 Pandemic on Medical Communicators, 34% of the respondents were expecting a financial loss. Furthermore, 7% of the respondents witnessed a severe financial downturn in 6 months. The pandemic demonstrated the importance of the private sector and government collaboration in developing new treatments to address future health challenges.
Numerous academic and industry leaders are focusing on the development of the COVID-19 vaccine. As a result, biotechnological and pharmaceutical industries are increasing their spending on medical writers in order to emphasize their distinctive advantages and position themselves optimally in the market. Thus, the market is predicted to grow in the future years as a result of the aforementioned factors.
Medical Writing Market Report Highlights
- By type, the clinical writing segment dominated the global market in 2021 due to an increase in clinical trials. The regulatory writing segment is expected to witness the maximum growth during the forecast period owing to the requirement of submission of regulatory documents to the authorities.
- Based on application, the medical journalism segment dominated the market in 2021 and is expected to maintain its lead over the forecast period. Medico marketing is projected to witness the fastest growth over the forecast period.
- Medical writing has become essential in the field of education, as specialized knowledge and skill is required to write well-structured and lucid scientific documents, thus driving the medical education segment.
- Based on the end-use, the CROs & other segment accounted for the largest market share in 2021 and is expected to exhibit the fastest CAGR during the forecast period.
- In 2021, North America dominated the market due to the increasing number of drug trials and approval of new drugs.
- The Asia Pacific is expected to witness remarkable growth during the forecast period owing to the availability of cheap labor, an abundance of resources, and a strong presence of English writers.
Market Dynamics
Market Driver Analysis
- Robust growth in CRO outsourcing
- Increased R&D investments by market players
- Favorable environment for clinical trials in developing regions
- Partnerships and collaborations between market players
- Increasing need for marketable content for new drugs & clinical trials
- Increasing penetration of internet and digital media
- New medical device regulations
- Rapid innovations in the field of oncology drug development
Market Restraint Analysis
- Shortage of skilled medical writers
Companies Mentioned
- Parexel International Corporation
- Trilogy Writing & Consulting GmbH
- Freyr
- Cactus Communications
- Labcorp Drug Development
- Iqvia Holdings Inc.
- Omics International
- Synchrogenix
- Siro Clinpharm Private Limited
- Quanticate
- Inclin, Inc.
For more information about this report visit https://www.researchandmarkets.com/r/snemgi
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