Global medical writing market size is poised to reach the market value around USD 3.6 billion by 2026 and will grow at CAGR above 9.7 % from 2019 to 2026.
LOS ANGELES, June 11, 2019 (GLOBE NEWSWIRE) -- Acumen Research and Consulting, a global provider of market research studies, in a recently published report titled “Medical Writing Market (By Type: Scientific, Regulatory, Clinical, Others; By Application: Medical Journalism, Medico Marketing, Medical Education, Others; By End Use: Contract Research Organizations (CROs), Pharmaceutical & Biotechnology Companies) - Global Industry Analysis, Market Size, Opportunities and Forecast, 2019 - 2026”.
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The market of medical writing is driving increasing demand for regulatory documentation in the pharmaceutical and biotechnology sectors. There is also a growing need for commercially available written material to provide medicinal data to health practitioners and patients. The need for knowledge in various portfolios leading to demand for outsourced clinical services is arising from many regulatory complexities.
This demand will continue to be driven by increasing R&D expenses during the predicted years. Drug producers outsource the manufacture of clinical studies to drugs. In household medical writing, large-scale pharmaceutical organisations are practiced. Increased patent expiry over latest years, however, has led to an urgent need for efficiency and cost reduction. A CenterWatch study on pharmacy facilities revealed that the fourth outsourced clinical feature is medical writing. Most of these services are outsourced to the advanced areas by drug producers.
However, owing to the accessibility of the workforce, developing nations, such as China and India, were able to take their share in this sector. Low expenses, along with a large amount of science graduates, have a benefit over other areas in developing economies. Due to the extensive regulatory framework for new drugs and healthcare goods, North America was the dominant regional market in 2018. Due to labor accessibility and the increased amount of CROs, Asia Pacific is anticipated to be the fastest-growing market.
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Segmentation Outlook
The pharmaceutical & biotechnology businesses and CROs divide the market based on end use. Due to enhanced R&D expenses, CROs resulted the market in 2018. Drug producers are subject, particularly due to implementation of post-patent expiry generics, to pressure to substitute the loss of income. Medical authors of pharmaceutical and biotech businesses and CROs are engaged in offering consultancy services, including presentation and commercialisation, with information on regulation protocol, quality control and branding of the product.
Regional Stance
In terms of income share, North America resulted the world market in 2018. In the United States, medical writing for authorization by FDA requires a thorough knowledge of the regulatory authority's demands. The documents to be submitted by the FDA should be brief and precise. Many pharmaceutical and biotech firms operate with service suppliers of regulatory and medicinal writing to assist in the drafting of legislative records for submissions by the FDA, e.g. for authorization for clinical trials and to market approval for fresh products. The largest CAGR is anticipated to occur from 2019 to 2026 in the Asia Pacific economy.
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Key Findings
In 2018, the section of clinical writing resulted the worldwide medical writing industry in terms of income and will remain dominant over the forecast period.
Regulatory writing is scheduled to be the highest CAGR between 2019 and 2026 owing to the requirement for statutory papers for the approval or maintenance of health product submissions.
Medical journalism resulted the application segment in the past because numerous credible sources of data were increasingly needed and because the drug sector needed to update present therapy methods.
Due to the fast growth of CROs in developing economies and rising costs of production of drugs, CROs retained the largest share of their end-use segment in 2018.
Key Players & Strategies
IQVIA, Triology Writing & Consultancy GmBH; Parexel International Corp.; OMICS International; Covance, Inc.; and Freyr Solutions are some of the leading worldwide businesses. CROs and pharmaceutical organisations cooperate in the preparing of legislative, advertising and advertising documents with medical authors and medical reporters. At all phases of drug development, they provide science information. The fresh solution Parexel providing communications from drug development to marketing allows sponsors to comply with high-quality paperwork.
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