The medical writing market is expected to register a CAGR of nearly 9.0% during the forecast period.
During the ongoing pandemic, the medical writing market is expected to be positively impacted, as there was 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 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.
The data published by Kolabtree in March 2021 stated a 50% rise in demand for freelance medical writers during the coronavirus pandemic. Thus, due to the aforementioned factors, the COVID-19 pandemic is likely to profoundly impact the market.
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. 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 Internet and American Project," in 2018, around 80% of internet users in the United States searched online for health-related information. Additionally, around 60% of social media users depend 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, the demand for online medical writing is rising. However, the information posted on such forums should folow medical writing guidelines.
The development in technologies and the high adoption of these technologies are anticipated to boost market growth. Furthermore, the growing need for regulatory paperwork in the healthcare industries to convey 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.
Key Market Trends
Regulatory Medical Writing is Expected to Experience 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, and investigator brochures. 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 the rising penetration of social media and the internet. As per the data published by the US Federal Government, there were around 373,420 research studies in all 50 states and in 220 countries as of March 7, 2021. Regulatory agencies require detailed methodologies for all phases of product development for approval, which makes the process tedious, boosting the segmental growth over the coming 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 reached USD 1.7 trillion, and the number of researchers is expected to grow exponentially by 2030. Hence, the robust growth of the regulatory medical writing segment is expected to witness over the coming years.
North America Anticipated to Experience 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 is 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 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, due to the above-mentioned scenario, the medical device, biotech, and life science companies are also allocating increased budgets toward hiring medical writers in a bid to highlight their unique advantages and position themselves perfectly in the market. Thus, due to the aforementioned factors the regional market is expected to flourish over the coming years.
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. 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.
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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
- 5.1.3 Clinical
- 5.1.4 Other Types
- 5.2 By End User
- 5.2.1 Contract Research Organizations
- 5.2.2 Pharma and Biotechnological Companies
- 5.2.3 Other End Users
- 5.3 By Geography
- 5.3.1 North America
- 22.214.171.124 United States
- 126.96.36.199 Canada
- 188.8.131.52 Mexico
- 5.3.2 Europe
- 184.108.40.206 Germany
- 220.127.116.11 United Kingdom
- 18.104.22.168 France
- 22.214.171.124 Italy
- 126.96.36.199 Spain
- 188.8.131.52 Rest of Europe
- 5.3.3 Asia-Pacific
- 184.108.40.206 China
- 220.127.116.11 Japan
- 18.104.22.168 India
- 22.214.171.124 Australia
- 126.96.36.199 South Korea
- 188.8.131.52 Rest of Asia-Pacific
- 5.3.4 Rest of the World
6 COMPETITIVE LANDSCAPE
- 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
- 6.1.10 QUANTICATE
- 6.1.11 SIRO Clinpharm Private Limited
- 6.1.12 Synchrogenix
- 6.1.13 Trilogy Writing & Consulting GmbH
7 MARKET OPPORTUNITIES AND FUTURE TRENDS