Market Synopsis of Global Medical Writing
Market
Increasing demand for regulatory paperwork in the
pharmaceutical and biopharmaceutical industry is expected to drive the growth
of the medical writing market. Pharmaceutical medical writing has grown
significantly in India in last few years. Medical writing includes preparing
regulatory paperwork and publication of documents related to health, diseases,
and healthcare products. It requires medical knowledge and understanding of
drug development and regulatory guidelines. Medical writing plays a vital role
in the success of a clinical research project. An increase in healthcare
spending is expected to drive the growth of the global medical writing market.
Strategic mergers & acquisitions are also
projected to boost market growth with companies looking to strengthen their
market positions and expand their product portfolios. For instance, in May
2019, ICON acquired MediNova, an integrated network of clinical research sites
across Europe, Middle East & Africa. The acquisition helped ICON strengthen
its position exponentially in the medical writing market.
The Global Medical
Writing Market Size is
expected to cross USD 3.25 Billion by 2025 at a CAGR of 10.1 %.
An
increase in research and development (R&D) investment and the expiration of
patents are directly linked to the growth of the market.
Segmentation
The global medical writing market has
been segmented based on type, application, and end user.
The market, based on type, has been
divided into clinical writing, regulatory writing, scientific writing, disease-
and drug-related writing, and others. The clinical writing segment is likely to
be the largest during the review period due to increasing investment made by
pharmaceutical industries, and other government bodies are investing in
clinical trials globally. The regulatory writing segment is predicted to be the
fastest-growing. Regulatory writing includes different clinical documents which
include treatment of various disorders and contains descriptions of clinical
trials.
The global medical writing market has
been segregated, based on application, into medical journalism, medical
education, and medico marketing. The medical journalism segment is expected to
hold the majority share of the market. It is one of the most significant
segments due to the growing need for multiple reliable sources of medical
information and update on current treatment methodologies in the drug industry.
The medical education segment is expected to be the fastest-growing due to the
increasing use of various medical notebooks and online research articles to
analyze multiple chronic disorders.
The end user segments of the market are
pharmaceutical & biotechnology companies and contract research
organizations (CROS). The pharmaceutical & biotechnology companies segment
is expected to hold the largest share of the market as the use of medical
writing is highest in pharmaceutical companies.
Regional Analysis
The market has been divided, by region, into the Americas,
Europe, Asia-Pacific, and the Middle East & Africa. The Americas is
expected to be the largest market owing to the increasing prevalence of medical
writing and rising per capita healthcare expenditure. The medical writing
market in the Americas has further been branched into North America and Latin
America, with the North American market divided into the US and Canada. The
European medical writing market has been categorized as Western Europe and
Eastern Europe. The Western European market has further been classified as
Germany, France, the UK, Italy, Spain, and the rest of Western Europe. The
medical writing market in Asia-Pacific has been segmented into Japan, China,
India, South Korea, Australia, and the rest of Asia-Pacific. Due to the
increasing patient pool of medical writing and rising awareness about the treatment
methods, the market in Asia-Pacific is expected to be the fastest-growing. The
medical writing market in the Middle East & Africa has been divided into
the Middle East and Africa.
Key players for Global Medical
Writing market
Some of the key players in the Global
medical writing market are Cactus
Communications (UK), Covance Inc (US), SIRO CLINPHARM (India), IQVIA (US),
OMICS International (India), Freyr Solutions (US), SYNCHROGENIX (US), INCLIN,
INC (US), and Clinexa Life Sciences Pvt (Australia), and Parexel International
Corporation (US).
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