Medical Writing Market Size, Share & Trends Analysis Report By Type, By Application, By End Use, By Region And Segment Forecasts, 2020 - 2027

Medical Writing Market Size, Share & Trends Analysis Report By Type, By Application, By End Use, By Region And Segment Forecasts, 2020 - 2027

  • April 2020 •
  • 120 pages •
  • Report ID: 5886332 •
  • Format: PDF
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, 2020 - 2027

The global medical writing market size is expected to reach USD 7.7 billion by 2027, expanding at a CAGR of 10.9% during the forecast period. Market growth can be attributed to increasing R&D investments by pharmaceutical companies, rise in contract research organization (CRO) outsourcing, partnerships & collaborations between market players, 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 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. Such stringent regulations are expected to positively impact the medical writing market growth.

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 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 high demand for writing services in the field of medicine.

Strategic alliances between large pharma companies and CROs have become an ongoing trend.Around 20 major partnerships have been finalized in the last five years.

For instance, in October 2016, Quintiles and IMS Health underwent the biggest merger in the CRO industry and reestablished the weightage of both the companies. The merger helped Quintiles to use IMS’ internal database in order to design targeted and complex clinical trials.

Further key findings from the study suggest:
• By type, the clinical writing segment dominated the market 2019 due to increase in clinical trials. The regulatory writing segment is expected to witness the fastest growth over the forecast period owing to requirement of submission of regulatory documents to the authorities
• On the basis of application, medical journalism dominated the market in 2019 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 application segment
• Based on the end use, the CROs & others accounted for the largest market share in 2019 and is expected to exhibit the fastest CAGR over the forecast period
• In 2019, North America dominated the global medical writing market due to increasing number of drug trials and approval of new drugs
• Asia Pacific is expected to expand at the fastest CAGR over the forecast period owing to availability of cheap labor, abundance of resources, and presence of English writers
• Some of the key players operating in the market are IQVIA; Parexel International Corp.; Trilogy Writing & Consulting GmBH; Covance, Inc.; OMICS International; and Freyr e, Inc.; OMICS International; and Freyr