Medical Writing Market Poised for Substantial Growth, Forecasted to Surpass USD 9.4 Billion by 2032| Market.us Report

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New York, April 24, 2023 (GLOBE NEWSWIRE) — The global medical writing market size is expected to be worth around USD 9.4 Billion by 2032 from USD 3.6 Billion in 2022, growing at a CAGR of 10.4% during the forecast period from 2022 to 2032. The medical writing market encompasses a vast range of services, including regulatory writing, medical communication, scientific publication as well marketing communication.

Regulatory writing involves making documents that are required by regulatory agencies to support the approval of the latest drugs or medical devices, while medical communication involves developing scientific content for healthcare professionals or patients. Scientific publication involves preparing manuscripts for submission to scientific journals, while marketing communication involves developing promotional materials for pharmaceutical or medical device companies.

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Key Takeaway:

• By type, the clinical writing segment held the largest market share in 2022.
• By application, the medical journalism segment held the largest market with a 40.5% share.
• By end user, the contract research organizations segment is estimated to dominate the global medical writing market.
• In 2022, North America dominated the global medical writing market with a 38% market share.
• APAC is anticipated to have the highest CAGR among all the regions.

Factors affecting the growth of the medical writing market?

• Increasing need for regulatory writing services: As the regulatory demands for clinical trials come increasingly complex, there is a growing demand for medical writers who can make high-quality regulatory documents like clinical study reports, protocols, and other documents required for regulatory submissions.
• Emphasis on pharmacovigilance and drug safety: The rising focus on patient safety and pharmacovigilance has led to a larger requirement for medical writers to make safety-related documents like adverse event reports, risk management plans, and safety narratives.
• Rising outsourcing of medical writing services: Pharmaceutical & biotech companies are increasingly outsourcing their medical writing requirements to specialized agencies, which has led to the growth of the medical writing market.
• Lack of skilled medical writers: The lack of skilled medical writers has led to a rise in demand for these services, as pharmaceutical and biotech companies struggle to find qualified writers to make their medical documents.
• Growing focus on evidence-based medicine & clinical research: The increasing emphasis on evidence-based medicine & clinical research has led to a larger need for medical writers to create high-quality scientific documents that meet the standards required for publication in reputable scientific journals.

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Market Growth

The medical writing market is projected to experience significant growth in the becoming years. This growth can be attributed to a range of factors, including the increasing demand for healthcare services, the growth of the pharmaceutical & biotechnology industries, and the need for regulatory writing services to support the approval of new drugs and medical devices. As healthcare services continue to expand, there is a growing requirement for medical writers who can make high-quality documents that meet regulatory requirements and support the development and approval of new drugs and therapies. This includes documents like clinical study reports, protocols, and other documents required for regulatory submissions.

Regional Analysis

With a market share of 38%, North America is predicted to be the most profitable region in the worldwide market for medical writing. Over the forecast period, North America is anticipated to grow at a CAGR of 10.4%. The biggest market for medical writing services is in North America, which is fuelled by a robust healthcare sector, a focus on regulatory compliance, and a high need for clinical trials. With many of the greatest pharmaceutical corporations in the world having their headquarters there, the US is a significant market for medical writing services. Because of the area’s huge & quickly increasing healthcare sector, rising need for clinical trials as well emphasis on digital innovation, the market for medical writing services in the Asia Pacific region is expanding quickly.

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Scope of the Report

Market Drivers

As the regulatory requirements for pharmaceutical and medical device goods get more complicated, there is a greater need for qualified medical writers who can assist businesses achieve compliance. Globally, there are an increasing number of clinical trials being undertaken, which necessitates a large quantity of documentation, including protocols, research results, and informed consent forms. Globally, the healthcare sector is expanding as more businesses enter the market and provide cutting-edge goods. The need for medical writing services for product development, regulatory compliance, and marketing communications has increased as a result of this.

Market Restraints

Smaller businesses may find it challenging to pay the costs associated with medical writing services. In some areas of the healthcare business, this may reduce the demand for medical writing services. It might be challenging for medical writers to stay up to date with the most recent regulations because the regulatory environment for healthcare goods is continuously changing. As a result, there may be less of a need for medical writing services and uncertainty for businesses. The medical writing industry is extremely competitive, with several service providers providing comparable products. The demand for medical writing services as well as the growth of certain businesses may be hampered as a result. Deadlines for medical writing assignments are frequently short, which puts authors under pressure and lowers the quality of the finished work.

Market Opportunities

The healthcare sector is placing more and more emphasis on digital content including mobile apps, web platforms, and e-learning courses. The demand for medical writers who can create excellent digital material is probably going to increase. Medical writers who are knowledgeable in these fields now have more chances thanks to the rise of biosimilars and biologics. These goods call for particular knowledge and skill, which may serve as a useful point of differentiation for medical writing businesses. Real-world evidence is becoming more and more important in the healthcare sector, which calls for new kinds of recording and communication techniques.

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Report Segmentation of the Medical Writing Market

Type Insight

The most attractive area of the global medical writing business is clinical writing. In 2022, the market for medical writing will have a total revenue share of 41.4% for clinical writing. Developing clinical trial protocols, clinical study reports, and informed consent forms are examples of clinical writing kind of medical writing. Creating documentation for submission to regulatory organizations for approval, such as marketing authorization requests and investigational new medication applications, is known as regulatory writing.

Application Insight

With a projected revenue share of 40.5%, the category of medical journalism is predicted to be the most profitable in the global market for medical writing. The production of news pieces, features as well other types of written material for publications in magazines, newspapers, online news portals, and other media sources is owing to this section.

End-User Insight

CROs are businesses that outsource research services to biotechnology and pharmaceutical firms. To assist their clients’ research initiatives, such as the creation of clinical trial protocols and study reports, these companies frequently require medical writing services. Government agencies, academic institutions, and other businesses that require medical writing services are examples of other end-users. For a range of reasons, including scientific communication, regulatory compliance, and medical education, these organizations could need medical writing services.

Recent Development of the Medical Writing Market

• December 2021, Parexel announced the expansion of its medical writing capabilities in the Asia Pacific region with the opening of a new medical writing hub in Hyderabad, India.
• November 2021, Cactus Communications introduced the latest artificial intelligence-powered medical writing platform, called Rize Medical Writing, which aims to streamline the medical writing process and reduce errors.

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Market Segmentation

Based on Type

• Clinical Writing
• Regulatory Writing
• Scientific Writing
• Other Types

Based on the Application

• Medical Journalism
• Medical Education
• Medico Marketing
• Other Applications

Based on End-User

• Pharmaceutical & Biotechnology Companies
• Contract Research Organizations
• Other End-Users

By Geography

• North America

• • The US
  • Canada
  • Mexico

• Western Europe

• • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe

• Eastern Europe

• • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe
• APAC
  • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC

• Latin America

• • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America

• Middle East & Africa

• • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Competitive Landscape

The medical writing market is highly competitive and fragmented, with many companies operating in the space. For example, IQVIA is one of the largest companies in the medical writing market, with a market share of around 15%. The company provides a range of medical writing services, including clinical study reports, and regulatory submissions as good publications.

Some of the major players include:

• Parexel International Corporation
• Trilogy Writing & Consulting GmBH
• Freyr
• Cactus Communications
• Labcorp Drug Development
• IQVIA Holdings Inc.
• Omics International
• Synchrogenix
• Siro Clinpharm Private Limited
• Quanticate International Limited
• Inclin Inc.
• Other Key Players

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