Global Medical Writing Market is expected to grow at a CAGR of 10.9% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Medical Writing Market by Type (Regulatory Writing, Scientific Writing, Clinical Writing, Others), Application (Medical Education, Medical Journalism, Medico Marketing, Others), End-User (Contract Research Organisations, Medical Devices and Biotechnology companies), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027.
The global medical writing market is expected to grow from USD 3.4 billion in 2019 to USD 7.77 billion by 2027, at a CAGR of 10.9% during the forecast period 2020-2027. North America holds the largest market share, owing to the large requirement for medical writing in the U.S. Europe holds the second-largest share in the market. The Asia-Pacific is anticipated to witness significant growth due to the increasing need for quality writing. In the region, India and China dominate the market, due to quick turnaround time, inexpensive labour, easy availability of resources, and abundance of English writers. Latin America is projected to witness significant growth. Middle East and Africa will witness positive growth.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Some of the notable players in the market are SYNCHROGENIX, Cactus Communications, INCLIN, INC, Parexel International Corporation, Freyr Solutions, SIRO CLINPHARM, Covance Inc, Clinexa Life Sciences Pvt, and OMICS International. In August 2018, Syneos Health, Inc. announced acquisition with Kinapse that will help the company to expand their safety, and regulatory operations.
The type segment includes regulatory writing, scientific writing, clinical writing, and others. Clinical writing holds the largest market share, as health professionals use it regularly, used in protocols, clinical study reports, and consent document. Regulatory writing is anticipated to witness significant growth, owing to its use throughout the process of product development for clinical documentation. Based on application, the market is segmented into medical education, medical journalism, medico marketing, and others. Medical journalism application segment holds the largest market share, as it is mainly concerned with reporting, investigating, and communicating medical issues. Rapid advancement in the field of medicine and growing importance drives the market. The end-user segment includes contract research organisations, medical devices and biotechnology companies. Contract Research Organisations end-user segment holds the largest share in the market, owing to R&D costs.
The factors driving the market are rising number of patents expiring, increasing prevalence for non-core activities, rising R&D investment in medical writing, and growth in the pharmaceutical industry. Other factors such as increasing demand for regulatory paperwork in pharmaceutical and biotechnology industries and rising need for marketable written content to convey drug-related information are expected to boost the market growth. Factors restraining the market growth are lack of skilled and trained professionals, high attrition cost, and incompetent technical writing skills. Thus, the market is expected to witness significant growth owing to increasing demand in various medical, biomedical, and pharmaceutical industries.
About the report:
The global medical writing market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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