Medical Writing Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

Medical Writing Market - Growth, Trends, COVID-19 Impact, and Forecast (2022 - 2027)

The Medical Writing Market is expected to register a CAGR of nearly 9.1% during the forecast period.

The medical writing market had a significant impact during the pandemic, as there was an increased need to have systems in place to ensure that the right information is shared 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. As per the study "Pandemic publishing: Medical journals strongly speed up their publication process for COVID-19" published in August 2020, the data showed that from the start of the pandemic, the scholarly publishing industry has been able to significantly speed up the dissemination of information related to coronaviruses. The study also concluded that articles related to coronaviruses are the only ones whose publication process has accelerated. Therefore, the COVID-19 pandemic is anticipated to have a significant impact on the market as a result of the aforementioned factors.

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. As per a May 2020 update by the India Brand Equity Foundation (IBEF), in the Union Budget 2022-23, the Department of Biotechnology was allotted INR 2,581 crores (USD 343.56 million) for the development of basic infrastructure, genetic engineering, technologies, and bioinformatics, agriculture biotechnology, and training skilled professionals. This is anticipated to boost the number of research and development activities which would fuel the target market growth during the forecast period.

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. Currently, most pharmaceutical companies outsource their clinical data management to specialized medical writing service providers. The rising introduction of various pharmaceutical products into the market is expected to increase the demand for experienced medical writers in the industry. For instance, in September 2021, The European Medical Writers Association (EMWA) announced that it will upgrade its Medical Writing session (formerly Internship Forum) in consideration of the recent establishment of the Getting into Medical Writing (GIMW) group. This group aims to assist new EMWA members in successfully and seamlessly beginning their careers as medical writers. This is expected to drive the medical writing market over the forecast period.

Thus, the growing need for regulatory paperwork in the healthcare industry to convey drug-related information is projected to augment 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 TrendsRegulatory 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 United States Federal Government, there were around 373,420 research studies in all 50 states and 220 countries as of March 2021. Regulatory agencies require detailed methodologies for all phases of product development for approval, which makes the process tedious, boosting segment growth over the coming years.

There is also a significant opportunity for the medical writing industry to expand since companies in the medical industry are constantly investing in improving device technology. According to the United Nations Educational, Scientific and Cultural Organization (UNESCO), data updated in March 2022, the global healthcare R&D expenditure reached USD 1.7 trillion, and by 2030, it is anticipated to increase rapidly. 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 is anticipated to have 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. According to the data from clinicaltrials.gov, as of July 2022, Around 10,548 clinical trials were in Phase III for cancer, 6,349 for cardiology, and 947 for neurology, among other studies, registered. Thus, such a high number of clinical trials registered under phase III of clinical trials is expected to increase the research paperwork. In turn, it is expected to boost the medical writing market during the forecast period.

Pharmaceutical companies in the United States spend more money, time, and effort on research and development activities than any industry. According to the National Institutes of Health, clinical research funding was roughly USD 17.6 billion in the fiscal year 2020, compared to USD 15 billion in the fiscal year 2019. In addition, due to the expanding burden of diseases, complex compounds, and therapy segments, pharmaceutical companies' R&D costs have expanded in recent years. Furthermore, as diseases become more prevalent, the number of clinical trials is likely to increase in the coming years. In turn, medical writing is expected to surge in the region, which is eventually anticipated to grow the overall target market in the given timeframe.

Competitive Landscape

The medical writing market is moderately competitive with a few key players operating in the market including Cardinal Health, Certara USA Inc., Freyr Solutions, Icon PLC, InClin Inc., IQVIA Inc., Laboratory Corporation of America Holdings, OMICS International, Paraxel International, QUANTICATE, SIRO Clinpharm Private Limited, Synchrogenix, and Trilogy Writing & Consulting GmbH.

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