The global Medical Writing Services market reached a value of about USD 2.9 billion in 2021. The industry is projected to grow at a CAGR of around 8% in the forecast period of 2022-2027 to reach a value of about USD 4.7 billion by 2027.
The global Medical Writing Services industry report gives a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. Growing developments in the healthcare industry are primarily driving the market's growth. Asia is the highest category spender by region, driving the demand for the Medical Writing Services industry.
Medical writing entails the creation of well-structured scientific materials such as clinical research papers, content for healthcare websites, periodicals, journals, and news. The desire for well-written, standards-compliant materials that medical professionals can easily and rapidly read and understand is driven by this demand for the unambiguous articulation of medical knowledge. Regulatory medical writing and Educational, medical writing are the two categories of medical writing. The Medical Writing Services industry report comprises segments by phase (Phase I, Phase II, Phase III, Phase IV), Therapeutic Area (Oncology, Respiratory & Inflammatory, Cardiovascular, HIV/AIDS, Gastrointestinal, Vaccine Trials, Other Therapeutic Areas), and region (North America, Europe, Asia Pacific, the Middle East, and Africa, and South America).
Asia holds the largest share in the market as writing becomes more widely acknowledged as an emerging profession in the region. Due to low labour costs, rapid turnaround times, an abundance of English writers, and easy access to resources, China and India are poised to dominate the regional market.
The market is witnessing growth due to the healthcare industry's expanding research and development activities, paired with the growing global demand for medical writing. Furthermore, the medical writing business is rapidly expanding due to the development of administrative, security, and distribution records and instructional and communication material associated with health and human services. Physicians may broaden their reach and improve patient care by communicating with patients on these platforms. As a result, there is a growing need for online medical writing. Regulatory bodies demand a detailed approach for all stages of product development, complicating the clearance procedure and promoting market growth in the following years. To develop reimbursement plans, insurance companies also require drug information. As a result, pharmaceutical businesses have a hard time adhering to industry guidelines.
However, the lack of skilled professionals in the industry is a factor that can act as a market restraint.
The global Medical Writing Services industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global Medical Writing Services regions, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.
Regulatory medical writing and educative medical writing are two types of medical writing used in the pharmaceutical sector. Regulatory medical writing entails creating the documentation that regulatory bodies require for the medication, device, and biologics approval process. Regulatory documents are often lengthy and formulaic. Writing papers about pharmaceuticals, devices, and biologics for general audiences and specific audiences such as health care professionals is referred to as educational, medical writing. It is highly significant in promoting diverse pharmaceutical brands to HCPs and consumers. The writings are presented in various ways depending on the sort of communication.
The industry is being propelled by technological advancements and the widespread acceptance of these technologies. In addition, the increased demand for regulatory paperwork in the healthcare industry to communicate drug-related information is expected to boost market growth. Furthermore, a favourable environment for clinical trials in developing nations, new medical device regulations, and the expanding penetration of social media and the internet can all be attributed to the high need for regulatory medical writing services. In addition, A surge in CRO outsourcing, higher R&D spending by market players, a favourable environment for clinical studies in developing nations, and new medical device laws are all factors augmenting the industry's expansion.
The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.
The global medical writing market is competitive but not overly so. To increase their market share, industry participants focus on geographic expansion and diversifying their services. Strategic relationships between large pharmaceutical firms and contract research organisations (CROs) have grown commonplace. To preserve their market position by releasing novel goods, top pharmaceutical, medical device, and biotechnology businesses spend a large portion of their revenues on R&D efforts.
1. Executive Summary
2. Medical Writing Services Market Snapshot
2.1. Medical Writing Services Market Outlook
2.2. Medical Writing Services Industry Analysis By Phase
2.2.1. Phase I
2.2.2. Phase II
2.2.3. Phase III
2.2.4. Phase IV
2.3. Medical Writing Services Industry Analysis By Therapeutic Area
2.3.2. Respiratory & Inflammatory
2.3.6. Vaccine Trials
2.3.7. Other Therapeutic Areas
2.4. Regional Overview
2.4.1. North America
2.4.3. Asia Pacific
2.4.4. Latin America
2.4.5. Middle East & Africa
3. Impact of Recent Events
4. Medical Writing Services Value Chain Analysis
5. Medical Writing Services Production Process
6. Trade Analysis
7. Major Risk Factors in Sourcing
8. Medical Writing Services Cost Structure
9. Medical Writing Services Price Analysis
10. Key Demand Indicator Analysis
11. Key Price Indicator Analysis
12. Medical Writing Services Market Dynamics
12.1. Drivers & Constraints
12.2. Industry Events
12.3. Innovations & Trends
12.4. Swot Analysis
12.5. Porter’s Five Forces
12.5.1. Buyer Power
12.5.2. Supplier Power
12.5.3. Threat of New Entrants
12.5.4. Threat of Substitutes
12.5.5. Industry Rivalry
13. Industry Best Practices
13.1. Sourcing Strategy
13.2. Procurement Model
13.3. Contract Structure
13.4. Negotiation Levers
13.5. Pricing Model
13.6. Key Factors Influencing the Quotation
14. Key Supplier Analysis
14.1. IQVIA Inc.
14.2. Parexel International
14.3. Labcorp Drug Development
14.4. Syneos Health
14.5. PPD Inc.
The global Medical Writing Services market size was valued at USD 2.9 billion in 2021.
As per the Therapeutic Area provided, the Oncology segment is anticipated to lead the market between 2022 and 2027.
The significant demand for regulatory paperwork is one of the essential drivers of the Medical Writing Services market growth.
IQVIA Inc, Parexel, Covance, Syneos Health, and PPD are some of the major players in the market.
The Asia region of the Medical Writing Services industry holds a significant share in the market.
The global Medical Writing Services market attained a value of USD 2.9 billion in 2021, driven owing to the expanding research and development activities in the healthcare industry, paired with the growing demand for medical writing globally. Aided by the ever-increasing technological advancements and widespread acceptance of these technologies, the market is expected to witness further growth in the forecast period of 2022-2027, growing at a CAGR of 8%. The market is projected to reach USD 4.7 billion by 2027. Some of the leading players in the industry are IQVIA Inc, Parexel, Covance, Syneos Health, and PPD.
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