Medical Writing Services Industry Report by Regional Category Spend, Price Analysis, Key Demand, and Price Indicators, and Best Buying Practices

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.

Industry Definition and Segmentation

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).

The Asian Region is Driving the Growth of the Industry

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.

Best Procurement Practices

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.

Category Management Studies

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.

Growing R&D in the Industry, Further Driving the Medical Writing Services Market

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.

Key Industry Players Mentioned in the Medical Writing Services Industry Report

• IQVIA Inc.
• Parexel International
• Labcorp Drug Development
• Syneos Health
• PPD Inc.

Market Landscape

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.

Key Initiatives by Companies

• ICON Clinical Research Inc. declared in January 2021 that it would augment its Brentwood research pursuits to generate 85 additional employees over the next five years. Biotechnology, pharmaceutical, and medical service firms use ICON Clinical Research's subcontracted development facilities.
• An IQVIA firm, Apttus and HighPoint, formed collaboration in March 2020 to bring about digital makeover to tech projects in the healthcare and life sciences industries.