According to Market Research Future (MRFR) Analysis – Medical Writing market is expected to accrue strong growth in forecast period 2019 to 2025. The global market research report provides in-depth industry analysis with free additional customization, including the impact of the COVID-19 pandemic
Medical Writing Market Forecast
According to MRFR, the Global Medical Writing Market 2020 is poised to cross USD 3.25 Billion by 2025, at a CAGR of 10.1 % over the review period.
Medical Writing Market Synopsis
Increasing demand for regulatory paperwork is projected to fuel the growth of the medical writing industry in the pharmaceutical and biopharmaceutical sector. In India over the last few years pharmaceutical medical writing has evolved significantly. Health research involves planning administrative paperwork and releasing wellness, illness, and consumer substance related papers. This requires scientific expertise and awareness of the production of medicines and regulatory guidance. Scientific writing plays a critical role in making a clinical research initiative successful. An increase in healthcare spending is projected to cause the global demand for medical writing to expand. An rise in spending in research and development (R&D) and the expiry of patents are closely related to business growth. The rising amount of patent expiry triggers business development. It has been observed that the demand for medical writing also increases with increasing expiry of patents. If the expiry of the patent decreases, new patents need to be drafted; thus the market for medical writing is rising.
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Stringent policy regulatory regulations for medical writing developed by different countries are limiting business growth. The European Medicines Agency, US Food and Drug Administration (FDA), and the China Food and Drug Administration (CFDA) are some of the government bodies that set regulatory criteria for the healthcare industry.
Medical Writing Market Segmentation
The global medical writing market has been segmented based on type, application, and end user.
The type-based market was divided into clinical writing, regulatory writing, scientific writing, writing about diseases and drugs, and others. The segment of therapeutic writing is expected to be the largest over the analysis period whilst the section of regulatory writing is forecast to be the fastest growing.
The worldwide demand for medical writing has been divided into medical journalism, medical education, and medico marketing, depending on use. The medical Journalism sector is expected to control the bulk of the business and the medical education sector is projected to be the fastest rising segment.
Business end-user groups include pharmaceutical & biotechnology companies, and contract research organizations (CROS). The division of pharmaceutical & biotechnology firms is projected to have the greatest market share, as the usage of medical writing in pharmaceutical companies is the lowest.
Medical Writing Market Regional Analysis
Medical Writing Market was divided into the Americas, Europe, Asia-Pacific and Middle East & Africa, by area. The Americas is expected to be the largest market due to the growing prevalence of medical writing and rising healthcare expenditure per capita. In the Americas, the professional writing industry has further branched into North America and South America, with the North American industry being split between the US and Canada. The European market for medical writing was listed as West Europe and Eastern Europe. Western European economies have been also listed as Germany, France, the Netherlands, Italy, Spain and the rest of Western Europe. The Asia-Pacific medical writing market was segmented into Japan, China, India, South Korea, Australia and the rest of the Asia-Pacific world. The Asia-Pacific market is projected to be the fastest-growing due to the rising consumer pool of medical writing and raising knowledge of the treatment methods. The Middle East & Africa scientific writing industry has been broken up into the Middle East and Africa.
Medical Writing Market Competitive Dashboard
Some of the major players in the global medical writing market are Covance Inc (US), Cactus Communications (UK), SIRO CLINPHARM (India), IQVIA (US), Freyr Solutions (US), OMICS International (India), SYNCHROGENIX (US), Clinexa Life Sciences Pvt (Australia), INCLIN, INC (US), and and Parexel International Corporation (US).
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