The global medical writing market size is expected to reach USD 8.39 billion by 2030 according to a new study by Polaris Market Research. The report “Medical Writing Market Share, Size, Trends, Industry Analysis Report, By Type (Medical Writing, Scientific Writing, Regulatory Writing, Others); By Application, By End-User (Pharmaceutical Companies, CRO, Others); By Region; Segment Forecast, 2022 - 2030” gives a detailed insight into current market dynamics and provides analysis on future market growth.
The prominent factors favoring the industry growth include a favorable environment for clinical trials in developing nations, new medicinal device laws, and the expanding penetration of social media and the internet, contributing to the high need for regulatory medicinal writing services.
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Furthermore, medicinal device companies continuously invest in product technology advancements, offering a strong opportunity for the medicinal script industry to expand. The United Nations Educational, Scientific, and Cultural Organization (UNESCO) estimates that global R&D spending has reached USD 1.7 trillion, with the number of researchers likely to double by 2030. As a result, the regulatory medicinal script industry is predicted to increase rapidly in the coming years.
The presence of multiple pharmaceutical companies and significant drug development facilities in the United States is attributed to North America's rise. However, many U.S. pharmaceutical companies outsource contract research organization (CRO) services to low-cost overseas nations, resulting in discrepancies between consumption and production. The COVID-19 pandemic has highlighted the need to collaborate with different agencies to cooperate with the stakeholders.
APAC is projected to register a robust growth rate over the study period. The region is experiencing such growth due to the presence of highly skilled medicinal writers, cheap labor costs, medicinal communications companies, and the strong interest of major pharmaceutical companies in establishing their own dedicated global development centers to stay competitive in the market.
Both physicians and patients will benefit from medicinal education. The medicinal literature, textbooks, medicinal journals, e-learning modules, slide decks, continuing education (CE) programmers, continuing medical education (CME) programmers, and so on are all geared towards physicians. On the other hand, medicinal education for patients usually includes patient education materials.
Market participants such as Cardinal Health, Cactus Communication, Certara, Covance, Freyer, Icon Plc., InClin Inc., Indegene, IQVIA, InFocusRX, Makrocare, OMICS, Nucleus Global, Parexel, Quanticate, Syneos Health, Synchrogenix, and Trilogy are some of the key players operating in the medicinal script market. For instance, ICON Clinical announced plans to expand its Brentwood research activities in January 2021, creating 85 additional employees over the following five years.
Polaris market research has segmented the medical writing market report on the basis of type, application, end-user, and region:
Medical Writing, Type Outlook (Revenue - USD Billion, 2018 - 2030)
Medical Writing, Application Outlook (Revenue - USD Billion, 2018 - 2030)
Medical Writing, End-User Outlook (Revenue - USD Billion, 2018 - 2030)
Medical Writing, Regional Outlook (Revenue - USD Billion, 2018 - 2030)