PUBLISHER: Polaris Market Research | PRODUCT CODE: 1098738
PUBLISHER: Polaris Market Research | PRODUCT CODE: 1098738
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.
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
Scientific
Regulatory
Others
Medical Writing, Application Outlook (Revenue - USD Billion, 2018 - 2030)
Medical Education
Medical Journalism
Medico Marketing
Others
Medical Writing, End-User Outlook (Revenue - USD Billion, 2018 - 2030)
Pharmaceutical Companies
CRO
Others
Medical Writing, Regional Outlook (Revenue - USD Billion, 2018 - 2030)
North America
U.S.
Canada
Europe
France
Germany
UK
Italy
Netherlands
Russia
Spain
Asia Pacific
China
India
Japan
Malaysia
South Korea
Indonesia
Latin America
Mexico
Brazil
Argentina
Middle East & Africa
UAE
Saudi Arabia
Israel
South Africa
List of Tables
Figure 1. Global Medical Writing Market, 2018 - 2030 (USD Billion)
Figure 2. Integrated Ecosystem
Figure 3. Research Methodology: Top-Down & Bottom-Up Approach
Figure 4. Market by Geography
Figure 5. Porter's Five Forces
Figure 6. Market by End-Use
Figure 7. Global Medical Writing Market, by End-Use, 2021 & 2030 (USD Billion)
Figure 8. Market by Type
Figure 9. Global Medical Writing Market, by Type, 2021 & 2030 (USD Billion)
Figure 10. Market by Application
Figure 11. Global Medical Writing Market, by Application, 2021 & 2030 (USD Billion)
Figure 12. Medical Writing Market Assessment, By Geography, 2018 - 2030 (USD Billion)
Figure 13. Strategic Analysis - Medical Writing Market