The global medical writing market size is expected to grow from USD 3.90 billion in 2020 to USD 7.00 billion by 2026 at a CAGR of 10.2%.
Clinical writing has dominated the global medical writing market in 2020 and is likely to retain its leading position over the forecast period. Clinical writing is often used by health professionals and a medical author should have a thorough knowledge of medical language and culture. The intended student understanding and purpose of writing are essential for successful clinical writing.
It is used in protocols, approval documents, and clinical research reports at all stages of clinical trials in product development. It focuses primarily on professionals with a sound understanding of drug/product development processes and scientific data analysis.
Regulatory writing is expected to be the fastest-growing segment during the forecast period. It is used throughout the process of product development for producing clinical documents. Regulatory writing is required for interpreting and reporting data from clinical trials through the preparation of regulatory submission documents. When a product or drug receives approval, regulatory documents are required after approval.
Medical journalism held the largest share among applications in 2020. Medical journalism is more about investigating, reporting, and communicating medical issues to a wider audience. This type of journalism is aimed at non-professional/non-expert audiences, as well as health professionals.
Medical and health problems are a common concern for most people, as they affect people's behavior. Rapid advances in the medical field and the increasing importance of medical knowledge have increased the need for writers to be able to understand and transmit health-related information through their writing. Medico marketing is expected to prove a very fast CAGR in the forecast period.
The end-use segment includes medical device/pharmaceutical and biotechnology companies and CROs and others. CROs and others dominated the market in 2020 due to rising R&D costs. Drug manufacturers are under pressure to reverse the loss of revenue mainly due to the expiration of post-patent generics.
The medical, pharmaceutical and biotechnology companies employ medical writers or journalists regularly. Pharmaceutical companies have different departments for medical writing purposes. In addition, different companies outsource medical writing services.
North America dominated the market in terms of size in 2020. Medical writing in the US for FDA approval requires a deep understanding of the requirements set by the regulatory authority. FDA submission documents must be concise and accurate. The demand for quality healthcare is growing in the Asia Pacific as it is recognized as an emerging sector. China and India are likely to hold the regional market due to low labor costs, rapid change times, plenty of English writers, and easy access to resources.
The key players operating in the market are IQVIA, Parexel International Corp., Trilogy Writing & Consulting GmBH, Covance, Inc., OMICS International, and Freyr.
The great demand for medical writing services can be attributed to increased CRO outsourcing, increased R&D investment by market players, better clinical trial testing in developing regions, new rules for medical equipment, and increased access to the Internet and social media. Physicians can expand their access to better patient care by interacting with patients on a variety of social media platforms. Therefore, the need for online medical writing is increasing. However, the information included in those forums should be consistent with the guidelines for medical writing.
In recent years, pharmaceutical companies have expanded their marketing strategy to improve patient access. In addition, the growing influence of the media in consumer decisions has forced pharmaceutical and biotechnology companies to reconsider their marketing strategies. Therefore, the strong growth of health and wellness-related blogs is expected to increase the need for scientific writing.
Regulatory agencies require detailed approaches to all stages of product development to be approved, making the process tedious. In addition, insurance providers seek information about drugs to determine reimbursement policies. Therefore, it has been a challenge for pharmaceutical companies to comply with industry standards.
Increased investment in R&D increases the number of clinical trials. However, the number of medical writers is not increasing at the same rate, resulting in a shortage of qualified writers in the medical field, which is expected to increase the number of new writers in the medical field.