Medical Writing Market Worth $3.98 Billion by 2027 at 7% CAGR Led by Clinical Writing Segment, Global Analysis by The Insight Partners

NEW YORK, July 11, 2022 /PRNewswire/ -- The Insight Partners published latest research study on "Medical Writing Market Forecast to 2027 - COVID-19 Impact and Global Analysis by Type [Clinical Writing, Regulatory Writing, Scientific Writing, Others]; Application [Medical Journalism, Medical Education, Medico Marketing, and Others]; End User [Pharmaceutical and Biotechnology Companies, and Contract Research Organizations (CROs)]; and Geography", the global medical writing market size was valued at $2.32 Billion in 2019 and is projected to reach $3.98 Billion by 2027; it is expected to grow at a CAGR of 7.0% during the forecast period.

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Medical Writing Market Report Scope & Strategic Insights:

Medical Writing Market: Competitive Landscape and Key Developments

The major players operating in the global medical writing market include Cactus Communications, Certara., Covance, Freyr Solutions, Inclin Inc., Parexel International Corporation., Quanticate, Siro Clinpharm Private Limited, Synchrogenix, and Triology Writing and Consultancy GMBH among many others. The major players in the medical writing market are focused on strategies such as expansion and product launch to increase the geographical presence and consumer base globally.

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In September 2019, Cactus Communications launched PubSURE, the first marketplace that brings together researchers and journals across all STEM and HSS disciplines to make global scholarly publishing more efficient.

In 2018, the medical writing market was predominant in North America at the global level. The North America Medical Writing market comprises of US, Canada, and Mexico. Medical writing in the U.S for FDA approval requires a deep understanding of the requirement laid down by regulatory authorities. The documents for FDA submission need to be accurate and concise. Canadian Minister of Small Business and Exports Promotion Mary Ng recently announced the investment in Everest Clinical Research through the Women Entrepreneurship Fund (WEF). North America is the major stakeholder in the CRO market followed by Europe owing to factors such as increasing growth of the pharmaceutical market, availability of advanced technologies and high-quality standards of pharma and biopharma industry.

The growth of the clinical writing segment is primarily attributed to the fact that the Clinical writing is a specialized medical writing which is used by health professionals on a daily basis. It contains factual information. Clinical writing imparts essential, accurate, and specific information on patient conditions, diagnostics procedures, treatments, and prognoses. Clinical writing differs from other kinds of medical writing as it is concerns with patient care. It also has legal implications and can be used as evidence in malpractice or negligence lawsuits. It is written briefly in a cryptic form and in the cases of charting rarely comprises of proper or complete sentence structures. The primary purpose of clinical writing is to form communication between members of the healthcare team including unit clerks, laboratory technicians, therapists, care aides, nurses, and doctors.

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The global medical writing market is segmented into North America, Europe, Asia Pacific (APAC), South America, and the Middle East and Africa (MEA). North America held the largest share of the global medical writing market in 2018, followed by Europe and Asia Pacific. The US, Canada, and Mexico are the prime contributors to the North America medical writing market. Medical writing in the US, especially the ones that are for FDA approval, requires a deep understanding of the requirements laid down by regulatory authorities. The documents for FDA submission need to be accurate and concise. The Canadian Minister of Small Business and Exports Promotion recently announced the investment in Everest Clinical Research through the Women Entrepreneurship Fund (WEF). North America is the major stakeholder in the CRO market, followed by Europe, owing to factors such as the rapid growth of the pharmaceutical market, availability of advanced technologies, and high-quality standards of the pharmaceuticals and biopharmaceuticals industries.

The global medical writing market size has been derived in accordance with to both primary and secondary sources. To begin the research process, exhaustive secondary research has been conducted using internal and external sources to obtain qualitative and quantitative information related to the market. Also, multiple primary interviews have been conducted with industry participants and commentators to validate the data, as well as to gain more analytical insights into the topic. The participants who typically take part in such a process include industry expert such as VPs, business development managers, market intelligence managers, and national sales managers along with external consultants such as valuation experts, research analysts, and key opinion leaders specializing in the medical writing market.

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The recent COVID-19 pandemic started in Wuhan (China) in December 2019 and has spread around the globe at a rapid pace. China, Italy, Iran, Spain, the Republic of Korea, France, Germany, and the US are among the most-affected nations. According to WHO, there are ~4,425,485 affirmed cases and 302,059 death cases worldwide. COVID-19 has affected economies and undertakings due to lockdowns, travel bans, and business shutdowns. The global consumer goods industry is one of the major businesses enduring genuine agitating impacts; for example, creation composes breaks, breaks in storing up because of lockdown and office shutdowns because of this emit.

Based on type, the global medical writing market is segmented into clinical writing, regulatory writing, scientific writing, and others. The clinical writing segment led the market with the largest share in 2018. Clinical writing imparts essential, accurate, and specific information about patient conditions, diagnostics procedures, treatments, and prognoses. It differs from other kinds of medical writing as it is concerns with patient care. It also has legal implications and can be used as evidence in malpractice or negligence lawsuits. It is written briefly in a cryptic form, while in the cases of charting, it rarely comprises proper or complete sentence structures. The primary purpose of clinical writing is to facilitate communication between the members of the healthcare team, including unit clerks, laboratory technicians, therapists, care aides, nurses, and doctors.

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The medical writing market, by end user, is segmented into pharmaceutical and biotechnology companies and contract research organizations (CROs). In 2018, the pharmaceutical and biotechnology companies segment dominated the medical writing market. Medical writing in pharmaceutical and biotechnology companies involves the development of research papers, conference writings, and review papers. Usually, skilled writers are hired for the writing. Medical writing plays an important role in pharmaceutical companies as the companies are efficiently trying to bring new medicines into the market. Good medical writing helps in quality clinical trial conduct, cleat trial objectives, and optimal product labeling, which together ensure systematic conduct and product promotion.

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