Market Scope
As per the reports by MRFR, the global market for medical writing is anticipated to acquire a size of over USD of 3.25 Billion by 2027. The medical writing market is anticipated to record a healthy CAGR of nearly 10.1 %.
Market Drivers
Medical Writing Market Growth refers to a profession devoted to communicating health, scientific, and medical information, including regulatory documents, consumer (patient) information, and research reports. The medical writing market has been witnessing massive growth over recent years. The growth of the medical writing market is primarily being driven by growing interest in administrative desk work in the drug and biopharmaceutical industry. The medical writing market has become an inseparable aspect of the medical sector over the years. The rise in medical services spending across the globe has been responsible for the surge in demand in the market. The growing number of R&D activities by the leading players in medical writing has accelerated the market's growth over recent years. However, the market's growth is anticipated to be restricted by the deficiency of talented authors in the field of medication.
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Segment Analysis
The global market for medical writing is divided into various segments based on end user, application, type, and region. Based on the type, the global market for medical writing is divided into disease- and drug-related writing, regulatory writing, clinical writing, scientific writing, and others.
By application, the global medical writing market is divided into medico marketing, medical education, and medical journalism. The medical writing market is bifurcated into contract research organizations (CROS) and pharmaceutical & biotechnology companies based on end-user.
Regional Analysis
The global market for medical writing is studied across five major regions, including North America, South America, Asia-Pacific, Europe, and the Middle East & Africa.
The North American regional market for medical writing holds the largest market across the globe. The regional market's growth is primarily being driven by the very much built medical care, drug, and biotechnology businesses. The presence of prominent leaders in the medical writing market and pharma and biotechnology organizations is another prime aspect boosting the performance of the regional medical writing market. Furthermore, the growing use of clinical gadgets, drugs, and other drug items is likely to accelerate the regional market's growth over the forecasted timeframe.
Moreover, substantial speculations made in the advancement and disclosure of various medications and Medical items flourish the growth of the regional medical writing market. Similarly, growing amounts of explores in biotechnology close by the growing CRO industry authorize the development of the local medical writing industry. The North American medical writing market is projected to exhibit a robust rate of growth over the projected timeframe.
Competitive Analysis
The global market for medical writing has a strong competitive landscape. The players in the market are focusing on developing their businesses by adopting numerous strengthening strategies such as product launches, mergers, and collaborations. The list of leading players in the medical writing market includes companies such as INCLINE (US), Covance Inc (US), Freyr Solutions (US), Clinical Life Sciences Pvt (Australia), IQVIA (US), SYNCHROGENIX (US), Cactus Communications (UK), OMICS International (India), SIRO CLIN PHARM (India), Parexel International Corporation (US), and many others.
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Recent Developments
October 2021 - A premier and award-winning healthcare communications company, ClinicalMind, LLC (CM), announced the completion of the acquisition of PharmaWrite, LLC (PharmaWrite) and MedVal Scientific Information Services, LLC (MedVal), partner companies and full-service scientific communications agencies, which focus in strategic communications/publication planning, regulatory writing, scientific-content development, and medical writing. The acquisitions add to the company's deep portfolio of scientific communications and training capabilities and improve its suite of strategic and tactical offerings to its life sciences clients.
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