Medical Writing Market Size - Growth, Share by 2031
The medical writing market was estimated to be US$ 3.44 billion in 2021 and US$ xx billion in 2023. It is expected to reach US$ 9.09 billion by 2031 and record a CAGR of 10.2% until 2031. Development of new regulatory writing, demand for specialized skills, and integration of AI and machine learning tools in medical writing will likely remain key medical writing market trends.
Medical Writing Market Analysis
Growing demand for regulatory framework in the pharmaceutical and biopharmaceutical industry is expected to grow the medical writing market. Regulatory authorities require detailed methodologies for all the phases of product development to get approval for any product in the pharmaceutical and biopharmaceutical industries. This makes the process tedious. Insurance providers demand all necessary information about drugs to determine reimbursement policies. Therefore, it becomes challenging for pharmaceutical and biopharmaceutical companies to keep up with the industry norms. Therefore, the pharmaceutical and biopharmaceutical industries employ medical writers. The medical writers understand the expectations and requirements of the regulatory agencies, and are exposed to different tasks that offer valuable insights into protocol design.
Medical Writing Market Overview
The global medical writing market is segmented by region into North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. The market growth in this region is expected due to factors such as growing need for well documented clinical trials, regulatory submissions, and increase in in CRO outsourcing. However insufficiency in skilled workforce of medical writers are likely to hamper the market growth during the forecast period.
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Medical Writing Market: Strategic Insights
Market Size Value in US$ 2,322.40 Million in 2019 Market Size Value by US$ 3,981.8 Million by 2027 Growth rate CAGR of 7.0% from 2020-2027 Forecast Period 2020-2027 Base Year 2020
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Medical Writing Market: Strategic Insights
| Market Size Value in | US$ 2,322.40 Million in 2019 |
| Market Size Value by | US$ 3,981.8 Million by 2027 |
| Growth rate | CAGR of 7.0% from 2020-2027 |
| Forecast Period | 2020-2027 |
| Base Year | 2020 |
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Medical Writing Market Drivers and Opportunities
Robust Growth In CRO Outsourcing is Likely to Favor The Market.
A major portion of medical writing is outsourced globally. The demand for medical writing is expected to grow, and so is the supply of medical writing providers. The quality of documents produced by medical writers in a CRO is considered superior to that of writers in BPO companies. The medical writings of CRO have excellent presentation, greater scientific depth, and are well written in a superior language. They are high scorers in terms of presentation, formatting, and adherence to guidelines. Besides, the medical writings by CROs are delivered on time as they have tight timelines. Owing to these factors, the outsourcing of CRO medical writing is gaining importance.
Emerging Markets – An Opportunity in Medical Writing Market
The medical writing industry is expected to witness significant growth in emerging markets owing to the flourishing healthcare industry and a large pool of potential medical writers. As per the IBEF 2021 healthcare report, the Indian healthcare sector is one of India’s largest employer sectors and employs around 4.7 million people. The sector generated 2.7 million additional jobs in India between 2017-22, which is approximately 500,000 new jobs every year.
Medical Writing Market Report Segmentation Analysis
Key segments that contributed to the medical writing market analysis derivation are services and applications.
- Based on type, the medical writing market is segmented into clinical writing, regulatory writing, scientific writing, and others. In 2023, the clinical writing segment held the largest share of the market. Moreover, the regulatory writing segment is expected to grow at the fastest rate during the forecast period.
- By application, the medical writing market is segmented into medical journalism, medical education, medico marketing, and others. The medical education segment held the largest share of the market in 2023, and the same segment is anticipated to register the highest CAGR in the market during the forecast period.
- The medical writing market has been segmented by end-user into pharmaceutical & biotechnology companies and contract research organizations (CRO). In 2023, the pharmaceutical and biotechnology segment held the largest share of the market by end user. Moreover, the contract research organizations (CRO) segment is expected to grow fastest during the forecast period.
Medical Writing Market Share Analysis by Geography
The geographic scope of the medical writing market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South America/South & Central America.
North America includes US, Canada, and Mexico. North America holds the most significant share in the medical writing market, with the US holding the largest market share, followed by Canada. The US holds the largest share of the medical writing market attributed to the growing pharmaceutical industry, and stringent regulatory for the pharmaceutical and biopharmaceutical industry.
Asia Pacific region is expected to be the fastest-growing region among all other regions. The growth of the market in the Asia Pacific region is expected to grow at a faster pace owing to factors such as expanding healthcare industry, large talent pool, and cost-effective medical writing services.
Medical Writing Market Report Scope
Medical Writing Market News and Recent Developments
The medical writing market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for medical writing and strategies:
- In April 2024, Cactus Life Sciences, a leading scientific communications agency that works with blue chip pharma and biotechnology companies, acquired nspm and eluSCIdate, two dynamic medical communications companies headquartered in Switzerland. (Source: Company Press Release)
- In October 2023, Certara, Inc., a global leader in biosimulation software and advanced drug development solutions, launched CoAuthor, a writing software suite designed to revolutionize the creation and review of critical clinical trial documents in the pharmaceutical industry. (Source: Company Press Release)
Medical Writing Market Report Coverage and Deliverables
The “Medical Writing Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Market dynamics such as drivers, restraints, and key opportunities
- Key future trends
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type ; Application ; End User ; and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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