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Medical writing refers to writing scientific documents by specific healthcare professionals for various purposes, including Regulatory submissions. The global medical writing market was valued at USD 3.6 billion in 2021 and is expected to reach USD 8.4 billion in 2030, growing at a CAGR of 10.41%. In 2021, North America ruled the market due to the growing number of drug trials and new drug approvals. The Asia Pacific region is anticipated to witness astonishing growth by the end of 2030, owing to the availability of inexpensive labor and the existence of English writers.
The predominant drivers of the overall medical writing market are the increasing Research and Development (R&D) activities in the healthcare sector and the rising demand for medical writing globally. The medical writing market has been growing rapidly in recent years due to the development of administrative, security, distribution records, and instructive and correspondence material identified with wellbeing and human services items.
Technological developments and a higher adoption rate of the upcoming technologies will be likely to boost the medical writing market growth. Also, an increase in the Regulatory paperwork in the healthcare industry to communicate drug-related information is anticipated to enhance the medical writing market growth. However, a lack of competent experts and strict Regulatory laws might obstruct the expansion of the medical writing market.
Key market trends
Regulatory Medical Writing is Expected to Experience Significant Growth by 2030
Regulatory medical writing entails the conception and creation of documentation involved in the approval process of drugs and biologics, which may consist of study reports, study protocols, and investigator brochures. In the past decade, there has been a massive expansion in the number of drugs development. The continual increase in the number of developmental drugs will lead to a growth in the Regulatory documentation, driving the growth of the entire market by 2030.
There is a favorable environment for clinical trials in emerging markets, and therefore, there will be an increase in the demand for Regulatory medical writing services. As of March 07, 2021, there were around 373,420 research studies in all the fifty (50) states of the US as per the data published by the US Federal Government. The Health Authorities (HAs) need detailed documentation for all the phases of the product development before the approval of any drug, due to which the process becomes tiresome. The need for such documentation will boost the market growth in the coming years.
North America will Persist to Experience Substantial Growth in the Coming Years
North America is anticipated to have significant market growth due to the existence of key market players and healthcare companies that are mainly involved in the R&D of drugs, medical publications, and other healthcare activities which need enormous documentation. Healthcare spending is estimated to grow 0.8% faster per year than the GDP by 2027, because of which the GDP is expected to rise from 17.9% in 2017 to 19.4% by 2027 for the healthcare sector. This increase in the R&D investments will result in an upswing in clinical trials, consequently boosting the medical writing market in the region.
The Asia Pacific to be the Fastest Growing Market over the Years
The expansion is anticipated to increase due to technological advancements and the extensive acceptance of evolving technologies. In addition, the improved market demand for Regulatory paperwork in the healthcare industry to convey drug-related information is likely to boost the market growth. The other important factors for the Asia Pacific market to witness significant growth are the availability of inexpensive labor and the existence of English writers.
Medical Journalism to Boost the Market in the Coming Years
The medical journalism sector ruled the market in 2021 and is likely to sustain its lead. This sector majorly focuses on investigating, reporting, and communicating health concerns to a wide audience. Quick innovations in medicine and the intensifying significance of health information have increased the demand for writers who can decipher and communicate health-related information in writing.
Clinical and Regulatory Writing to Dominate the Market
The clinical writing sector dominated the overall market in 2021 due to increased clinical trials. The Regulatory writing sector is likely to observe maximum growth by 2030. Regulatory medical writing involves the development of documentation for the approval of medications and biologics, such as research reports, study protocols, investigator brochures, overviews & summaries, and integrated documents. The number of innovations has risen in the last decade, which is likely to continue. These sectors will continue to witness exponential growth due to the necessity of submitting Regulatory documents to the authorities.
To keep up with the flourishing medical writing market, you need an industry expert who is already established and has a pool of professionals to cater to all your scientific writing needs. Reach out to Freyr, a proven leader in the Regulatory medical writing realm, for all your relevant needs.
