Worldwide Medical Writing Industry to 2026 – Growing R&D Expenditure and Development of New Therapeutics is Driving Growth – ResearchAndMarkets.com

DUBLIN–(BUSINESS WIRE)–The “Medical Writing Market – Growth, Trends, COVID-19 Impact, and Forecasts (2021 – 2026)” report has been added to ResearchAndMarkets.com’s offering.

The medical writing market is expected to register a CAGR of nearly 9.0% during the forecast period.

Companies Mentioned

• Cardinal Health
• Certara USA, Inc.
• Freyr Solutions
• Icon Plc
• InClin, Inc.
• IQVIA Inc.
• Laboratory Corporation of America Holdings
• OMICS International
• Paraxel International
• QUANTICATE
• SIRO Clinpharm Private Limited
• Synchrogenix
• Trilogy Writing & Consulting GmbH

Key Market Trends

Regulatory Medical Writing is Expected to Have Significant Growth Over the Forecast Period

Regulatory medical writing involves the creation of documentation required in the approval process of drugs, devices, and biologics. Which may include study reports, study protocols, investigator brochures, and others. There is enormous growth in the number of drug developments in the past decade. The growing number of developmental drugs that require regulatory documentation is anticipated to drive market growth over the forecast period.

Furthermore, the high demand for regulatory medical writing services can be attributed to a favorable environment for clinical trials in developing regions, new medical device regulations, and rising penetration of social media and the internet. As per the data published on the U.S. Federal Government, there were around 373,420 research studies are going on in all 50 states and in 220 countries as of 7th March 2021. Regulatory agencies require detailed methodologies for all phases of product development for approval, which makes the process tedious. This will boost the segmental growth over upcoming years.

Moreover, the companies in the medical field are continuously investing in advancing the product technologies in devices is creating a robust opportunity for the medical writing industry to grow. According to The United Nations Educational, Scientific and Cultural Organization (UNESCO), the global R&D investment has reached USD 1.7 trillion and the number of researchers is expected to grow exponentially by 2030. Hence, the robust growth of regulatory medical writing segment is expected to witness over upcoming period.

North America Anticipated to Have Significant Growth Over the Forecast Period

North America anticipated having significant market growth owing to the presence of key market players and healthcare companies that involving in the research and development of drugs and medical devices, medical publications, and many other healthcare activities that require a huge amount of documentation. For instance, As per the data published by the Centers for Medicare & Medicaid Services (CMS), in the United States, national healthcare spending is projected to grow at an average rate of 5.5% per year during 2018-2027, to reach nearly USD 6.0 trillion by 2027. Healthcare spending is projected to grow 0.8% faster than the GDP per year, over 2018-2027. As a result, the healthcare share of GDP is expected to rise from 17.9% in 2017 to 19.4% by 2027. Increasing investments in R&D are resulting in a rise in the number of clinical trials which may likely to boost the medical writing market in the region.

The COVID-19 pandemic highlighted the need for North American companies and research organizations to collaborate with the government to develop new drugs, in order to meet future health crises. Several universities and key players are focusing on developing vaccines for coronavirus. For instance, Eli Lilly partnered with AbCellera for the development of vaccines. Thus, looking at above mentioned scenario, the Medical Device, Biotech and Life Science companies are also allocating increased budgets towards hiring medical writers, in a bid to highlight their unique advantages and position themselves perfectly in the market. Thus, in a view of aforementioned factors the regional market is expected to flourish over the upcoming years.

Key Topics Covered:

1 INTRODUCTION

2 RESEARCH METHODOLOGY

3 EXECUTIVE SUMMARY

4 MARKET DYNAMICS

4.1 Market Overview

4.2 Market Drivers

4.2.1 Growing R&D expenditure and Development of New Therapeutics

4.2.2 The burgeoning of Contract Research Organizations and Outsourcing Services

4.3 Market Restraints

4.3.1 Lack of Skilled Professionals for Medical Writing

4.4 Porter’s Five Force Analysis

5 MARKET SEGMENTATION

5.1 By Type

5.2 By End-User

5.3 By Geography

6 COMPETITIVE LANDSCAPE

6.1 Company Profiles

6.1.1 Cardinal Health

6.1.2 Certara USA, Inc.

6.1.3 Freyr Solutions

6.1.4 Icon Plc

6.1.5 InClin, Inc.

6.1.6 IQVIA Inc.

6.1.7 Laboratory Corporation of America Holdings

6.1.8 OMICS International

6.1.9 Paraxel International

6.1.10 QUANTICATE

6.1.11 SIRO Clinpharm Private Limited

6.1.12 Synchrogenix

6.1.13 Trilogy Writing & Consulting GmbH

7 MARKET OPPORTUNITIES AND FUTURE TRENDS

For more information about this report visit https://www.researchandmarkets.com/r/2b71at

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