Market Trends of Global Medical Writing Industry
This section covers the major market trends shaping the Medical Writing Market according to our research experts:
Regulatory Medical Writing is Expected to Experience 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, and investigator brochures. 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 the rising penetration of social media and the internet. As per the data published by the United States Federal Government, there were around 373,420 research studies in all 50 states and 220 countries as of March 2021. Regulatory agencies require detailed methodologies for all phases of product development for approval, which makes the process tedious, boosting segment growth over the coming years.
There is also a significant opportunity for the medical writing industry to expand since companies in the medical industry are constantly investing in improving device technology. According to the United Nations Educational, Scientific and Cultural Organization (UNESCO), data updated in March 2022, the global healthcare R&D expenditure reached USD 1.7 trillion, and by 2030, it is anticipated to increase rapidly. Hence, the robust growth of the regulatory medical writing segment is expected to witness over the coming years.
North America Anticipated to Experience Significant Growth Over the Forecast Period
North America is anticipated to have 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. According to the data from clinicaltrials.gov, as of July 2022, Around 10,548 clinical trials were in Phase III for cancer, 6,349 for cardiology, and 947 for neurology, among other studies, registered. Thus, such a high number of clinical trials registered under phase III of clinical trials is expected to increase the research paperwork. In turn, it is expected to boost the medical writing market during the forecast period.
Pharmaceutical companies in the United States spend more money, time, and effort on research and development activities than any industry. According to the National Institutes of Health, clinical research funding was roughly USD 17.6 billion in the fiscal year 2020, compared to USD 15 billion in the fiscal year 2019. In addition, due to the expanding burden of diseases, complex compounds, and therapy segments, pharmaceutical companies' R&D costs have expanded in recent years. Furthermore, as diseases become more prevalent, the number of clinical trials is likely to increase in the coming years. In turn, medical writing is expected to surge in the region, which is eventually anticipated to grow the overall target market in the given timeframe.
