Medical writing is the creation of scientific documents by specialized writers. A medical writer usually closely works with scientists, doctors, and other subject matter experts to create effective documentation that vividly defines research results and product’s usage. Medical writing has swiftly carved a niche for itself in the pharmaceutical industry as the industry has realized the need for specialist writers who can create well written and well-structured documents that present the information in a clear, concise manner in compliance with applicable regulations.
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Parexel International Corporation, Trilogy Writing & Consulting GmbH, FREYR, Cactus Communications, Covance, Inc., IQVIA HOLDINGS INC., OMICS International, Synchrogenix, SIRO Clinpharm Private Limited, QUANTICATE, and InClin, Inc.
COVID-19 scenario analysis:
Coronavirus disease 2019 (COVID-19) has created an economic crisis along with a healthcare crisis. COVID-19 pandemic has stretched healthcare system worldwide, wherein developed countries are expected to witness economic recession. The COVID-19 pandemic has an adverse impact on the healthcare system, resulting in 50% to 70% drop in revenue from March 2020. Many small hospitals, clinics, and nursing homes have been forced to shut their operations. Social distancing and localized curfews have resulted in delayed elective surgical procedures. In addition, visa cancellations have led to a hiatus in medical tourism and can negatively impact the healthcare services market growth.
Top impacting factors: Market scenario analysis, trends, drivers, and impact analysis
The major factor affecting the industry includes demand for online medical writing. The information posted on such forums should be in accordance with the major medical writing guidelines. Currently, pharmaceutical companies adapted their advertising strategies to improve patient outreach. There is a steep growth in the influence of social media on customer’s decisions that had compelled pharmaceutical and biotechnology companies to rethink about their marketing strategies. Therefore, the steep growth of health and wellness-related blogs is anticipated to propel the demand for scientific writing. Additionally, regulatory agencies require detailed methodologies for all phases of product development for approval, which makes the process dreary. Furthermore, insurance providers demand information about drugs for determining reimbursement policies. The surge in investments in R&D results in rise in number of clinical trials, which is anticipated to boost the industry in the coming years.
Surge in number of clinical trials to propel the medical writing market
The ICTRP database contained data on 186,523 interventional clinical trials. The annual number of registered clinical trials increased from 3294 in 2004 to 23 384 in 2013. Relative to the number of clinical trial research publications, the global number of registered clinical trials increased five-fold between 2004 and 2013, rising particularly strongly between 2004 and 2005. In certain regions, especially Asia, the annual number of registered trials increased more gradually and continued to increase up to 2013. In India and Japan, two countries had more gradual increase. This increase only happened after several local measures were implemented that encouraged and enforced registration. In most regions, there was a trend toward trials being registered at local registries.
Key segments covered:
Key benefits of the report:
This study presents the analytical depiction of the global medical writing market along with the current trends and future estimations to determine the imminent investment pockets.
The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the global medical writing market share.
The current market is quantitatively analyzed from 2020 to 2027 to highlight the global medical writing market growth scenario.
Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
The report provides a detailed global medical writing market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the market research report:
Which are the leading market players active in the market?
What are the current trends that will influence the market in the next few years?
What are the driving factors, restraints, and opportunities of the market?
What are the projections for the future that would help in taking further strategic steps?
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