Dublin, Aug. 28, 2023 (GLOBE NEWSWIRE) -- The "AI In Medical Writing Market Size, Share & Trends Analysis Report By Type (Scientific Writing, Clinical Writing, Type Writing), By End-use (Medical Devices, Pharmaceutical, Biotechnology), By Region, And Segment Forecasts, 2023 - 2030" report has been added to ResearchAndMarkets.com's offering.
The global AI in medical writing market is expected to reach a value of USD 1.76 billion by 2030, growing at a Compound Annual Growth Rate (CAGR) of 12.44% from 2023 to 2030.
The key driving factor behind this market expansion is the increasing acceptance of Artificial Intelligence (AI) and machine learning in the healthcare sector.
The adoption of AI in medical writing is attributed to its potential for cost reduction and improved efficiency in healthcare services. The COVID-19 pandemic had a moderate impact on the market, causing disruptions in research and development activities and clinical trials, along with budgetary limitations leading to reduced investments from pharmaceutical companies.
Key Market Highlights
- The global AI in medical writing market is expected to reach USD 1.76 billion by 2030, with a CAGR of 12.44% during the forecast period.
- Growing acceptance of machine learning, including AI, in the healthcare industry is a significant driver of market expansion.
- Rising demand for cost reduction in healthcare expenditures and increased R&D investments by pharmaceutical companies are also contributing to market growth.
- The COVID-19 pandemic resulted in a slowdown of research and development activities, clinical trials, and reduced investments by pharmaceutical companies. However, collaborative efforts during the pandemic demonstrated the significance of innovative therapies.
- North America dominated the market in 2022 with a revenue share of 30.12%, driven by technological advancements, healthcare infrastructure, and a high number of drug trials and approvals.
Market Trends and Segmentation
- The market is segmented by type, with clinical writing, type writing, scientific writing, and other segments.
- The pharmaceutical sector dominated the end-use segment with a revenue share of 33.29% in 2022, attributed to heavy investments in R&D activities.
Regional Dominance
- North America led the market in 2022 with a revenue share of 30.12%, owing to technological advancements, healthcare infrastructure, and a high number of drug trials and approvals.
- Europe, Asia Pacific, Latin America, and the Middle East and Africa also contribute significantly to the market.
Key Players
- The AI in medical writing market features key players like Parexel International Corporation, Trilogy Writing & Consulting GmBH, Freyr, Cactus Communications, and GENINVO.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 110 |
| Forecast Period | 2022 - 2030 |
| Estimated Market Value (USD) in 2022 | $690.8 million |
| Forecasted Market Value (USD) by 2030 | $1760 million |
| Compound Annual Growth Rate | 12.4% |
| Regions Covered | Global |
For more information about this report visit https://www.researchandmarkets.com/r/oqsilp
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