AI In Medical Writing Market Size Is Projected To Reach USD 1.76 Billion By 2030

Posted by Neha Bora on September 5th, 2023

San Francisco, 5 Sep 2023: The Report 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

The global AI in medical writing market size is anticipated to reach USD 1.76 billion by 2030, according to a new report by Grand View Research, Inc. The market is expected to grow at a CAGR of 12.44% from 2023 to 2030. The primary factor driving the market expansion is the growing acceptance of machine learning, such as Artificial Intelligence(AI), in the healthcare industry. Moreover, the rising demand for reducing healthcare expenditures and increasing R&D investments by pharmaceutical companies to reduce expenses are other factors that are propelling market growth. The COVID-19 pandemic had affected the market moderately. The pandemic caused a pause in research and development activities as well as clinical trials.

Moreover, budgetary limitations led many pharmaceutical companies to reduce their investments. The initial stages of the pandemic also resulted in a decrease in submissions to healthcare journals, negatively impacting market growth. However, the significance of collaborative efforts between companies, research groups, and government bodies in the development of innovative therapies was demonstrated during the COVID-19 pandemic. Consequently, medical device, biotechnology, and life science companies have intentions to boost their investment in medical writers. Thus, increasing the demand for AI in the healthcare industry during the COVID-19 pandemic.

Access Research Report of AI In Medical Writing Market https://www.grandviewresearch.com/industry-analysis/artificial-intelligence-ai-medical-writing-market-report

AI In Medical Writing Market Report Highlights

  • Based on type, the typewriting segment dominated the market with a share of 32.89% of the overall revenue in 2022 due to the necessity of submitting regulatory documents to the authorities. Thus, boosting the demand for AI in medical writing in this segment
  • Based on end-use, the pharmaceutical segment dominated the market with a revenue share of 33.29% in 2022.
  • The high share was attributed to the heavy investments in R&D activities to develop new drugs and treatments, which augmented the demand for AI in medical writing in this end-use segment
  • In 2022, North America dominated the market with a revenue share of 30.12%owing to the continuous technological advancements, increasing healthcare infrastructure, and ahigh number of drug trials & their approvals

AI In Medical Writing Market Report Scope

Report Attribute

Details

Market size value in 2023

USD 774.53 million

Revenue forecast in 2030

USD 1.76 billion

Growth rate

CAGR of 12.44% from 2023 to 2030

Base year for estimation

2022

Historical data

2018 - 2021

Forecast period

2023 - 2030

List of Key Players of AI In Medical Writing Market

  • Parexel International Corporation
  • Trilogy Writing & Consulting GmbH
  • Freyr
  • Cactus Communications
  • GENINVO

Access Press Release of AI In Medical Writing Market @ https://www.grandviewresearch.com/press-release/global-artificial-intelligence-ai-medical-writing-market

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Neha Bora

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Neha Bora
Joined: September 16th, 2019
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