Artificial Intelligence (AI) in the Medical Writing Market
The Business Research Company recently released a comprehensive report on the global market size and trend analysis of Artificial Intelligence (AI) in Medical Writing with forecast for 2024-2033. This latest market research report provides a wealth of valuable insights and data, including global market size, regional shares and competitor market share. Furthermore, it covers current trends, future opportunities, and essential data for success in the industry.
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According to The Business Research Company, the size of the artificial intelligence (AI) market in medical writing has grown rapidly in recent years. The economy will grow from $0.79 billion in 2023 to $0.91 billion in 2024 at a compound annual growth rate (CAGR) of 15.2%. The growth in the historical period can be attributed to the increase in outsourcing of contract research organizations, the rising costs of medical writing, trade agreements and government policies, the increased complexity in regulatory approval procedures, and the growing need for accurate and reliable medical content.
The market size of the artificial intelligence (AI) in the medical writing market is expected to grow rapidly in the coming years. This will grow to $1.62 billion by 2028 at a compound annual growth rate (CAGR) of 15.3%. The growth over the forecast period can be attributed to the promising environment for clinical research, the increasing adoption of telemedicine and remote healthcare services, the expansion of digital infrastructure, the growing awareness of the potential benefits of AI in healthcare and the growing need for accurate and reliable medical content. Key trends over the forecast period include advances in natural language processing (NLP) and machine learning algorithms, the adoption of machine learning (ML), the rise of digital healthcare services, integration with emerging technologies, and improvements in clinical decision support systems .
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Market factors and trends:
The increasing demand for new pharmaceutical drugs and therapies is expected to drive the growth of Artificial Intelligence (AI) in the medical writing market in the future. The increasing demand for new pharmaceutical drugs and therapies is driven by the continued need to address unmet medical needs, treat emerging diseases, combat drug resistance, and improve patient outcomes through innovative and more effective treatments. AI in medical writing within the pharmaceutical and drug manufacturing sectors improves efficiency, accuracy and innovation, contributing to the development of safer and more effective therapies for various medical conditions. For example, according to the European Federation of Pharmaceutical Industries and Associations (EFPIA), a European trade association representing the pharmaceutical industry, total pharmaceutical production in Europe amounted to $384,200 million (€340,000 million) in June 2023, an increase of approximately 4.95% compared to compared to 366,267 million (€323,950 million) in 2021. Therefore, increasing demand for new pharmaceutical drugs and therapies will drive the growth of artificial intelligence (AI) in the medical writing market.
Major AI companies in the medical writing market are focused on integrating advanced features such as AI-powered drafting to improve efficiency and accuracy in creating and managing documents for regulatory submissions and medical communications. AI-powered drafting uses artificial intelligence algorithms to automatically generate first drafts or drafts of documents, using machine learning and natural language processing to aid in content creation. For example, in June 2024, TrialAssure, a US-based pharmaceutical technology provider, introduced TrialAssure LINK AI 2.0. This enhanced version allows pharmaceutical and biotechnology companies, clinical research organizations, and service providers to efficiently generate regulatory and medical documents using AI. The solution automates the creation of various clinical and technical documents ranging from initial drafting to final approval stages, streamlining the entire writing process.
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Key players in the market:
International Business Machines Corporation, IQVIA Holdings Inc., Icon PLC, Syneos Health Pvt Ltd, Parexel International Corporation, Veeva Systems, Cactus Communications, Tata Elxsi, Allucent Inc, Certara Inc, Freyr Solutions, Amplity Health, Indegen Limited, MMS Holdings Inc. , Jasper AI Inc, Symbiance AI Inc, GenInvo Technologies Pvt. Ltd., Trilogy Writing & Consulting GmbH, Yseop SAS, Turacoz Healthcare Solution, Averbis GmbH, EMTEX Life Sciences, DeepCura AI, Dezzai Inc, Narrativa Inc.
Artificial Intelligence (AI) in the Medical Writing Market 2024 Key Insights:
• The size of the artificial intelligence (AI) market in medical writing is expected to grow rapidly in the coming years. This will grow to $1.62 billion by 2028 at a compound annual growth rate (CAGR) of 15.3%.
• Impact of increasing pharmaceutical demand on AI in medical writing
• AI-enhanced medical document preparation tool for regulatory and clinical documents
• North America was the largest region in the medical writing artificial intelligence (AI) market by 2023
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