The occupational health market size to grow at a CAGR of 3.2% from 2021 to 2028 and projected to reach $5,493.39 million by 2028 from $4,405.13 million in 2021.
New York, Jan. 24, 2022 (GLOBE NEWSWIRE) -- According to our new research study on “Occupational Health Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type (Work Induced Stress, Asbestosis, Hearing Loss Due to Noise, Disorders Caused Due to Chemicals and Vibrations, and Others)”, published by The Insight Partners. The occupational health market growth is mainly attributed to the rising number of occupational diseases and disorders, and favorable regulatory environment toward occupational health. However, the lack of skilled professionals and inaccessibility of trade secrets hamper the market growth.
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Market Size Value in
US$ 4,405.13 million in 2021
Market Size Value by
US$ 5,493.39 million by 2028
CAGR of 3.2% from 2021 to 2028
No. of Pages
No. of Charts & Figures
Historical data available
North America; Europe; Asia Pacific; Latin America; MEA
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Occupational Health Market: Competitive Landscape and Key Developments
Premise Health; Select Medical Corporation (Concentra Inc.); NOHS Medical Center; MBI Industrial Medicine Inc.; Holzer Health System; Occucare International; Examinetics; Amgen, Inc.; Novartis AG; and Johnson & Johnson are among the major players operating in the occupational health market. Leading market players adopt strategies such as the launch of new products, expansion and diversification of market presence, and acquisition of new customer base, thereby tapping prevailing business opportunities.
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In 2020, North America dominated the global occupational health market. The market growth in the region is majorly driven by the increasing investments and initiatives by market players and governments. Companies in the occupational health market players are adopting many business development strategies, such as company expansion, product launches and various other organic and inorganic startegies. For instance, in December 2021, Premise Health, which aims to redefine healthcare, focuses on growth in the Dallas-Fort Worth area to serve its expanding clientele in the US. Thus, the above-mentioned factors in the domestic and international markets are driving the occupational health market growth.
The COVID-19 pandemic has disrupted the socioeconomic conditions of various countries across the world. An exponential surge in COVID-19 cases has hampered the global economy, and there has been a decline in overall business activities and growth of various industries operating in the region. For instance, as stated by US Small Business Administration, the COVID-19 pandemic has particularly harmed small businesses that represent the majority of businesses in the US and accounts for nearly 50% of the total private sector employment. However, the concept of remote working evolved during this pandemic in some sectors where employees could not work remotely such as the manufacturing units of almost all sectors were shut down during the rise of COVID-19 cases which led to unemployment. Hence, as workers and employees were not on work for manufacturing or construction, the occupational health market also faced decline. However, after robust vaccination programs, these industries started the operations and occupational health market is expected to see rise in the region during forecast period. Thus, the occupational health market in North America is positively impacted by COVID-19.
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Rising Number of Occupational Health Diseases and Disorders Drives Occupational Health Market:
Unhealthy work environments are prevailing across the world, affecting the lives of many workers. A few of the common causes of work-induced stress are long working hours, heavy workload, job insecurity, and chemical exposure. The presence of stressed workers results in costly insurance premiums, reduced innovation, negative employer brand, increased absenteeism, and low worker productivity, thus degrading the performances of organizations. As per International Labor Organization (ILOSTAT), in December 2021, the labor productivity of France dropped to US$ 57.9 at a rate of 6.98% compared to that in December 2020. The declining productivity rates in most countries have become a concern for employers.
The increasing rate of absenteeism and costs of human resource management are also impacting the economies. The surge in absenteeism rates across various sectors has the potential to cause a global and persistent productivity slowdown. According to Statistics Netherlands CBS, in 2019, employees in the healthcare sector had the highest absenteeism rate of 5.7%. Furthermore, the absenteeism rate of workers at water and waste management companies was 5.7%, which was the second-highest. Upon further investigation regarding the increasing extent of sick leaves, Netherlands CBS reported that 44.1% of employees suffered from respiratory problems, such as cold and flu, in 2018; 7.2% of employees had psychological issues, such as anxiety and burnout, due to work stress; and 5.3% of employees reported back pain problem. Thus, there is a rising demand for occupational health services to reduce absenteeism rates and improve productivity.
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Occupational Health Market: Segmental Overview
Based on type, the occupational health market is segmented as work-induced stress, asbestosis, hearing loss due to noise, disorders caused due to chemicals and vibrations, and others. The hearing loss due to noise segment held the largest market share in 2021. Moreover, the work-induced stress segment is anticipated to register the highest CAGR in the market during the forecast period; the projected market growth of this segment is attributed to the poor work design characterized by the lack of control over work processes, and unsatisfactory working conditions.
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