PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1373908
PUBLISHER: AnalystView Market Insights | PRODUCT CODE: 1373908
Occupational health market size was valued at USD 2,063.1 Million in 2022, expanding at a CAGR of 5.1% from 2023 to 2030.
Occupational health is known as the branch of medicine that emphasizes mental and physical health as well as the well-being of employees at the workplace. Occupational health's primary goal is to prevent stress, injuries, and illness to ensure workplace safety. In certain workplaces, staffs are exposed to harmful chemicals and situations that may lead to major disorders such as asthma and cancer. Occupational medicine suggests a systematic strategy to assist in preventing and/or managing such disorders.
Occupational Health Market- Market Dynamics
Implementation of wellness programs and technological advancement is boosting market growth
The occupational health market is witnessing significant growth propelled by numerous factors such as stringent regulatory requirements compel workers to invest in occupational health programs, ensuring workplace compliance, and safety. Additionally, the importance of preventing occupational illnesses and injuries has gained prominence, which reduces downtime and associated costs. Employers have started the implementation of wellness programs and health services as a result of their recognizing the connection between employee productivity and health. Technological advancements have enabled efficient tracking of employee health and safety, utilizing wearable devices, data analytics, and telemedicine. Aging workforces with demographic trends, necessitate tailored occupational health treatments. However, the high cost of diagnosis and lack of skilled professionals are projected to hinder the occupational health market growth.
Occupational Health Market- Key Insights
As per the analysis shared by our research analyst, the global occupational health market is estimated to grow annually at a CAGR of around 5.1% over the forecast period (2023-2030)
The occupational health industry is projected to grow at a significant rate due to the rising focus on improved and safe work-life balance
Based on type segmentation, social & mental wellbeing was predicted to show maximum market share in the year 2022
Based on industry segmentation, government was the leading type in 2022
Factors such as rising awareness of personalized medicines and the increasing prevalence of chronic diseases are fueling the occupational health market growth.
The global occupational health market is segmented on the basis of offering, category, type, industry, and region.
The market is divided into two categories based on type: social & mental wellbeing and physical wellbeing. The social & mental wellbeing segment is accounted to witness the highest market growth. The occupational health market is projected to keep changing with a stronger emphasis on social and mental health well-being. Employers will increasingly use a holistic approach that integrates mental, social, and physical well-being initiatives into their occupational health policies. In line with this, the evolution is driven by the ongoing health crises, remote work considerations, and a growing understanding of the interconnectedness of employee health and productivity.
The market is divided into nine categories based on industry: pharmaceutical, automobile, chemical, government (including federal), engineering, manufacturing, oil & gas, mining, ports, and others. The government segment is likely to possess the largest market share. In the occupational health market government involvement is essential to ensure the enforcement and implementation of occupational health and safety regulations. The segment is attributed to playing a significant role in shaping the market through funding, legislation, and oversight.
Occupational Health Market- Geographical Insights
The occupational health market is geographically extensive and includes North America, Latin America, Europe, Asia Pacific, and the Middle East and Africa. The North American region is likely to grow during the forecast period. The presence of large players in this region and the high adoption of advanced technology are expected to create ample growth opportunities for the market.
Major market trends including health management programs, the growing emphasis on health promotion, and the rising focus on better and safer work-life balance are projected to have a positive influence on market growth and as a result, the market size will grow at a steady rate year-over-year. Standardized occupational health services are needed by global expansion, and environmental issues have grown the requirement for mitigation and monitoring. As healthcare costs increase, employers use these programs to manage spending. Moreover, market players are adopting better strategies such as the acquisition of new customer base, launch of new products, and diversification and expansion of market presence, thus prevailing business opportunities. For instance, in December 2022, WorkCare, Inc., acquired Corporate Health Resources, Inc., to further expand its occupational health outreach to U.S.-based employers, the companies announced. CHR will retain its name and operate as a WorkCare company while conducting business as usual with the same leadership, service delivery model, and team members. Terms of the sale were not disclosed.
For instance, in May 2023, TELUS Health launched Total Mental Health - an innovative solution that offers employees access to a team of care professionals who curate personal care journeys with unlimited mental health counseling, digital tools therapist-led iCBT programs, ongoing tracking and feedback, and assessments.