Market Research Report
Global Occupational Medicines Market - 2022-2029
|Global Occupational Medicines Market - 2022-2029|
Published: July 31, 2022
Content info: 200 Pages
Delivery time: 2 business days
Occupational medicines market size was worth US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of 5.4 % during the forecast period (2022-2029).
Occupational medicine is also known as occupational health. It is the branch of medicine that deals with the prevention and treatment of work-related injuries and illnesses. Physicians are specially trained in occupational medicine and can diagnose and treat work-related injuries more effectively than other primary care physicians.
Occupational medicines market growth is driven by the ability to reduce the burden of healthcare expenditure and increase productivity, surge in awareness, favorable regulatory environment and increasing awareness programs organized by governments and increasing chronic diseases among working population.
Increasing awareness programs organized by governments and increasing chronic diseases among working population is expected to hold the largest share in this market segment
The governments are paying a significant attention towards occupational health across the world. New laws and policies have been framed or some existing policies have been renewed to in accordance with the health level of all workers. For instance, in September 2020, the Indian government passed occupational health and safety act in India to consolidate and amend the laws regulating the occupational safety, health. This act will also amend the working conditions of the persons employed in an establishment and for matters connected. These government activities are focused on creating awareness among working groups regarding occupational health and safety, hence, driving the growth of the studied market.
Increasing adaptation of artificial intelligence (AI) and automation across industries is expected hamper the market growth
The increasing adoption of AI has been a new growth driver for semiconductor chipset manufacturers in recent years. GPU/CPU manufacturers, such as Nvidia, AMD, Intel, Qualcomm, Huawei, and Samsung, have significantly invested in this field for the development of chipsets that are compatible with AI-based technologies and solutions. Apart from CPUs and GPUs, application-specific integrated circuits (ASICs) and field-programmable gate arrays (FPGAs) are being developed for AI applications. For instance, Google has built a new ASIC called tensor processing unit (TPU).
COVID-19 Impact Analysis
While the sudden outbreak of the COVID-19 pandemic has impacted most of the business sectors negatively. The strict lockdowns and shutdowns across global industry sectors have led to reduced occupational injuries and fatalities. The manufacturing and production industries and construction sites remained closed following strict regulations. This led to fewer fatalities and occupational injuries. Hence, impacted the market negatively. However, the effect of the pandemic on the psychology of the working population had a drastic impact. The other health conditions such as work-related backache and stress have increased. These work-related illnesses increased by the time pandemic was at its peak. Hence, driving the growth of the studied market.
The respiratory diseases segment is expected to hold the largest share in this market segment
The respiratory diseases by application segment is expected to grow over the forecast period among other segments. An increasing number of respiratory illnesses such as chronic obstructive pulmonary disease (COPD), asthma, and silicosis globally are poised to drive the growth of the studied segment.
Work-related respiratory diseases are several illnesses that are caused by breathing in hazardous substances that damage the lungs such as dust, fumes, and gases. The occupational lung disease has been adding to the respiratory distress. People who work in drug manufacturing, and antibiotics manufacturing factories complain about breathing issues and work-related asthma is more prevalent among this target population. In an article published in September 2021, titled "Dealing with Respiratory Hazards in A Pharmaceutical Workplace" it is mentioned that even though the pharmaceutical factories are generally clean and well-maintained workspaces, the air contamination through chemical hazards or pharmaceutical ingredients has been a significant occupational health and safety (OHS) issue within the pharma industry. This sometimes leads to acute (short-term) or chronic (long-term) respiratory effects among the workers. Hence, with the increasing drug development and manufacturing, the risk of occupational respiratory diseases is increasing. Hence, it is anticipated to drive the growth of the segment over the forecast period.
Furthermore, in 2019, an estimated 174 new cases of occupational asthma were reported by doctors who participated in the SWORD (Surveillance of Work-Related & Occupational Respiratory Diseases) scheme within the Health and Occupation Reporting (THOR) network, United Kingdom. Additionally, as per United States Bureau of Labor Statistics data updated in November 2021, Employer-reported respiratory illnesses increased nearly 4,000 percent in 2020 in United States, which was estimated that, employer-reported respiratory illness cases in 2020 increased to 428,700, which increased from 10,800 in 2019. Therefore, work-related respiratory diseases segment is anticipated to grow over the forecast period globally.
North America region holds the largest market share of global occupational medicines market
North America is expected to dominate the occupational medicines market over the forecast period. An increasing number of research and development (R&D) activities and investments in the sector, new product launches, and increasing chronic diseases are major factors attributed to the growth of the market in the region.
In the year 2019, the R&D expenditure by biopharmaceutical companies was around USD 79.6 billion in the United States. Most pharmaceutical companies spent about one-quarter of their revenues on average on R&D expenses, which was nearly twice as large a share of revenues as they spent in 2000, as per the Congressional Budget Office report in April 2021. These healthcare expenditures in the country are expected to have a significant positive effect on occupational health and is anticipated to boost the growth of the studied market in the country.
In addition, in annual data provided by the United States Bureau of Labor Statistics for Employer-Reported Workplace Injuries and Illnesses, in 2020, Sprains, strains, and tears leading to tendonitis were 266,530, where 1,380 tendonitis patients were there in the United States. This number of workspace related injuries is anticipated to drive growth of the studied market over the forecast period in the country.
The global occupational medicines market is moderately competitive with presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Amgen Inc., AstraZeneca, Bristol-Myers Squibb Company, Eli Lilly and Company, F. Hoffmann-La Roche Ltd. Johnson & Johnson, Nestle (Galderma), Novartis AG, Pfizer Inc., Sanofi and Abbott Laboratories, among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the Occupational Medicines globally. For instance, in May 2021, Amazon launched an employee health and safety program with an investment of more than USD 300 million to prevent workplace injuries and provide wellness services to its employees.
Overview: Amgen was incorporated in 1980. The company is engaged in the research, development, and manufacturing of pharmaceutical products. Amgen is one of the world's leading biotechnology companies. The company offers a wide range of products for the treatment of central nervous system, neurosciences, ophthalmology, medical aesthetics, plastic surgery, dermatology, liver disease, inflammation, metabolic syndromes, and fibrosis.
Product Portfolio: It includes products like Aimovig, Aranesp, Blincyto etc.
The global occupational medicines market report would provide an access to an approx. 58 market data table, 52 figures and 200 pages.
LIST NOT EXHAUSTIVE