The Occupational Medicines Market is expected to register a CAGR of 6.25% during the forecast period 2022-2030.
Market Overview
Occupational medicine is the branch of clinical medicine that deals with the treatment of illnesses and injuries caused by the workplace. Certain working conditions, like being around chemicals that cause cancer or asbestos, can lead to diseases like asthma and cancer. Occupational medicine is used to prevent or treat these diseases and conditions.The global occupational medicine market is growing because people are becoming more aware of occupational health. Also, a favorable regulatory environment and a rapidly aging workforce are the main things that are driving the growth of the market. Small players, changes in the structure of the industry, and the increasing use of artificial intelligence (AI) and automation in the industry are some of the things that are slowing the growth of the market. On the contrary, the fact that there are untapped markets in developing countries is expected to open up new opportunities for big players.
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Segment Analysis
According to type, the global occupational health market is divided into hearing loss caused by noise, work-related stress, asbestosis, disorders caused by chemicals and vibrations, and others. In 2021, the segment for hearing loss caused by noise had the largest market share. The National Institute for Occupational Safety and Health (NIOSH) says that workers shouldn’t be around noises louder than 85 decibels (dB) for 8 hours straight. Also, the US Bureau of Labor Statistics said that more than 20,000 people lose their hearing every year across the country.
Work-related stress is expected to have the highest CAGR over the forecast period. This is because poor work design (lack of control over processes) and unsatisfactory working conditions are to blame. According to the World Health Organization (WHO), poor management at work and a lack of support from coworkers and supervisors can cause stress in workers. According to a report from the American Institute of Stress, 83% of US workers suffer from work-related anxiety, which costs businesses almost US$300 billion each year. In Great Britain, between 2020 and 2021, an estimated 8,22,000 workers were affected by stress, depression, and anxiety at work.
Based on interventions, the global Occupational Medicine market is segmented into:
- Work Induced Stress
- Asbestosis
- Hearing loss due to noise
- Work-related backache
- Disorders caused due to chemicals and vibrations
Based on the specialities, the Occupational Medicine market is segmented into:
- Aviation medicine
- Disability evaluation medicine
- Occupational dermatology
- Radiation
- Respiratory
- Sports medicine
- Travel medicine
Based on the end user, Occupational Medicine market is segmented into the following:
- Employers
- Professionals
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Recent Development
- In November 2021, Premise Health, which is an OMERS portfolio company, teamed up with Humana Inc., which is the parent company of Concentra, to offer high-quality care to its employees at multiple wellness centers.
- Concentra bought Irwindale Industrial Clinic in September 2021 so that it could provide care for work-related injuries, physical therapy, and other employer-related health services at Concentra Irwindale Arrow Highway.
- In March 2021, the American Heart Association (AHA) and the American Medical Association (AMA) gave Holzer Health System national recognition for the company’s efforts to lower blood pressure (BP) control rates among the patients they served.
- In May 2021, Occucare International expanded its business by opening a new clinic in Chimney Rock.
Regional Analysis
Geographically, the global occupational health market is split into North America, Europe, Asia Pacific (APAC), South and Central America (SCAM), and the Middle East and Africa (MEA) (MEA).North America had the biggest share of the market in 2021, and this is expected to stay true until 2028. The growth of the regional occupational health market is due to things like workers and employers becoming more aware, the number of older people at work going up, the rise of large healthcare businesses, and exposure to chemicals and a dangerous work environment.After North America, Europe is the leader in the occupational health market. The large and impressive growth of the market is fueled by a working population that is aware of the effects of their work environment and diseases and disorders like musculoskeletal disorders, high blood pressure, chronic bronchitis, and cancer.During the forecast period, it is thought that Asia Pacific will grow at the fastest rate. Due to the region’s rapid growth, the number of deaths caused by work-related diseases, stress at work, and awareness of occupational health are all on the rise. APAC is the biggest market for occupational health because it has the most people working. According to a report from the International Labor Organization (ILO) for 2020, there were about 1.83 billion working professionals in the region.
Regional Occupational Medicines Market coverage (Regional Status, Demand Forecast, Country Trends, etc.):
- North America, Europe, China, Japan, Southeast Asia, India.
- North America (USA, Canada, and Mexico).
- Europe (Germany, France, UK, Russia and, Italy).
Asia-Pacific (China, Japan, Korea, India and, Southeast Asia).
Key segments covered in Occupational Medicines Market include:
- Occupational Medicines Market Growth Drivers and Barriers.
- Market Trends, Market Opportunities, Porter’s Five Forces Analysis.
- Market Overview, Industry Development, Market Maturity, Value Chain Analysis.
- Regional and Country Level Analysis.
- Trends and Forecasts for Market Segments.
- Market Analysis and Various Recommendations.
- Key market forces.
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Key Market Participants in the Occupational Medicines Market:
Amgen, AstraZeneca PLC, Bristol-Myers Squibb Company, Eli Lilly and Company, F. Hoffmann-La Roche Ltd, Johnson & Johnson, and others.
Recent Development
In November 2021, Premise Health, which is an OMERS portfolio company, teamed up with Humana Inc., which is the parent company of Concentra, to offer high-quality care to its employees at multiple wellness centers.
Concentra bought Irwindale Industrial Clinic in September 2021 so that it could provide care for work-related injuries, physical therapy, and other employer-related health services at Concentra Irwindale Arrow Highway.
In March 2021, the American Heart Association (AHA) and the American Medical Association (AMA) gave Holzer Health System national recognition for the company’s efforts to lower blood pressure (BP) control rates among the patients they served.
In May 2021, Occucare International expanded its business by opening a new clinic in Chimney Rock.
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