PUBLISHER: The Business Research Company | PRODUCT CODE: 1428400
PUBLISHER: The Business Research Company | PRODUCT CODE: 1428400
Occupational medicine pertains to a field of medicine that addresses the health and well-being of employees within the context of their work environment. Its focus lies in the prevention, diagnosis, treatment, and management of injuries, illnesses, and health hazards related to work.
Occupational medicine encompasses various applications, including chemical poisoning, psychological disorders, non-induced hearing loss, vibration, skin disorders, chronic respiratory disease, pneumoconiosis, musculoskeletal disorders, cancer, and other health issues. Chemical poisoning, also referred to as chemical toxicity or intoxication, occurs when an individual is exposed to a harmful chemical substance in quantities sufficient to induce adverse health effects. This is prevalent in diverse industries such as agriculture, forestry, construction, manufacturing, petroleum and mining, transportation, and others. The primary end-users involved in this field are employers and professionals.
The occupational medicines market research report is one of a series of new reports from The Business Research Company that provides occupational medicines market statistics, including occupational medicines industry global market size, regional shares, competitors with a occupational medicines market share, detailed occupational medicines market segments, market trends and opportunities, and any further data you may need to thrive in the occupational medicines industry. This occupational medicines market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The occupational medicines market size has grown strongly in recent years. It will grow from $4.86 billion in 2023 to $5.22 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth observed during the historical period can be ascribed to occupational safety regulations, industrialization, heightened awareness of workplace health, the expansion of manufacturing industries, and an increase in the number of workplace injuries.
The occupational medicines market size is expected to see strong growth in the next few years. It will grow to $6.69 billion in 2028 at a compound annual growth rate (CAGR) of 6.4%. The anticipated growth in the forecast period can be linked to the global emphasis on employee well-being, the adoption of preventive healthcare measures, the expansion of the gig economy, a growing regulatory focus on occupational health, and the increased scope of occupational health services. Key trends expected in the forecast period involve the integration of telemedicine in occupational health, the implementation of personalized occupational health programs, the ascent of wearable health technology in the workplace, a heightened emphasis on mental health support at work, and the utilization of artificial intelligence in monitoring occupational health.
The occupational medicines market is anticipated to experience growth due to the increasing prevalence of chronic diseases among the working population. Chronic diseases, characterized by long-lasting symptoms lasting for at least a year, necessitate ongoing medical care and can limit daily activities. Occupational medicine plays a crucial role in managing chronic diseases in the workplace, offering specialized medical care for job-related issues. It collaborates with various stakeholders, including employers, workers, regulators, insurers, the public health sector, and occupational safety and health experts to enhance workplace safety. In January 2023, the National Institutes of Health (NIH) reported a projected 99.5% increase in adults aged 50 years and older with at least one chronic disease in the United States from 2020 to 2035. Additionally, multimorbidity is expected to surge by 110.5% from 2020 to 2050, emphasizing the growing health challenges faced by the working population. Therefore, the rising prevalence of chronic diseases is a key driver of the occupational medicines market.
The growth of the occupational medicines market is further fueled by the increasing geriatric population. The geriatric population, typically aged 65 and older, has specific healthcare needs associated with aging. Occupational medicine plays a vital role in addressing and managing age-related health issues, promoting functional independence, and contributing to the overall health and longevity of elderly individuals. In May 2021, The Administration for Community Living (ACL) reported a 36% increase in the population aged 65 and older in the United States, rising from 39.6 million in 2009 to 54.1 million in 2019. Projections indicate that this demographic will reach 94.7 million by 2060, surpassing 80.8 million by 2040. This demographic shift is a significant factor driving the growth of the occupational medicines market.
Product innovations are emerging as a key trend in the occupational medicine market, with major companies focusing on creating innovative products and solutions to maintain market competitiveness. For example, in May 2023, TELUS Health launched Total Mental Health, an innovative solution allowing employees to monitor their mental health through assessments and counseling. This solution, accessible through employer health plans, utilizes cutting-edge technology to provide comprehensive mental health support across Canada's counselor network. It also includes various well-being components such as legal assistance, dietary advice, child and elder care options, and financial counseling. Such innovations contribute to the growth of the occupational medicines market by addressing personal and professional challenges faced by employees.
Major companies in the occupational medicines market are strategically launching products such as occupational medicine to employers, integrating it into overall employee health strategies. In December 2023, Crossover Health introduced a new Occupational Medicine offering to complement its existing Primary Health service. This offering features an integrated and comprehensive care model, combining Occupational Medicine with Primary Care, Physical Medicine, Mental Health, and Health Coaching. This holistic approach, coupled with customizable care, proactive member engagement, and nationwide availability, addresses employer needs, enhances clinical outcomes, and improves overall worker well-being and productivity.
In April 2023, Agile Occupational Medicine strengthened its commitment to supporting the agriculture industry and expanded its footprint in northern California through the acquisition of WorkWell Medical Group clinics. The acquisition, made for an undisclosed amount, positions Agile as a comprehensive provider of occupational and urgent care-related health services. This strategic move further solidifies Agile's presence in the occupational medicine market, contributing to complete coverage and support for the agriculture industry.
Major companies operating in the occupational medicines market report are Pfizer Inc., Johnson & Johnson, F. Hoffmann-La Roche Ltd, C-HCA Inc, Merck & Co. Inc., AbbVie Inc., Novartis AG, Bristol-Myers Squibb Company, AstraZeneca PLC, Eli Lilly and Company, Amgen Inc., GlaxoSmithKline PLC, Sanofi SA, Nestl S.A. (Galderma S.A.), Summit Occupational Medicine, Concentra Inc., Premise Health, CareSpot Express Healthcare, Nova Medical, MedExpress, NextCare Holdings Inc., Holzer Health System, WorkCare Inc., HealthWorks Medical LLC, eScreen, Proactive Occupational Medicine Inc., Marathon Health, Healthcare Success LLC, Occucare International, Workwell Occupational Medicine LLC.
North America was the largest region in the occupational medicines market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the occupational medicines market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the occupational medicines market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The occupational medicine market includes revenues earned by entities by providing occupational health assessments, occupational injury and illness management, and occupational hazard identification and control. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
Occupational Medicines Global Market Report 2024 from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on occupational medicines market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for occupational medicines ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? The occupational medicines market global report from the Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of covid 19 on supply chains and consumption patterns.