Occupational Health Market to Garner reach USD 5,493.39 million, Globally, by 2028 at 3.2% CAGR: The Insight Partners

The occupational health market is projected to reach US$ 5,493.39 million by 2028 from US$ 4,405.13 million in 2021; it is expected to grow at a CAGR of 3.2% from 2021 to 2028.

The report highlights the key factors driving the market and prominent players with their developments in the market. Factors such as the rising number of occupational diseases and disorders, and favorable regulatory environment toward occupational health market growth. However, the lack of skilled professionals and inaccessibility of trade secrets hamper the market growth.

Occupational health is a branch of medicine that emphasizes on physical and mental health along with wellbeing of employees at the workplace. The ultimate aim of occupational health is to prevent work related illness, stress, injuries to ensure safety at workplace. Certain work environments lead to an exposure to harmful chemicals, and surroundings that may lead to serious disorders like cancers, asthma etc. Occupational medicine implies a systematic approach to help prevent and or manage such disorders.

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Market Insights
Rising Number of Diseases and Disorders Associated with Occupational Health to Drive Occupational Health Market
Extremely demanding work environments are rising across the world, affecting the lives of many workers. A few common causes of work-induced stress consist of long working hours, heavy workload, job insecurity, and the work environment comprising chemical-related processes. The presence of stressed workers results in degrowth of organizations in terms of costly insurance premiums, reduced innovation, negative employer brand, increased absenteeism, and low worker productivity. As per International Labor Organization (ILOSTAT), in December 2021, the labor productivity of France was $57.9 which was dropped by 6.98 % in December 2020. The declining productivity rates in most countries have become a concern for employers.

The increasing absenteeism rate and costs of human resource management impact the economy. The rising absenteeism rates in all sectors become a concern for employers and the governments as it can lead to a global and persistent productivity slowdown. According to Statistics Netherlands CBS, in 2019, employees in the health care sector had the highest absenteeism rate of 5.7%. The absenteeism rate of workers at water and waste management companies was 5.7%, which was the second highest. On digging the roots of sickness absenteeism, in 2018, Netherlands CBS reported that 44.1% of employees suffered from respiratory problems, such as cold and flu; 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. Due to these factors, there is a rising demand for occupational health services to reduce absenteeism rates and improve productivity, which drives the growth of the occupational health market.

COVID-19 first began in Wuhan (China) during December 2019 and since then it has spread at a fast pace across the globe. The US, India, Brazil, Russia, France, the UK, Turkey, Italy, and Spain are some of the worst affected countries in terms confirmed cases and reported deaths. The COVID-19 has been affecting economies and industries in various countries due to lockdowns, travel bans, and business shutdowns.

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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 leading companies operating in the occupational health market.

The occupational health market, by type, is segmented into work-induced stress, asbestosis, hearing loss due to noise, disorders caused due to chemicals and vibrations, and others. In 2021, the hearing loss due to noise segment accounted for the largest share of the market. This segment is likely to maintain its dominance in terms of revenue share during the forecast period. However, the work-induced stress segment is expected to register the highest CAGR during the forecast period.

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