Occupational Health Market Competitive And Growth Analysis 2024 | Microsoft Corporation, Cigna European (UK) Services Ltd., Johnson & Johnson

"The occupational health market size has grown steadily in recent years. It will grow from $5.4 billion in 2023 to $5.61 billion in 2024 at a compound annual growth rate (CAGR) of 4.0%. The growth in the historic period can be attributed to government regulations, worker advocacy movements, occupational health research, occupational disease awareness, workplace injury reduction programs.

The occupational health market size is expected to see steady growth in the next few years. It will grow to $6.46 billion in 2028 at a compound annual growth rate (CAGR) of 3.6%. The growth in the forecast period can be attributed to remote work adaptation, mental health support, aging workforce considerations, ergonomics and workspace design, artificial intelligence in health monitoring. Major trends in the forecast period include telehealth and virtual care, hybrid health programs, health risk assessments, health monitoring wearables, flexible working arrangements.

Market Overview -
Occupational health is a field of study and practice concerned with promoting and maintaining workplace health, safety, and well-being. It prevents work-related injuries, illnesses, and accidents by identifying and managing workplace hazards.

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Occupational Health Market Experiences Growth Due To An Increase In Work-Related Challenges
The rising cases of diseases and disorders associated with work are expected to propel the growth of the occupational health market going forward. Work-related diseases refer to health conditions caused by or exacerbated by factors present in the work environment. Occupational health services help tackle such situations as they work to improve employees' health by promoting and maintaining the highest degree of mental, physical, and social well-being for individuals in all occupations. For instance, in October 2021, according to a survey of 1,500 US employees conducted by the American Psychology Association, a US-based professional organization of psychologists, approximately 59% of the respondents were experiencing work-related stress in 2021. Furthermore, in November 2022, according to the US Bureau of Labor Statistics, a US-based principal fact-finding agency of the US government, the total rate of injuries increased in 2021 to 2.3 cases per 100 full-time equivalent workers, up from 2.2 cases in 2020. Real-reported injuries in 2021 increased by 6.3% (2.2 million cases) compared to 2020 (2.1 million cases). Therefore, the rising cases of diseases and disorders related to work are driving the occupational health market forward.

Competitive Landscape -
Major companies operating in the occupational health market report are Microsoft Corporation, Cigna European (UK) Services Ltd., Johnson & Johnson, Novartis AG, Amgen Inc., Maximus Inc., Concentra Health Services Inc., Nova Medical Centers, Holzer Health System Inc., Habit Health, BHSF Occupational Health Ltd., Dialogue Technologies Inc., Grand Rounds, Examinetics Inc., Occucare International LLC, BaySport Inc., Colden Corporation, Everwell Occupational Health Ltd., Marathon Health, Alyfe Group, Optima Health Ltd., Premise Health Holding Corp., MBI Industrial Medicine Inc., Healthwork Ltd., Total Occupational Medicine, WellTrail Inc., Unity Wellness Group, Ethos ESG.

Embracing Technology For Enhanced Services
Technological innovations are a key trend gaining popularity in the occupational health market. Major companies in the occupational health market are introducing technologically innovative products to sustain their position in the market. For instance, in May 2023, Telus Health, a Canada-based health technology solutions provider, launched Total Mental Health, an innovative solution for employees to monitor their mental health through assessments and counseling. Its employee benefits include immediate support, complete counseling services, personalized care journeys, and payment flexibility.

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Key Segments -
The occupational health market covered in this report is segmented -
1) By Type: Work Induced Stress, Asbestosis, Hearing Loss Due to Noise, Work-Related Backache, Disorders Caused Due to Chemicals and Vibrations, Other Types
2) By Downstream Industry: Employers, Professionals
3) By End User: Public Sector, Private Sector

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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