Press release
Occupational Medicines Market Size Forecasted To Achieve $7.17 Billion By 2029 With Steady Growth
Occupational Medicines Market Size
What Is the Occupational Medicines Market Size and Projected Growth Rate?
In recent times, the occupational medicine market has seen a significant growth in its size. The market, estimated to be worth $5.16 billion in 2024, is predicted to increase to $5.51 billion in 2025, implying a compound annual growth rate (CAGR) of 6.8%. Factors that contributed to the growth observed during the historic period encompass occupational safety rules, industrial expansion, heightened consciousness about health in the workplace, growth in the manufacturing sector, and an escalating quantity of workplace-related injury cases.
Projected to experience substantial expansion in the approaching years, the occupational medicines market is set to reach a worth of $7.17 billion by 2029, with a compound annual growth rate (CAGR) of 6.8%. This projected increase during the forecast period is primarily due to an increased global emphasis on employee health and welfare, the implementation of proactive healthcare practices, the rise of the gig economy, amplified regulatory focus on occupational health, and the broadening of occupational health services. Several emerging trends expected to influence the forecast period include the incorporation of telemedicine in occupational health, the emergence of tailor-made occupational health programs, the increasing use of wearable health devices in the workplace, a heightened focus on providing mental health support in the workplace, and the employment of artificial intelligence in monitoring occupational health.
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What Are the Major Segments in the Occupational Medicines Market?
The occupational medicines market covered in this report is segmented -
1) By Application: Chemical Poisoning, Psychological Disorder, Non-Induced Hearing Loss And Vibration, Skin Disorder, Chronic Respiratory Disease, Pneumoconiosis, Musculoskeletal Disorder, Cancer, Other Applications
2) By Industry: Agriculture And Forestry, Construction, Manufacturing, Petroleum And Mining, Transportation, Other Industries
3) By End-User: Employers, Professionals
Subsegments:
1) By Chemical Poisoning: Acute Chemical Exposure, Chronic Chemical Exposure
2) By Psychological Disorder: Stress And Anxiety, Depression, Work-Related Mental Health Issues
3) By Non-Induced Hearing Loss And Vibration: Noise-Induced Hearing Loss, Vibration-Related Disorders
4) By Skin Disorder: Dermatitis, Eczema, Allergic Reactions
5) By Chronic Respiratory Disease: Asthma, Chronic Obstructive Pulmonary Disease (COPD), Other Respiratory Conditions
6) By Pneumoconiosis: Asbestosis, Silicosis, Coal Workers Pneumoconiosis
7) By Musculoskeletal Disorder: Repetitive Strain Injuries, Back Pain, Joint Disorders
8) By Cancer: Occupational Carcinogens, Specific Cancer Types Related To Occupation
9) By Other Applications: Infectious Diseases, Fatigue And Sleep Disorders
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What Are The Driving Occupational Medicines Market Evolution?
The occupational medicines market is projected to experience significant growth due to the rampant increase of chronic diseases across the working population. A chronic disease, characterized by enduring symptoms that last at least a year, calls for continuous medical attention and may limit day-to-day activities. Occupational medicine plays a crucial role in managing such diseases at the workplace by providing specialized medical services to address job-related issues. It entails cooperation with employers, employees, regulators, insurers, the public health sector, along with other specialists in occupational safety and health, to enhance workplace safety. As per the Australian Institute of Health and Welfare, a government entity in Australia, deaths due to chronic conditions saw a notable rise - up from 459 deaths per 100,000 people in 2021 to 490 deaths per 100,000 people in 2022. As a result of this escalating prevalence of chronic diseases within the workforce, the occupational medicines market is witnessing substantial growth.
Which Firms Dominate The Occupational Medicines Market Segments?
Major companies operating in the occupational medicines market include Johnson & Johnson, Pfizer Inc., Novartis AG, GlaxoSmithKline plc, Sanofi S.A., AstraZeneca PLC, Bayer AG, Merck & Co. Inc., Boehringer Ingelheim GmbH, F. Hoffmann-La Roche Ltd, Takeda Pharmaceutical Company Limited, Teva Pharmaceutical Industries Ltd., AbbVie Inc., Eli Lilly and Company, Bristol-Myers Squibb Company, Amgen Inc., Gilead Sciences Inc., Daiichi Sankyo Company, Limited, Biogen Inc., UCB S.A., Grifols S.A., Lundbeck A/S, Allergan plc, Astellas Pharma Inc., Hikma Pharmaceuticals PLC, Fresenius SE & Co. KGaA, Sun Pharmaceutical Industries Ltd., Cipla Inc., Mallinckrodt Pharmaceuticals
What Trends Are Expected to Dominate the Occupational Medicines Market in the Next 5 Years?
The emergence of product innovations is a primary trend gaining traction in the field of occupational medicine. To maintain their market positions, major companies are focusing on the development of innovative products and solutions. To illustrate, TELUS Health, a health technology services provider based in Canada, introduced an innovative solution titled Total Mental Health for employees to supervise their mental health via evaluations and counseling, in May 2023. Available to employees through health plans provided by their employers, this solution employs TELUS Health's advanced technology to offer a single mental health support app accessible throughout Canada's counseling network. It also comes with several welfare features such as legal support, recommendations, child and elder care options, and financial counseling, to aid employees in overcoming personal or professional obstacles.
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Which Is The Largest Region In The Occupational Medicines Market?
North America was the largest region in the occupational medicines market in 2024. 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
Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Occupational Medicines Market?
2. What is the CAGR expected in the Occupational Medicines Market?
3. What Are the Key Innovations Transforming the Occupational Medicines Industry?
4. Which Region Is Leading the Occupational Medicines Market?
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