Press release
Soaring Demand Set to Propel Occupational Medicines Market to $7.17 Billion by 2029
Occupational Medicines Market Size
What Is the Expected CAGR for the Occupational Medicines Market Through 2025?
Recent years have seen a substantial increase in the size of the occupational medicines market. The current prediction is that it will expand from $5.16 billion in 2024 to $5.51 billion in 2025, achieving a compound annual growth rate (CAGR) of 6.8%. Factors such as occupational safety regulations, industrialization, increased understanding of workplace health, the growth of manufacturing industries, and an increase in workplace injuries have all contributed to the growth that was observed in the historical period.
What's the Projected Size of the Global Occupational Medicines Market by 2029?
Significant expansion is projected in the occupational medicines market size over the upcoming years, with estimates forecasting a growth to $7.17 billion by 2029, presenting a compound annual growth rate (CAGR) of 6.8%. The predicted surge during the forecast timeframe is credited to a worldwide emphasis on workers' health, the implementation of preventive healare strategies, the growth of the gig economy, a rise in regulatory focus on occupational health, and the broadening of occupational health services. Key trends expected to dominate this forecast period are the incorporation of telemedicine within occupational health, personalization of occupational health schedules, an increase in wearable health tech at work, an increased focus on mental health support in workplaces, and the application of artificial intelligence in occupational health supervision.
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Top Growth Drivers in the Occupational Medicines Industry: What's Accelerating the Market?
The rise in chronic illnesses among those in employment is anticipated to fuel the growth of the occupational medicines market. Chronic diseases, defined by symptoms that persist for at least a year, necessitate ongoing medical treatment and can limit daily activities. Occupational medicine plays a vital role in managing these long-lasting diseases in a workplace setting, providing distinct healare for job-related issues and working closely with employers, employees, policy-makers, insurers, the broader public health sector and other professionals in the field of occupational safety and health to ensure safer work environments. In relation to this, data from the Australian Institute of Health and Welfare, a governmental body in Australia, revealed in June 2024 that deaths due to chronic conditions accelerated from 459 per 100,000 people in 2021 to 490 per 100,000 people in 2022. Consequently, the surging prevalence of chronic diseases in the labor force is catalyzing the expansion of the occupational medicines market.
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What Trends Will Shape the Occupational Medicines Market Through 2029 and Beyond?
A significant trend emerging in the arena of occupational medicine is the focus on product innovation. Companies leading the industry are consistently developing novel products and solutions to retain their market dominance. A case in point is TELUS Health, a health technology provider hailing from Canada, which in May 2023 rolled out a leading-edge solution called Total Mental Health. This enables employees to keep tabs on their mental health through regular assessments and counseling sessions. Accessible through employees' health coverage provided by their employers, this solution utilizes TELUS Health's impressive technology to offer a unified app for mental health assistance across Canada's counselor network. Among the various benefits incorporated are legal help, guidance, childcare and eldercare options, and financial advice, to help employees surmount personal or work-related hurdles.
What Are the Main 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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Which Top Companies are Driving Growth in the Occupational Medicines Market?
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
Which Regions Will Dominate the Occupational Medicines Market Through 2029?
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
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