Occupational Health Market Forecast to 2030 - COVID-19 Impact and Global Analysis by Offering (Product, Solution, and Service), Category (Safety, Chemicals, Biological, Physical & Environmental, Ergonomics, Vaccination & immunizations, and Others), Employ

Occupational Health Market Forecast to 2030 - COVID-19 Impact and Global Analysis by Offering (Product, Solution, and Service), Category (Safety, Chemicals, Biological, Physical & Environmental, Ergonomics, Vaccination & immunizations, and Others), Employee Type (Remote, Hybrid, and Physical Presence), Site Location (On-Site, Off-Site, and Shared-Site), Type (Physical Wellbeing and Social & Mental Wellbeing), and Industry [Automobile, Chemical, Engineering, Government (including Federal), Manufacturing, Mining, Oil & Gas, Pharmaceutical, Ports, and Others]

The occupational health market was valued at US$ 4,565.46 million in 2022 and is expected to reach US$ 5,943.40 million by 2030; it is estimated to record a CAGR of 3.4% from 2022 to 2030.

The high focus on employer-sponsored medical health coverage and an upsurge in the adoption of workplace wellness programs are driving the occupational health market development. However, the health-associated risks at workplaces hamper the occupational health market growth.

Implementation of Workplace Health Models Creates Opportunity for Growth of Occupational Health Market

According to the CDC, workplace health models are important for promoting physically & mentally healthy and protected work culture and rolling out disease prevention programs. In the US, people working full-time spend more than one-third of the day, five days per week, in their workplaces. Through an effective workplace health model, employers intending to offer safe and hazard-free workplaces would adopt different ways to promote individual’s health by fostering a healthy environment for more than 159 million workers in the US. Additionally, the effective implementation of workplace health models reduces health risks by improving workers' quality of life. Also, maintaining a healthier workforce lowers direct costs such as amounts spent on insurance coverage and compensation claims. In Europe, the European Network for Workplace Health Promotion runs the Workplace Health Model. As a result, 72% of employers have been implementing workplace health programs focusing on physical activity, nutrition, and stress reduction. A full-time worker works 37.1 hours a week in the European Union. According to statistics, employees in Belgium worked an average of 39.1 hours per week, compared to 52.8 hours for self-employed people. Thus, full-time workers spend a considerable time at their workplaces. Hence, there is a need for workplace health models to reach different population classes that are not involved in public health promotion programs, campaigns, and messages.

Health-Associated Risks at Workplaces Hamper Growth of Occupational Health Market

According to the World Health Organization (WHO) report, economically active people spend about one-third of their time in their workplaces. Therefore, employment and working conditions have a powerful effect on health equity. Health-associated risks at workplaces—such as heat, noise, dust, chemicals, unsafe machines, and psychological stress—can aggravate health problems. Additionally, employees working under stress or in precarious employment conditions are likely to develop habits such as cigarette smoking and adopt unhealthy diets, further leading to a sedentary lifestyle. Moreover, chronic respiratory diseases, musculoskeletal disorders, noise-induced hearing loss, and skin-related problems are the most common occupational diseases. A report by the Centers for Disease Control and Prevention (CDC) states that preventable chronic conditions significantly contribute to the costs of health insurance premiums and employee medical claims. These claims are high and will continue to rise in the future. Angina pectoris (chest pain), hypertension, diabetes, and heart attack, which are mainly ascribed to increasing work stress, are among the 10 most expensive health conditions for employers worldwide; these are also major occupational health risks, ranking above physical inactivity and obesity. Chronic health conditions and unhealthy behaviors further reduce workers’ productivity. For instance, chronic disease risk factors such as high blood pressure, diabetes, smoking, physical inactivity, and obesity, resulting in employee absenteeism, cost employers ~US$ 36.4 billion annually in the US.

Furthermore, work-induced stress claims far more lives and costs excessively to the companies, yet the US has made little effort to mitigate the associated risks. For example, exposure to workplace stressors involving long hours, shift work, insufficient job control, and excessive job demands have caused unhealthy individual behaviors. Annually US$ 190 billion is spent on healthcare, accounting for 8% of the annual healthcare cost of the country. Thus, the high incidence of health-associated risks in the professional environment limits the occupational health market.

Offerings-Based Insights

The occupational health market, by offerings, is segmented into product, solutions such as data management, and services. The services segment held the largest market share in 2022 and same segment is anticipated to register the highest CAGR during the forecast period.

Category-Based Insights

The occupational health market, by category, is segment into physical and environment, chemicals, safety, ergonomic, vaccination and immunizations, biological, and others. The physical and environment segment held a larger market share in 2022 and ergonomic segment is anticipated to register a higher CAGR during the forecast period.

Employee Type-Based Insights

The occupational health market, by employee type, is segmented into remote, hybrid, and physical presence. The remote segment held a larger market share in 2022 and is anticipated to register a higher CAGR during the forecast period.

Site Location-Based Insights

The occupational health market, by site location, is segmented into on-site, off-site, and shared site. The off-site segment held the largest share of the market in 2022 and same segment is anticipated to register the highest CAGR in the market during the forecast period.

Type-Based Insights

The occupational health market, by type, is bifurcated into physical wellbeing, and social and mental wellbeing. The physical wellbeing segment held a larger market share in 2022, and social and mental wellbeing segment is anticipated to register a higher CAGR during the forecast period.

Industries-Based Insights

The occupational health market, by industries, is segmented automobile, chemical, engineering, government, manufacturing, mining, oil and gas, pharmaceutical, ports, and others. The government segment held the largest share of the market in 2022 and oil & gas is anticipated to register the highest CAGR in the market during the forecast period.

A few of the major primary and secondary sources referred to while preparing the report on the occupational health market are the World Health Organization (WHO), Centers for Disease Control and Prevention (CDC), National Home Infusion Association (NHIA), International Diabetes Federation (IDF), International Agency for Research on Cancer (IARC), and National Cancer Registry (NCR).

Reasons to Buy

Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the occupational health market.
Highlights key business priorities in order to assist companies to realign their business strategies.
The key findings and recommendations highlight crucial progressive industry trends in the global occupational health market, thereby allowing players across the value chain to develop effective long-term strategies.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth global market trends and outlook coupled with the factors driving the occupational health market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin security interest with respect to client products, segmentation, pricing, and distribution