Dublin, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The "Occupational Health Global Market Report 2023" report has been added to ResearchAndMarkets.com's offering.
The global occupational health market continues to gain traction with projections pointing to a market valuation of $6.18 billion by 2027, according to a comprehensive research report now made available. The market, which stood at $5.16 billion in 2022, is forecasted to grow at a steady compound annual growth rate (CAGR) of 3.4% from 2023 to 2027.
This surge is attributed to several factors, including the rise in work-induced stress and an upswing in cases of occupational diseases. North America remains at the forefront as the largest region in the occupational health space, with significant activity also reported in markets across Asia-Pacific, Western Europe, and other regions.
Technological Innovations Drive Market Growth
As the demand for occupational health services increases, market leaders are strategically introducing technological innovations to address current trends. A recent breakthrough came in May 2023, with Telus Health's launch of Total Mental Health, a groundbreaking solution that offers comprehensive mental health services for employees.
The acquisition of Corporate Health Resources Inc. by WorkCare Inc. in December 2021 is another notable development, set to enhance occupational health services across the United States.
Occupational Diseases Propel Market Expansion
Rising incidents of workplace-related illnesses are significantly contributing to the expansion of the occupational health sector. Surveys and statistical data point to an increased prevalence of work-related stress and injuries, underscoring the growing need for occupational health services.
- Work-Related Stress: An American Psychology Association survey revealed 59% of U.S. employees suffered from stress caused by work in 2021.
- Injury Rates: Data from the US Bureau of Labor Statistics showed a rise in reported work-related injuries in 2021, highlighting the importance of effective occupational health services.
Entities offering occupational health services are essential in promoting employee well-being by preventing, managing, and treating workplace health issues. The market encompasses a diverse range of services, including injury care, physical examinations, workplace drug screenings, and telemedicine. These provisions are crucial in fostering safer and healthier work environments.
Major Market Players
The occupational health market is comprised of major players like Microsoft Corporation, Cigna European (UK) Services Ltd., and Johnson & Johnson, alongside numerous specialized service providers. Collectively, these companies are pioneering efforts to enhance workforce health through innovative and effective health solutions.
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 175 |
| Forecast Period | 2023 - 2027 |
| Estimated Market Value (USD) in 2023 | $5.4 billion |
| Forecasted Market Value (USD) by 2027 | $6.18 billion |
| Compound Annual Growth Rate | 3.4% |
| Regions Covered | Global |
A selection of companies mentioned in this report includes
- 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
For more information about this report visit https://www.researchandmarkets.com/r/3gg9mm
About ResearchAndMarkets.com
ResearchAndMarkets.com is the world's leading source for international market research reports and market data. We provide you with the latest data on international and regional markets, key industries, the top companies, new products and the latest trends.
Attachment
