Pune, India, July 06, 2023 (GLOBE NEWSWIRE) -- According to Recently Published Report by The Insight Partners, “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 market size is expected to grow from $4.56 billion in 2022 to $5.94 billion by 2030; it is estimated to register a CAGR of 3.4% during 2022–2030.
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Global Occupational Health Market – Report Scope:
| Market Size Value in | USD 4.56 Billion in 2022 |
| Market Size Value by | USD 5.94 Billion by 2030 |
| Growth rate | CAGR of 3.4% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
| No. of Pages | 368 |
| No. of Tables | 361 |
| No. of Charts & Figures | 95 |
| Historical data available | Yes |
| Segments covered | Offering, Category, Employee Type, Site Location, Type, and Industry |
Upsurge in Adoption of Workplace Wellness Programs Drives the Global Occupational Health Market Growth:
Work-induced stress, poor nutrition, and high chemical exposure, among others, have resulted in chronic pulmonary conditions in the workforce. Such illnesses add economic burden due to the loss of productivity caused by high absenteeism and lower efficiency. Workplace wellness programs enable employers’ with access to employees at an age where their active involvement can change their long-term health trajectory. The Patient Protection and Affordable Care Act supports workplace wellness programs with several provisions promoting employee health at workplaces. Workplace wellness programs have been enthusiastically embraced as a potentially cost-effective way to promote health. For the employer, wellness programs can yield a happy, healthy workforce with decreased absenteeism, improved retention, and a thriving company culture. Moreover, the performance of any business is directly proportional to the wellness of its employees. As per the employer health benefits 2020 survey by Kaiser Family Foundation (KFF), most employers, including 53% of small firms (those with 3–200 employees) and 81% of large companies, had wellness programs as of 2020.
According to a RAND Employer Survey report for the US, 50% of employers in the US take initiatives to promote wellness, and larger employers implement top-level wellness programs, which often include health screening regimens, health risk identification plans, and interventions reducing risks and promoting healthy lifestyles. The RAND Employer Survey data also states that employers advise employees about preventive intervention through workplace wellness programs, and 80% of employers offering wellness programs arrange screening programs for their employees to identify existing health risks. Thus, with the growing adoption of these wellness programs, employers can maintain better conditions in the workplace, supporting employee health.
Global Occupational Health Market Analysis: Competitive Landscape and Key Developments
Premise Health Holding Corp, Axa SA, Select Medical Holdings Corp, UL Solutions Inc, Cority Software Inc, Mobile Health Consumer Inc, Sapphire Health Solutions, Medigold Health Consultancy Ltd, Cope Occupational Health Services Ltd, and US Occmed Holdings LLC. are a few of the key companies operating in the occupational health market. The market leaders focus on new product launch, expansion and diversification, and acquisition strategies, which allow them to access prevailing business opportunities.
In August 2021, Premise Health was recognized as a top private company and one of the fastest-growing organizations by the Nashville Business Journal (NBJ). Premise was named to the Top Private Companies list for the sixth year in a row, ranking seventh. Additionally, Premise made its debut on NBJ's Fast 50, which honors the top private companies in Nashville that have had exceptional levels of growth over the past three years based on revenue.
In February 2023, Occucare, a US-based healthcare organization that specializes in occupational health services, announced its entry into Saudi Arabia. The business and Saudi Drilling have teamed together to offer businesses and people in the Kingdom a variety of occupational health services.
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Impact of COVID-19 Pandemic on Global Occupational Health Market Growth:
The need for resilient national occupational safety and health (OSH) systems increased during the COVID-19 pandemic due to the fear of contamination of workplaces with SARS-CoV-2, putting workers, their families, and communities at risk of infection. In addition to the risk of infection, workers in all sectors faced additional problems from new work practices and procedures adopted to limit the spread of the virus. For instance, teleworking led to ergonomic and psychosocial risks. In the face of an unprecedented public health emergency, governments took swift action. For example, Singapore enacted new regulations on teleworking or leaving abroad to protect vulnerable populations. In India, the Ministry of Health and Family Welfare produced and disseminated materials on how to communicate effectively with workers and those suspected or confirmed to have COVID-19. In New Zealand, occupational health professionals helped workers set up ergonomically sound home office environments to support healthy remote working.
Many companies introduced wellness programs to reduce the incidence of health problems and keep their employees productive. The uptake of mental health and wellness programs increased following the onset of the COVID-19 pandemic. As a result, companies incorporated wellness programs to offset the significant emotional, psychological, and physical toll of the COVID-19 pandemic. Therefore, the COVID-19 pandemic encouraged major players in the occupational health market to offer mental health and wellness programs, which would continue to provide opportunities to the market players in the coming years as well.
Global Occupational Health Market: Segmental Overview
The occupational health market is segmented on the basis of offering, category, employee type, site location, type, industry, and geography. The occupational health market, by offering, is segmented into products, solutions, and services. The services segment held the largest market share in 2022, and it is anticipated to register the highest CAGR during the forecast period. The occupational health market, by category, is segmented into physical and environment, chemicals, safety, ergonomics, vaccination and immunization, biological, and others. The physical and environmental segment held the largest market share in 2022. The ergonomics segment is anticipated to register the highest CAGR during the forecast period. The occupational health market, by employee type, is segmented into remote, hybrid, and physical presence. The remote segment held the largest market share in 2022 and is anticipated to register the highest CAGR during the forecast period.
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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 the same segment is anticipated to register the highest CAGR in the market during the forecast period. 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 the social and mental wellbeing segment is anticipated to register a higher CAGR during the forecast period. The occupational health market, by industry, is segmented into 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. The oil & gas segment is anticipated to register the highest CAGR during the forecast period.
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