Dublin, Aug. 07, 2023 (GLOBE NEWSWIRE) -- The "US Occupational Health Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Offerings, Category, Employee Type, Site Location, and Type" report has been added to ResearchAndMarkets.com's offering.
Projected to expand significantly, the US occupational health market is anticipated to experience substantial growth from US$ 1.187 billion in 2022 to US$ 1.496 billion by 2028, representing a robust CAGR of 3.9% during the forecast period from 2022 to 2028.
This growth can be attributed to the heightened emphasis on employer-sponsored medical health coverage and the increasing adoption of workplace wellness programs. Nonetheless, the market faces challenges posed by health-related risks in the workplace that could impede its growth trajectory.
According to the CDC, workplace health models are an important stage in promoting physically and mentally healthy and protected work culture and rolling out disease prevention programs. For example, in the US, people working full time spend on average more than one-third of the day, five days per week, at their workplaces.
Through an effective workplace health model, employers having the intention to offer safe and hazard-free workplaces will experience lucrative opportunities for promoting individual 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 insurance premiums and workers' compensation claims.
The CDC runs the Workplace Health Model promotion in the US. As a result, 46% of worksites in the US have been implementing workplace health programs that focus on physical activity, nutrition, and stress reduction. Additionally, the CDC has designed a Worksite Health "Scorecard" to assist employers in effectively implementing evidence-based interventions at their workplace.
The initiative is also meant to help it select and implement suitable strategies for improving workers' health. For instance, as per the CDC, ~156 million full-time workers in the US are spending the majority of their working hours at work, which further promotes the rollout of workplace health model programs to reach different population classes, which otherwise are not involved in any public health promotion programs, campaigns, and messages.
Robotics-led automation of tasks will bring a new diverse trend in the occupational health market. The availability of relatively inexpensive robots capable of performing in a shared environment with human workers has driven a new robotic era. For example, human workers are equipped with performance-enhancing robotic devices such as robotic exoskeletons and other capacity-enhancing prostheses.
Collaborative robots are designed for direct interaction with humans, and these can be of three types - industrial, professional, and personal service robots. The implementation of robotics in workplace is likely to protect workers from exposure to hazardous substances, environments, and physical agents. For example, robotics is being deployed for handling radioactive materials and working in high-dust exposure environments, resulting in health and safety benefits, production efficiency, and quality improvements.
Additionally, the incorporation of sensors has increased exponentially as countless remote wireless sensors are now employed for monitoring worksites and facilities. Similarly, risk assessment with new technologies quickly determines workers' safety and health issues.
The Occupational Safety and Health Administration (OSHA) in the US Department of Labor has issued a mandatory national standard to curb the cases of lung cancer and chronic obstructive pulmonary disorders among workers by limiting their exposure to respirable crystalline silica.
Report Insights
- The US occupational health market is divided into two main segments: physical wellbeing and social and mental wellbeing.
- In 2022, the physical wellbeing segment dominated the market, holding a larger share.
- However, during the forecast period, the social and mental wellbeing segment is expected to exhibit a higher compound annual growth rate (CAGR).
- Physical wellbeing encompasses various aspects, including good nutrition, regular physical activity, proper hygiene, and adequate rest.
- Investing in physical wellbeing in the workplace can lead to increased productivity.
- Workplace wellness programs promoting physical activity can contribute to a healthier workforce, resulting in reduced healthcare costs for both employers and employees.
- Physical activity at work has positive effects on mood, stress reduction, and anxiety prevention, contributing to overall mental health.
Key Market Dynamics
Market Drivers
- High Focus on Employer-Sponsored Medical Health Coverage
- Accelerating Adoption of Workplace Wellness Programs
Market Restraints
- Health-Associated Risks at Workplaces
Market Opportunities
- Implementation of Workplace Health Models
Future Trends
- Incorporation of Robotics for Enhancing Occupational Health
Company Profiles
- Premise Health Holding Corp
- Occucare International LLC
- Examinetics Inc
- Concentra Inc
- Ascension Health Alliance
- Adventist Health System Sunbelt Healthcare Corp
- WorkCare Inc
- e3 Diagnostics Inc
- Icahn School of Medicine at Mount Sinai
- Workwell Occupational Medicine LLC.
For more information about this report visit https://www.researchandmarkets.com/r/py1g0g
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
