Occupational Health Market is expected to reach US$ 5,943.40 million by 2030

Publisher: The Insight Partners

Service Segment to Lead Occupational Health Market During 2022–2030

According to our new research study on “Occupational Health Market Size Forecast to 2030 – COVID-19 Impact and Global Analysis – by Service, Solution, Product, and End User,” the occupational health market is expected to grow from US$ 4,565.46 million in 2022 to US$ 5,943.40 million by 2030; it is estimated to register a CAGR of 3.4% during 2022–2030. Key factors driving the occupational health market growth includes the high focus on employer-sponsored medical health coverage and an upsurge in the adoption of workplace wellness programs.
 
Based on offering, the occupational health market is segmented into products, solution, and service. The service segment held the largest share of the market in 2022 and is anticipated to hold highest CAGR in the market during the forecast period. The occupational health market growth for this segment is attributed to the instrumental role played by occupational health service in employee well-being, pre-employment testing, ergonomics, occupational therapy, and intervention. They also focus on business goals by advocating work as an activity with physical and behavioral health benefits, recognizing and addressing exposure hazards that may harm employees’ health (in the short, mid, or long term), and providing guidance when recuperating from work-related injuries and ailments. 

Occupational Health Market, by Region, 2022 (%)

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Source: The Insight Partners Analysis

The occupational health market, by category, is segmented into physical and environmental, chemicals, safety, ergonomics, vaccination and immunizations, biological, and others. The physical and environmental segment held the largest occupational health market share in 2022, and the ergonomics segment is anticipated to register the highest CAGR during the forecast period. Physical hazards affect a large number of people at workplaces. Noise exposure above 85 dB (A) can cause temporary and permanent hearing damage, while lower noise levels can be disruptive, cause sleep deprivation, and increase stress. Poor lighting in work areas can cause injury, eye strain, and vision loss. Further, prolonged exposure to direct sunlight, radiation, extreme temperatures, and high physical stress from manual labor are common physical workplace hazards. Exposure to ionizing radiation can cause skin and blood damage, cataracts, infertility, congenital disabilities, and cancer. Although the likelihood of adverse health effects of radiation is proportional to the exposure dose, radiation exposure is never completely safe. Heat stress can result from working long hours in full personal protective equipment (PPE), including overalls, gowns, hoods, goggles, boots, and respirators. Moreover, working outdoors in extreme cold or heat can cause serious health problems.

Impact of COVID-19 Pandemic on Occupational Health Market

The pandemic has created both a public health crisis and an economic crisis all over the globe. World has faced a huge impact in terms of a decline in businesses in almost all industries. For instance, as stated by US Small Business Administration, the COVID-19 pandemic has been particularly damaging for small businesses, which represent the majority of businesses in the US and employ nearly half of all private sector workers. In line with these declines in revenue, significant declines in employment at the beginning of the recession were seen in small businesses. For instance, as per the survey conducted and data published by Small Business Pulse, in 2020, between March and April, employment in firms with fewer than 20 employees fell by more than 16%. The abovementioned fact indicates the low possibility of employers buying or subscribing to any services for a limited number of employees. Hence, the occupational health market faced an overall decline in the US in 2020. The concept of remote working evolved during this COVID-19 pandemic, but some sectors where employees could not work remotely and where businesses were not deemed essential to be open fared particularly poorly.

Premise Health Holding Corp, Axa SA, Select Medical Holdings Corp, UL Solutions Inc, Cority Software Inc, Mobile Health Management Services Inc, Sapphire Health Solutions, Medigold Health Consultancy Ltd, Cope Occupational Health Services Ltd, and US Occmed Holdings LLC are among the leading companies operating in the occupational health market. 

Based on offering, the occupational health market is segmented into product, solution, and service. By category, the occupational health market is segmented into physical and environmental, chemicals, safety, ergonomics, vaccination and immunizations, biological, and others. Based on employee type, the occupational health market is segmented into remote, hybrid, and physical presence. On the basis of site location, the occupational health market is classified into on-site, off-site, and shared site. The occupational health market, by type, is bifurcated into physical wellbeing, and social and mental wellbeing. Based on offering, the occupational health market is segmented into automobile, chemical, engineering, government (including federal), manufacturing, mining, oil & gas, pharmaceutical, ports, and others. The physical and environment segment held a larger occupational health market share in 2022 and ergonomic segment is anticipated to register a higher CAGR of 5.2% during the forecast period. By geography, the occupational health Market is segmented into North America (US, Canada, and Mexico), Europe (France, Germany, UK, Spain, Italy, and Rest of Europe), Asia Pacific (China, India, Japan, Australia, South Korea, and Rest of APAC), the Middle East & Africa (Saudi Arabia, UAE, South Africa, and Rest of Middle East & Africa), and South & Central America (Brazil, Argentina, and Rest of South & Central America).

 
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