Occupational Medicines Market - Growth, Trends, COVID-19 Impact, and Forecasts (2022 - 2027)

The occupational medicines market is segmented by Application (Chemical Poisoning, Skin Disorders, Musculoskeletal Disorders, Respiratory Diseases, and Others) and Geography (North America, Europe, Asia-Pacific, Middle East, Africa, South America). The report offers the value (USD million) for the above segments.

Market Snapshot

Occupational Medicine Market Size
Study Period: 2019-2027
Base Year: 2021
Fastest Growing Market: Asia-Pacific
Largest Market: North America
CAGR: 6.25 %

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Market Overview

The occupational medicines market is expected to register a CAGR of 6.25% over the forecast period.

While the sudden outbreak of the COVID-19 pandemic has impacted most of the business sectors negatively, the strict lockdowns and shutdowns across global industry sectors have led to reduced occupational injuries and fatalities. The manufacturing and production industries and construction sites remained closed, following strict regulations. This trend led to fewer fatalities and occupational injuries. Hence, it impacted the market negatively. However, the pandemic's effect on the working population's psychology had a drastic impact. The other health conditions such as work-related backache and stress have increased. These work-related illnesses increased by the time pandemic was at its peak. Hence, driving the growth of the studied market.

Occupational medicine helps in reducing the burden of healthcare expenditure. Providing proper care, diagnosis, and treatment in occupational medicine helps increase productivity. Because with the help of occupational medicine, the workers are provided proper training and assistance for preventing and treating diseases or injuries. Other major factors driving the growth of the studied market are a surge in awareness among the working population about occupational health, a favorable regulatory environment, increasing awareness programs organized by governments or non-governmental organizations (NGOs) and increasing chronic diseases among the working population.

Governments are paying significant attention to occupational health across the world. New laws and policies have been framed, or some existing policies have been renewed following the health level of all workers. For instance, in September 2020, the Indian government passed the occupational health and safety act in India to consolidate and amend the laws regulating occupational safety and health. This act will also amend the working conditions of the persons employed in an establishment and for matters connected. These government activities are focused on creating awareness among working groups regarding occupational health and safety, driving the growth of the studied market.

Therefore, owing to the abovementioned factors, the studied market is anticipated to grow over the forecast period.

Scope of the Report

As per the scope of the report, occupational medicine is also known as occupational health. The branch of medicine deals with the prevention and treatment of work-related injuries and illnesses. Physicians are specially trained in occupational medicine and can diagnose and treat work-related injuries more effectively than primary care physicians.

The occupational medicines market is segmented by Application (Chemical poisoning, Skin Disorders, Musculoskeletal Disorders, Respiratory Diseases, and Others) and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The report offers the value (USD million) for the above segments. The market report also covers the estimated market sizes and trends for 17 countries across major global regions. The report offers the value (USD million) for the above segments.

By Application
Chemical Poisoning
Skin Disorders
Musculoskeletal Disorders
Respiratory Diseases
Others
Geography
North America
United States
Canada
Mexico
Europe
Germany
United Kingdom
France
Italy
Spain
Rest of Europe
Asia-Pacific
China
Japan
India
Australia
South Korea
Rest of Asia-Pacific
Middle-East and Africa
GCC
South Africa
Rest of Middle-East and Africa
South America
Brazil
Argentina
Rest of South America

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Key Market Trends

Respiratory Diseases by Application Segment is Expected to Grow Over the Forecast Period

The respiratory diseases by application segment is expected to grow over the forecast period, among other segments. An increasing number of respiratory illnesses such as chronic obstructive pulmonary disease (COPD), asthma, and silicosis globally are poised to drive the growth of the studied segment.

Work-related respiratory diseases are several illnesses caused by breathing in hazardous substances that damage the lungs, such as dust, fumes, and gases. The occupational lung disease has been adding to the respiratory distress. People who work in drug manufacturing and antibiotics manufacturing factories complain about breathing issues, and work-related asthma is more prevalent among this target population. In an article published in September 2021, titled "Dealing with Respiratory Hazards in A Pharmaceutical Workplace," it is mentioned that even though pharmaceutical factories are generally clean and well-maintained workspaces, air contamination through chemical hazards or pharmaceutical ingredients has been a significant occupational health and safety (OHS) issue within the pharma industry. This factor sometimes leads to acute (short-term) or chronic (long-term) respiratory effects among the workers. Hence, with the increasing drug development and manufacturing, the risk of occupational respiratory diseases is increasing. Hence, it is anticipated to drive the segment's growth over the forecast period.

Furthermore, in 2019, an estimated 174 new cases of occupational asthma were reported by doctors who participated in the SWORD (Surveillance of Work-Related & Occupational Respiratory Diseases) scheme within the Health and Occupation Reporting (THOR) network, United Kingdom. Additionally, as per United States Bureau of Labor Statistics data updated in November 2021, Employer-reported respiratory illnesses increased by nearly 4,000 percent in 2020 in the United States, which was estimated that employer-reported respiratory illness cases in 2020 increased to 428,700, which increased from 10,800 in 2019. Therefore, the work-related respiratory diseases segment is anticipated to grow over the forecast period globally.

Moreover, chronic respiratory diseases (CRDs) are diseases of the airways and other structures of the lung. These patients often require care and frequent medication to overcome breathing issues. Hence, the occupational medicine for the work-related respiratory diseases segment is anticipated to grow over the forecast period.

Therefore, owing to the abovementioned factors, the respiratory medicine segment is poised to witness growth over the forecast period.

Occupational Medicine Market Trends

North America is Expected to Dominate the Market Over the Forecast Period

North America will dominate the occupational medicines market over the forecast period. An increasing number of research and development (R&D) activities and investments in the sector, new product launches, and increasing chronic diseases are major factors attributed to the market's growth in the region.

In 2019, the R&D expenditure by biopharmaceutical companies was around USD 79.6 billion in the United States. Most pharmaceutical companies spent about one-quarter of their revenues on average on R&D expenses, which was nearly twice as large a share of revenues as they spent in 2000, as per the Congressional Budget Office report in April 2021. These healthcare expenditures in the country are expected to have a significant positive effect on occupational health and are anticipated to boost the growth of the studied market in the country.

In addition, in annual data provided by the United States Bureau of Labor Statistics for Employer-Reported Workplace Injuries and Illnesses, in 2020, Sprains, strains, and tears leading to tendonitis were 266,530, where 1,380 tendonitis patients were there in the United States. This number of workspace-related injuries is anticipated to drive the studied market's growth over the country's forecast period.

Therefore, owing to the factors mentioned above, the North American region is expected to have significant growth over the forecast period.

Occupational Medicine Market Analysis

Competitive Landscape

The market for occupational medicine is competitive in nature. Due to the presence of several companies globally, the market studied is fragmented. The studied market consists of several international companies which hold most of the market shares and are well known, including Amgen Inc., AstraZeneca, Bristol-Myers Squibb Company, Eli Lilly and Company, F. Hoffmann-La Roche Ltd, Johnson & Johnson, Nestle (Galderma), Novartis AG, Pfizer Inc., Sanofi and Abbott Laboratories, among others.

Recent Developments

· In May 2021, Amazon launched an employee health and safety program with more than USD 300 million investment to prevent workplace injuries and provide wellness services to its employees.

· In June 2020, Cority Axion Health launched its new Occupational Medicine Solution ReadySet for Employee Health Services. The SaaS-based ReadySet solution allows hospitals to meet their employee health and occupational medicine needs in a single platform.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Assumptions and Market Definition

    2. 1.2 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Ability to Reduce the Burden of Healthcare Expenditure and Increase Productivity

      2. 4.2.2 Surge in Awareness, Favorable Regulatory environment and Increasing Awareness Programs Organized by Governments

      3. 4.2.3 Increasing Chronic Diseases among Working Population

    3. 4.3 Market Restraints

      1. 4.3.1 Increasing Adaptation of Artificial Intelligence (AI) and Automation across Industries

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION (Market Size by Value - USD million)

    1. 5.1 By Application

      1. 5.1.1 Chemical Poisoning

      2. 5.1.2 Skin Disorders

      3. 5.1.3 Musculoskeletal Disorders

      4. 5.1.4 Respiratory Diseases

      5. 5.1.5 Others

    2. 5.2 Geography

      1. 5.2.1 North America

        1. 5.2.1.1 United States

        2. 5.2.1.2 Canada

        3. 5.2.1.3 Mexico

      2. 5.2.2 Europe

        1. 5.2.2.1 Germany

        2. 5.2.2.2 United Kingdom

        3. 5.2.2.3 France

        4. 5.2.2.4 Italy

        5. 5.2.2.5 Spain

        6. 5.2.2.6 Rest of Europe

      3. 5.2.3 Asia-Pacific

        1. 5.2.3.1 China

        2. 5.2.3.2 Japan

        3. 5.2.3.3 India

        4. 5.2.3.4 Australia

        5. 5.2.3.5 South Korea

        6. 5.2.3.6 Rest of Asia-Pacific

      4. 5.2.4 Middle-East and Africa

        1. 5.2.4.1 GCC

        2. 5.2.4.2 South Africa

        3. 5.2.4.3 Rest of Middle-East and Africa

      5. 5.2.5 South America

        1. 5.2.5.1 Brazil

        2. 5.2.5.2 Argentina

        3. 5.2.5.3 Rest of South America

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 Amgen Inc

      2. 6.1.2 AstraZeneca

      3. 6.1.3 Bristol-Myers Squibb Company

      4. 6.1.4 Eli Lilly and Company

      5. 6.1.5 F. Hoffmann-La Roche Ltd.

      6. 6.1.6 Johnson & Johnson

      7. 6.1.7 Nestle (Galderma)

      8. 6.1.8 Novartis AG

      9. 6.1.9 Pfizer Inc.

      10. 6.1.10 Sanofi

      11. 6.1.11 Abbott Laboratories

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

    1. 7.1 Rest of South America

  8. 8. COMPETITIVE LANDSCAPE

    1. 8.1 Company Profiles

      1. 8.1.1 Amgen Inc

      2. 8.1.2 AstraZeneca

      3. 8.1.3 Bristol-Myers Squibb Company

      4. 8.1.4 Eli Lilly and Company

      5. 8.1.5 F. Hoffmann-La Roche Ltd.

      6. 8.1.6 Johnson & Johnson

      7. 8.1.7 Nestle (Galderma)

      8. 8.1.8 Novartis AG

      9. 8.1.9 Pfizer Inc.

      10. 8.1.10 Sanofi

      11. 8.1.11 Abbott Laboratories

    2. *List Not Exhaustive
  9. 9. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments

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Frequently Asked Questions

The Global Occupational Medicines Market market is studied from 2019 - 2027.

The Global Occupational Medicines Market is growing at a CAGR of 6.25% over the next 5 years.

Asia-Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2021.

Amgen Inc, F. Hoffmann-La Roche Ltd., Nestle (Galderma), Sanofi, Abbott Laboratories are the major companies operating in Global Occupational Medicines Market.

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