Occupational Medicines Market Size
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| Forecast Data Period | 2024 - 2029 |
| CAGR | 6.25 % |
| Fastest Growing Market | Asia-Pacific |
| Largest Market | North America |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Occupational Medicines Market Analysis
The occupational medicines market is expected to register a CAGR of 6.25% over the forecast period.
The sudden outbreak of the COVID-19 pandemic impacted most of the business sectors negatively, and the strict lockdowns and shutdowns across global industry sectors 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. However, the pandemic's effect on the working population's psychology had a drastic impact. Other health conditions such as work-related backache and stress increased. For instance, as per the November 2022 update by WHO, during the coronavirus disease (COVID-19) pandemic, 23% of front-line healthcare workers worldwide suffered depression and anxiety, and 39% suffered insomnia. However, as the pandemic restrictions eased, the occupational medicines market is anticipated to witness growth in the coming years due to the increase in injuries occurring in the workplace and the rise in research and development for occupational medicines.
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. For instance, in April 2022, ILO celebrated the annual World Day for Safety and Health at Work which aimed to promote the prevention of occupational accidents and diseases globally. The World Day for Safety and Health at Work 2022 focuses on enhancing social dialogue towards a culture of safety and health. Hence, such awareness campaigns across the globe increase the importance of occupational medicine usage and thereby boosting market growth.
Moreover, rising product launches and investments by employers are expected to drive the market's growth further. For instance, in May 2021, Amazon launched an employee health and safety program with more than USD 300 million in investment to prevent workplace injuries and provide wellness services to its employees. This will lead to increased adoption of occupational medicine in patients, driving market growth. Furthermore, in October 2022, Cohezio and DOKTR partnered to launch the first occupational health teleconsultation. This pilot project is approved and supported by the FPS Employment, Labor, and Social Dialog, the supervisory authority of the SEPPT.
Therefore, due to the rise in awareness programs regarding occupational health and the increase in occupational medicine product launches, the studied market is anticipated to witness growth over the forecast period. However, increasing adaptation of artificial intelligence (AI) and automation across industries are expected to hinder market growth.
Occupational Medicines Market Trends
Respiratory Diseases Segment is Expected to Grow Significantly Over the Forecast Period
The respiratory diseases segment is expected to grow over the forecast period, among other segments due to the increasing number of respiratory illnesses such as chronic obstructive pulmonary disease (COPD), asthma, and silicosis globally.
Work-related respiratory diseases are several illnesses caused by breathing in hazardous substances that damage the lungs, such as dust, fumes, and gases. Occupational lung disease has been adding to 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. For instance, as per the article published in November 2022 in Frontiers, due to the high concentrations of submicron particles, the workers involved in the powder-coating process are at a high health risk. Furthermore, workers' respiratory intake of ultrafine particles (UFPs) is elevated, as evidenced by the highly deposited dose of UFPs in the lungs and the accompanying high average daily doses (ADD) in employees. Hence, with the increasing drug development and manufacturing, the risk of occupational respiratory diseases is increasing, which is anticipated to drive the segment's growth over the forecast period.
Furthermore, as per the work-related asthma statistics in Great Britain published in December 2021, there were an estimated 174 new cases of occupational asthma reported by doctors participating 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. Therefore, the work-related respiratory diseases segment is anticipated to grow over the forecast period globally.
Therefore, due to the rise in respiratory complications in workplaces, the studied segment is anticipated to witness growth over the forecast period.
North America Anticipated to Hold a Significant Share in the Market Over the Forecast Period
North America is likely to hold a significant market share in the occupational medicines market over the forecast period owing to the factors such as an increase in the number of research and development (R&D) activities and investments in the sector, new product launches, and an increase in awareness programs conducted by the government agencies. For instance, as per the Occupational Disease in Connecticut, 2022 report, musculoskeletal disorders (MSD) such as Carpal Tunnel Syndrome and tendonitis dominated other workers' compensation reports, accounting for 26% of reports and 24% of physician reports. Respiratory diseases and poisonings, which include respiratory conditions and lung diseases such as asthma, as well as poisonings such as from carbon monoxide and lead, accounted for 4% of cases for workers' compensation and 5% of physician reports. Hence, such a rise in occupational diseases among the workers in the studied region is expected to increase the demand for the occupational medicine market over the forecast period.
Furthermore, awareness programs conducted across North America regarding the importance of occupational health are expected to drive market growth. For instance, from May 1-7, 2022, workplaces across North America celebrated Safety and Health Week with activities raising awareness of the importance of preventing injury and illness in the workplace, home, and community. This free, live event will feature perspectives on workplace health and safety as well as the impacts of workplace tragedies on families.
Therefore, North America is anticipated to witness growth over the forecast period due to the rise in injuries in workplaces, the surge in occupational diseases, and the increase in awareness programs and funding initiatives by the government.
Occupational Medicines Industry Overview
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 Concentra, Inc., WorkCare, Inc., Occucare International, Workwell Occupational Medicine, LLC., HealthWorks Medical, LLC, among others.
Occupational Medicines Market Leaders
HealthWorks Medical, LLC
Workwell Occupational Medicine, LLC.
Occucare International
Occupational Medical Services
WorkCare, Inc.
*Disclaimer: Major Players sorted in no particular order
Occupational Medicines Market News
- In November 2022, the Faculty of Occupational Medicine launched its new strategy, Advocating for the Value of Occupational Health in Ireland 2023 - 2026. The aim of the strategy is to enhance understanding of what Occupational Health is and its importance and relevance to the health and well-being of Ireland.
- In June 2022, the IAEA launched a new database of the Information System on Occupational Exposure in Medicine, Industry, and Research (ISEMIR), which specifically targets workers in industrial processes involving naturally occurring radioactive material (NORM) - called ISEMIR-N.
Occupational Medicine Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Rise in Awareness Programs Organized by Governments
4.2.2 Increasing Chronic Diseases Among Working Population
4.3 Market Restraints
4.3.1 Increasing Adaptation of Artificial Intelligence (AI) and Automation Across Industries
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Application
5.1.1 Chemical Poisoning
5.1.2 Skin Disorders
5.1.3 Musculoskeletal Disorders
5.1.4 Respiratory Diseases
5.1.5 Others
5.2 Geography
5.2.1 North America
5.2.1.1 United States
5.2.1.2 Canada
5.2.1.3 Mexico
5.2.2 Europe
5.2.2.1 Germany
5.2.2.2 United Kingdom
5.2.2.3 France
5.2.2.4 Italy
5.2.2.5 Spain
5.2.2.6 Rest of Europe
5.2.3 Asia-Pacific
5.2.3.1 China
5.2.3.2 Japan
5.2.3.3 India
5.2.3.4 Australia
5.2.3.5 South Korea
5.2.3.6 Rest of Asia-Pacific
5.2.4 Middle East and Africa
5.2.4.1 GCC
5.2.4.2 South Africa
5.2.4.3 Rest of Middle East and Africa
5.2.5 South America
5.2.5.1 Brazil
5.2.5.2 Argentina
5.2.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Concentra, Inc.
6.1.2 WorkCare, Inc.
6.1.3 Occucare International
6.1.4 Workwell Occupational Medicine, LLC.
6.1.5 HealthWorks Medical, LLC
6.1.6 WebPT
6.1.7 Occupational Medical Services
6.1.8 MED-1 Occupational Health Services
6.1.9 Topaz Occupational Health Services
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
Occupational Medicines Industry Segmentation
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, Africa, 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 | ||||||||
| ||||||||
| ||||||||
| ||||||||
| ||||||||
|
Occupational Medicine Market Research FAQs
What is the current Occupational Medicines Market size?
The Occupational Medicines Market is projected to register a CAGR of 6.25% during the forecast period (2024-2029)
Who are the key players in Occupational Medicines Market?
HealthWorks Medical, LLC, Workwell Occupational Medicine, LLC., Occucare International, Occupational Medical Services and WorkCare, Inc. are the major companies operating in the Occupational Medicines Market.
Which is the fastest growing region in Occupational Medicines Market?
Asia-Pacific is estimated to grow at the highest CAGR over the forecast period (2024-2029).
Which region has the biggest share in Occupational Medicines Market?
In 2024, the North America accounts for the largest market share in Occupational Medicines Market.
What years does this Occupational Medicines Market cover?
The report covers the Occupational Medicines Market historical market size for years: 2019, 2020, 2021, 2022 and 2023. The report also forecasts the Occupational Medicines Market size for years: 2024, 2025, 2026, 2027, 2028 and 2029.
Occupational Medicines Industry Report
Statistics for the 2024 Occupational Medicines market share, size and revenue growth rate, created by Mordor Intelligenceā¢ Industry Reports. Occupational Medicines analysis includes a market forecast outlook to for 2024 to 2029 and historical overview. Get a sample of this industry analysis as a free report PDF download.
