Market Size of Occupational Medicines Industry
| 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.
