July 24, 2024

The Rising Awareness Towards Workplace Safety To Drive The Growth Of Occupational Health Market

The occupational health market deals with providing healthcare services to working professionals in order to ensure their overall well-being and prevent workplace injuries. Occupational health involves identifying and addressing potential hazards, assessing associated risks, treating job-related illnesses and injuries, and implementing safety protocols to optimize workplace conditions. It aims to protect and promote the physical, mental and social well-being of workers. Key services offered include work injury management, medical surveillance, pre-placement evaluation, drug and alcohol testing, ergonomic program management and workplace redesign.

The global Occupational Health Market is estimated to be valued at Us$ 104.18 Bn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 To 2030, as highlighted in a new report published by Coherent Market Insights.

Market key trends:

Growing awareness about workplace safety compliance and workers’ compensation requirements among organizations is driving the demand for occupational health services globally. Stringent regulations pertaining to employee health monitoring and management of work-related illnesses and disabilities is also augmenting the market growth. Furthermore, rising risk of industrial diseases due to exposure to harmful chemicals, radiation and other environmental stressors is prompting companies to adopt preventive occupational health programs. Growing prevalence of chronic conditions among working populations poses complex healthcare challenges, thus increasing the uptake of tailored occupational health solutions. Additionally, integration of digital technologies including telehealth and mobile health apps is allowing accessibility of occupational health services to remote workforces, thereby fueling the market expansion.

 

Porter’s Analysis

Threat of new entrants: Occupational Health market requires high initial investments for establishing specialized occupational health centers, service labs and acquiring medical equipment and hiring medical professionals which leads to high entry barriers.

Bargaining power of buyers: Large healthcare organizations and employers have high bargaining power due to their ability to exert pressure on prices and demand additional services. However, many small buyers have low bargaining power.

Bargaining power of suppliers: Specialized medical equipment and healthcare IT software suppliers have moderate bargaining power due increase in demand and need for technical expertise.

Threat of new substitutes: There are limited threat of substitutes as occupational healthcare services and solutions deals with safety, diseases prevention and employee well-being at workplace which cannot be easily substituted.

Competitive rivalry: Occupational Health market is highly fragmented with presence of various global as well as regional players. Intense competition exists based on service quality, pricing and customized solutions.

Key Takeaways

The Global Occupational Health Market Demand is expected to witness high growth, exhibiting CAGR of 4.6% over the forecast period, due to increasing awareness about industrial safety, workers health and stringent regulations.

The North America region dominates the global Occupational Health market owing to stringent workers safety policies, rise in chronic diseases, and presence of leading market players in the US. Europe market is expected to grow at a significant rate due to growing health awareness.

Key players operating in the Occupational Health market are Cerner Corporation, Epic Systems Corporation, GE Healthcare, Siemens Healthineers, Drchrono, Kareo, AdvancedMD, athenahealth, eClinicalWorks, Allscripts Healthcare Solutions. Market leaders are focusing on new product development, acquisitions and geographical expansions to increase their market share.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it