Occupational Medicines Market to hit USD USD 22.5 billion by 2031, at a CAGR 3.8% | Says Transparency Market Research Inc.

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Nov 14, 2023, 10:01 ET

Demand for occupational medicines will increase in the coming years due to rising regulatory compliance and a rise in education.

WILMINGTON, Del., Nov. 14, 2023 /PRNewswire/ -- Occupational medicine generated US$ 15.7 billion in 2022. Based on TMR's estimations, the occupational medicine market is expected to reach US$ 22.5 billion by 2031. The market is expected to expand at a CAGR of 3.8% through 2031.

Companies are increasingly implementing wellness programs to enhance employee well-being and productivity. These programs aim to meet employees' healthcare needs on a proactive and reactive basis through occupational medicine. Employees and employers benefit from occupational medicine by reducing absences, improving productivity, and reducing long-term healthcare costs through early detection and prevention.

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A regular occupational health assessment may be required or encouraged by insurance companies. Investment in occupational medicine services may help employers reduce insurance costs and claims risk. Demand for occupational medicine services can increase as companies, employees, and the public become more aware of occupational health's importance.

Occupational medicine has been highlighted as important during global health crises due to events such as the COVID-19 pandemic. As a result, occupational health has gained a greater awareness of its role in preparing and responding to pandemics. Mental health is becoming increasingly important in the workplace. Employees who suffer from stress, anxiety, and burnout are increasingly utilizing mental health services offered by occupational medicine practitioners.

Occupational health is increasingly using data analytics. Identifying trends, assessing risks, and developing strategies for improving employee safety and health have become common methods of improving employee safety and health.

Occupational Medicines Market Report Scope:

Report Coverage	Details
Forecast Period	2023-2031
Base Year	2017-2021
Size in 2022	US$ 15.7 Bn
Forecast (Value) in 2031	US$ 22.5 Bn
Growth Rate (CAGR)	3.8 %
No. of Pages	210 Pages
Segments covered	Type, Delivery Model, Industry, Application

Key Findings of Market Report

A growing concern about employee safety and well-being fuels market growth.
Worldwide occupational medicine sales are expected to come from the urgent care segment.
Based on the delivery model, occupational medicines are dominated by onsite healthcare centers.
A rapid growth rate is projected for the construction and real estate segment during the forecast period.
A significant share of occupational medicines worldwide are consumed by those suffering from chronic respiratory diseases.

Global Occupational Medicines Market: Growth Drivers

The health and safety of employees is becoming increasingly important to companies. A workplace health assessment plays an important role in determining the suitability of employees for a specific job and identifying any potential health hazards.

Governments and regulatory bodies continually update and enforce occupational health and safety regulations. Implementing occupational health programs is often required to meet these regulations, which drives demand for occupational medicine services.

In recent years, work-related illnesses and conditions like musculoskeletal disorders, respiratory disorders, and stress-related disorders have become increasingly common. As a result, occupational medicine should emphasize prevention methods and early intervention.

Workers are increasingly moving across borders due to globalization. Medical fitness for international assignments and compliance with various health standards are made possible by occupational health services.

Health monitoring tools and telemedicine are among the advances in medical technology that have enhanced the abilities of occupational health professionals. Data management, surveillance, and health assessments can be simplified with these technologies.

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Global Occupational Medicines Market: Regional Landscape

The occupational medicines market in North America is expected to hold a substantial share during the forecast period. A rising number of research and development activities and increased investment will drive demand in the coming years. A more extensive awareness campaign is being conducted by government agencies and launching new products to increase occupational medicine demand in the market.

A 2010 survey by the United States Bureau of Labor Statistics found that 296,530 sprains, tears, and strains at work resulted in 1,380 cases. Injuries arising from workplaces are expected to drive growth in the studied market during the forecast period.

Global Occupational Medicines Market: Key Players

Globally, there are many players operating in a fragmented market. Collaboration with established players in the occupational medicine market is becoming increasingly important to companies.

Concentra, Inc.
WorkCare, Inc.
Occucare International
Workwell Occupational Medicine, LLC.
HealthWorks Medical, LLC
WebPT
Nova Medical Center
MED-1 Occupational Health Services

Key Developments

In November 2023, the Occupational Health Clinic Network of the New York State Department of Health Awarded Mount Sinai Selikoff Centers for Occupational Health two new five-year contracts worth more than $12 million. New York City will receive 1,341,000 annually, and the Mid-Hudson Valley will receive $1,085,000 annually for injured and sick workers.
In November 2023, Cority launched its Enhanced Occupational Medicine Solution, a leading global enterprise EHS software provider for hospitals, healthcare systems, and organizations that provide healthcare services to employers within their communities. With this digital solution, occupational medicine clinics can deliver high-quality services, optimize clinical workflows, increase patient satisfaction, and increase revenue.

Global Occupational Medicines Market: Segmentation

By Type
- Vaccination
- Urgent Care
- Travel Medicine
- Training
- Telemedicine
- Others
By Delivery Model
- Onsite Healthcare Centers
- Offsite Healthcare Centers
- Mobile Healthcare Centers
- Telehealth
- Field/Home Visits
- Medical Camps
By Industry
- Agriculture & Forestry
- Construction & Real Estate
- Manufacturing
- Petroleum & Mining
- Transportation
- Other
By Application
- Occupational Cancer
- Chemical Poisoning
- Chronic Respiratory Diseases
- Musculoskeletal Disorders
- Non-induced Hearing Loss & Vibration
- Psychological Disorders
- Skin Disorders
- Others
By Region
- North America
- Europe
- Asia Pacific
- Middle East & Africa
- Latin America

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