by 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 Overview:
The Occupational Health Market deals with protecting and promoting the health and safety of employees. It involves preventing work-related sickness and injuries as well as supporting injured or sick workers. The market mainly offers occupational health services, occupational drug testing services, medical appraisals, immunization & vaccination programs, pre-employment screenings, workplace ergonomic assessments, and injury case management services. These services help employers to comply with health & safety standards and reduce healthcare costs and workplace risks over time. The growing need to ensure health, safety, and well-being of employees is expected to drive growth of the occupational health market.
Market key trends:
One of the key trends in the occupational health market is the increasing integration of digital technologies. Players are focusing on developing digital occupational health platforms and services that can help organizations aggregate employee health data, monitor risks, conduct surveys & assessments, and streamline medical case management activities. This allows for remote monitoring, faster response times, and paperless workflows. Furthermore, the rising awareness about mental health issues at workplaces is also fueling demand for occupational mental health services. Players are offering various programs, tools, and online resources to address mental well-being, stress management, emotional wellness, and employee assistance programs. This is expected to further support growth of the occupational health market over the forecast period.
Porter’s Analysis
Threat of new entrants: The occupational health market requires high capital investment for infrastructure and compliance with stringent regulatory policies. These act as entry barriers for new players.
Bargaining power of buyers: Buyers have moderate bargaining power due to the availability of alternatives and price sensitivity for occupational health services.
Bargaining power of suppliers: Suppliers have low to moderate bargaining power due to the availability of substitute suppliers.
Threat of new substitutes: New substitutes pose a moderate threat as alternative modalities emerge for occupational health service delivery.
Competitive rivalry: The market is highly competitive due to the presence of global as well as regional players.
Key Takeaways
Global Occupational Health Market Size is expected to witness high growth, exhibiting CAGR of 4.6% over the forecast period, due to increasing awareness about employee health and wellness programs. The market size for 2023 is US$ 104.18 Bn.
Regional analysis: North America dominates the occupational health market owing to stringent regulatory policies mandating workplace health and wellness programs. Asia Pacific exhibits high growth potential due to rapid industrialization and implementation of occupational health standards in developing economies.
Key players: 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. Prominent players are focusing on mergers and acquisitions to strengthen their market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
