May 24, 2024
Occupational Health Market

Occupational Health Market Is Expected To Be Flourished By Rising Health And Safety Regulations At Workplaces

The occupational health market involves a variety of products and services aimed at protecting and promoting the health, safety and well-being of workers. It includes workplace health surveillance programs to identify early signs of work-related illness or injury, risk assessment services to evaluate potential hazards, personal protective equipment like safety glasses and gloves, and ergonomic products to prevent musculoskeletal disorders. Occupational health professionals also provide advice on compliance with health and safety regulations, emergency response planning, and employee assistance programs.

The global occupational health market is estimated to be valued at US$ 120.02 billion in 2024 and is expected to exhibit a CAGR of 9.5% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.

Market Dynamics

Strict regulations mandating workplace health and safety are expected to drive growth of the occupational health market. Governments across major countries have implemented various laws and standards to protect workers from workplace hazards. For example, in the U.S. the Occupational Safety and Health Administration enforces health and safety regulations under the Occupational Safety and Health Act. Non-compliance can result in penalties, lawsuits, loss of certifications and damage to brand reputation. As a result, companies are increasingly focusing on occupational health programs to minimize legal risks and promote a healthy work environment.

Moreover, rising awareness about productivity losses due to absenteeism and presenteeism is fueling demand for occupational health services. Workers suffering from minor illnesses or injuries often attend work but function at reduced capacity, leading to losses in efficiency. Occupational health solutions can help minimize such losses through early diagnosis, treatment and intervention programs. Their adoption allows companies to retain high-performing employees while controlling healthcare costs over the long-run. This is expected to remain a key growth driver for the occupational health market over the forecast period.

Segment Analysis

The occupational health market can be segmented into chemicals, ergonomic tools, ergonomic equipment, revenue cycle management solutions, occupational health services, and exoskeleton. The ergonomic tools segment dominates the market and holds around 25% share owing to increasing demand for office ergonomic tools such as sit-stand desks, ergonomic chairs, wrist pads, and computer arm supports. Employees spend long hours sitting while working which increases the risk of discomfort, pain, and injuries. Ergonomic tools help improve posture and reduce musculoskeletal disorders.

PEST Analysis

Political: Governments across the globe are focusing on employee well-being and implementing various occupational health and safety regulations to curb work-related injuries and illnesses. Non-compliance can lead to penalties.
Economic: A healthy and productive workforce enhances organizational performance and profitability. The rising cost of absenteeism and loss of productivity due to work-related health issues is propelling companies to invest more in occupational health programs and solutions.
Social: With growing awareness about employee health, companies are facing pressure from consumers and workforce to offer ergonomic workstations and health benefit programs. This is positively impacting the adoption of occupational health solutions.
Technological: Technologies like VR/AR, predictive analytics, sensors, and exoskeletons are being integrated into occupational health solutions to detect early signs of injuries, predict risks, and provide real-time guidance and training to ensure safety.

Key Takeaways

The global Occupational Health Market Growth  is expected to witness high growth on account of strict regulations, growing focus on wellness programs, and deployment of advanced technologies.

North America currently dominates the market owing to stringent workplace safety norms and rising investments by companies. However, Asia Pacific is anticipated to exhibit the fastest growth over the forecast period supported by expanding manufacturing industry and increasing awareness.

Key players

operating in the occupational health market are Aisin Seiki Co. Ltd., Borgwarner Inc., Continental AG, Delphi Automotive PLC, Denso Corporation, Hitachi Automotive Systems Ltd., Johnson Controls Inc., Johnson Electric, Jtekt Corporation, Magna International Inc., Mitsubishi Electric Corporation, Robert Bosch GmbH, Valeo SA, Wabco Holdings Inc., and ZF Friedrichshafen AG. These players are focusing on developing innovative digital solutions, software, and devices to identify health issues early and minimize the risks of discomfort, injuries, and lost productivity.

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