Occupational Health Global Market Report 2024

The occupational health market size has grown steadily in recent years. It will grow from $5.4 billion in 2023 to $5.61 billion in 2024 at a compound annual growth rate (CAGR) of 4.0%. The expansion observed during the historical period can be credited to several factors, including government regulations, advocacy movements by workers, advancements in occupational health research, increased awareness of occupational diseases, and the implementation of programs aimed at reducing workplace injuries.

The occupational health market size is expected to see steady growth in the next few years. It will grow to $6.46 billion in 2028 at a compound annual growth rate (CAGR) of 3.6%. The anticipated growth in the forecast period can be linked to the widespread adoption of remote work, increased emphasis on mental health support, considerations related to an aging workforce, advancements in ergonomics and workspace design, and the integration of artificial intelligence in health monitoring. Noteworthy trends expected in the forecast period encompass the rise of telehealth and virtual care, the emergence of hybrid health programs, the prevalence of health risk assessments, the popularity of health monitoring wearables, and the promotion of flexible working arrangements.

The anticipated growth in the occupational health market is fueled by the increasing incidence of work-related diseases and disorders. These conditions are caused or exacerbated by factors present in the work environment, and occupational health services play a crucial role in addressing such issues. These services aim to enhance employees' health by promoting and maintaining optimal mental, physical, and social well-being across various occupations. For example, a survey conducted by the American Psychology Association in October 2021 revealed that approximately 59% of 1,500 US employees experienced work-related stress in that year. Additionally, data from the US Bureau of Labor Statistics in November 2022 indicated a rise in the total rate of injuries in 2021, emphasizing the need for effective occupational health measures.

The growth of the occupational health market is driven by the expansion of healthcare infrastructure. Healthcare infrastructure, comprising physical and human resources, facilities, and institutions, supports the delivery of healthcare services in specific regions or communities. This expansion presents opportunities for integrating occupational health services into healthcare facilities, addressing the well-being of workers within the broader healthcare system. As of May 2023, the United States witnessed a 0.591% increase in the number of hospitals, reaching 6,129, compared to the previous year's count of 6,093, as reported by the American Health Care Association. This expansion in healthcare infrastructure underscores its role in driving the overall growth of the occupational health market.

The occupational health market is witnessing a significant trend towards technological innovations, with major companies actively introducing cutting-edge products to maintain their market position. A prime example of this trend is Telus Health, a Canada-based health technology solutions provider, which launched Total Mental Health in May 2023. This innovative solution empowers employees to monitor their mental health through assessments and counseling, offering benefits such as immediate support, comprehensive counseling services, personalized care journeys, and flexible payment options.

Companies in the occupational health market are increasingly focusing on the development of health management portals as part of their strategy to gain a competitive advantage. Health management portals are online platforms that provide individuals with access to and management of their health-related information and services. Illustrating this trend, Princeton University, a US-based research university, introduced a new occupational health management portal in September 2023. This portal enables employees to report workplace injuries, receive messages, complete questionnaires, access resources for disability, request accommodations and family medical leave, and receive notifications for upcoming appointments.

In December 2021, WorkCare Inc., a prominent occupational health services provider headquartered in the United States, successfully completed the acquisition of Corporate Health Resources Inc. The financial details of the transaction were not disclosed. This strategic move is poised to facilitate WorkCare Inc. in broadening its occupational health outreach across the United States, signaling a concerted effort to enhance its market presence. Corporate Health Resources Inc., the acquired entity, is also a reputable provider of occupational health services in the United States, and the acquisition is expected to contribute to the overall improvement of WorkCare Inc.'s product offerings in the occupational health sector.

Major companies operating in the occupational health market report are Microsoft Corporation, Cigna European (UK) Services Ltd., Johnson & Johnson, Novartis AG, Amgen Inc., Maximus Inc., Concentra Health Services Inc., Nova Medical Centers, Holzer Health System Inc., Habit Health, BHSF Occupational Health Ltd., Dialogue Technologies Inc., Grand Rounds, Examinetics Inc., Occucare International LLC, BaySport Inc., Colden Corporation, Everwell Occupational Health Ltd., Marathon Health, Alyfe Group, Optima Health Ltd., Premise Health Holding Corp., MBI Industrial Medicine Inc., Healthwork Ltd., Total Occupational Medicine, WellTrail Inc., Unity Wellness Group, Ethos ESG.

North America was the largest region in the occupational health market in 2023. The regions covered in the occupational health market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the occupational health market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Key occupational health conditions encompass work-induced stress, asbestosis, noise-induced hearing loss, work-related backache, chemical and vibration-related disorders, among others. Work-induced stress denotes the physical, mental, and emotional strain arising from one's work or work environment. To address this, services such as stress assessment and stress management programs are employed for effective treatment. Notable stakeholders in the occupational health sector include employers and professionals across diverse end-user segments, including both public and private sectors. Downstream industries play a crucial role in providing essential services to meet the occupational health needs of these various stakeholders.

The occupational health market research report is one of a series of new reports that provides occupational health market statistics, including occupational health industry global market size, regional shares, competitors with an occupational health market share, detailed occupational health market segments, market trends and opportunities, and any further data you may need to thrive in the occupational health industry. This occupational health market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The occupational health market includes revenues earned by entities by providing services such as injury care, occupational medicines, physical examinations, pre-placement screenings, workplace drug screenings, random drug and alcohol testing, telemedicine and immunization, and physical therapy. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.