The Occupational Health Accidents Market Is Estimated to Witness High Growth

Image Credit, Elías Alarcón

The occupational health Market is estimated to be valued at US$ 4.81 Bn in 2024 and is expected to exhibit a CAGR of 6.5% over the forecast period 2023- 2030, as highlighted in a new report published by Coherent Market Insights.

Key Market Dynamics: The occupational health Market is witnessing high growth owing to rise in workplace accidents and increasing focus of organizations on employees’ health and safety. According to WHO, there are around 2.78 million fatal and 374 million non-fatal unintentional injuries occurring every year at the workplace globally. Moreover, long working hours and strenuous work environment negatively impact employee health and productivity. This has increased adoption of occupational health and safety services across various industries. Furthermore, stringent government regulations regarding employee well-being is propelling the Market growth.

Key Market Trends: Rise in adoption of digital health solutions: There is a growing trend of adoption of digital health solutions such as occupational health software, artificial intelligence-enabled monitoring systems, and portable diagnostic devices for monitoring employee health and safety. Digital occupational health solutions help in automating documentation, scheduling, and monitoring of employees’ health records as well as workplace risks. This allows organizations to ensure compliance with regulations and take preventive measures.

Adoption of telehealth and telemedicine: The COVID-19 pandemic has accelerated the adoption of telehealth and telemedicine in the occupational health sector. Various organizations are offering teleconsultation to employees for health check-ups, counseling, risk assessment, and diagnosis of illnesses without visiting hospitals or clinics. This ensures business continuity while maintaining health and safety of employees as well as minimizing infection risk.

Occupational Health Market Opportunities

By Service Type Segment: The occupational health market service type segment can be divided into work induced stress management, pre-employment medical screening, occupational health surveillance, and disease surveillance. The work induced stress management segment is expected to witness significant growth over the forecast period owing to rising cases of work related stress across various occupational sectors. With growing awareness about employee well-being, companies are focusing on implementing stress management programs which is driving the segment growth.

By Site Location Segment: On-Site segment is projected to hold the largest market share during the forecast period. This is attributed to the benefits offered by on-site occupational health facilities such as convenience, cost effectiveness, and efficient management of occupational hazards. Many large organizations are establishing their own on-site medical facilities to provide immediate treatment to employees in case of any work related injuries or illnesses. This further enhances productivity and reduces indirect costs associated with off-site facilities.

Key Market Takeaways: The global occupational health market is anticipated to witness a CAGR of 6.5% during the forecast period 2023-2030, owing to the rising focus of organizations on employee health and wellness initiatives. On the basis of service type, work induced stress management segment is expected to hold a dominant position over the forecast period, due to increasing prevalence of work related stress and growing focus of employers on stress management programs.

By site location, on-site segment is expected to hold a dominant position over the forecast period, due to benefits such as convenience, cost effectiveness, and improved management of occupational hazards provided by on-site facilities.

North America is dominating the regional segment and is expected to continue its dominance over the forecast period, due to stringent occupational health and safety regulations in the region and advanced healthcare infrastructure.

Competitor Insights: Kareo, AdvanceMD, Optum Inc, Clinicea, Cerner Corporation, McKesson Corporation, Nextech Systems, LLC, Occucare International

Recent Developments in Occupational health Market

Mental Health is a Growing Priority

The pandemic put the spotlight on mental health issues in the workplace. As flexible working continues and stress levels remain high, employers are ramping up efforts to support employee mental wellbeing. Occupational health companies are responding by strengthening their mental health offerings.

In August 2023, U.S-based health insurer Cigna partnered with online therapy provider Talkspace to provide all its business customers with free access to digital counseling services. Under this partnership, employees of any organization insured by Cigna can sign up for 8 therapy sessions through Talkspace’s app and website annually at no additional cost. Cigna expects this unique benefit to boost retention of smaller business customers.

Focus on Preventive Care and Lifestyle Management: Growing healthcare costs have made preventive care and lifestyle management a priority area for employers and their occupational health partners. Many are strengthening offerings in this domain.

In June 2023, Cisco launched a new preventive care program in partnership with healthcare technology company Virgin Pulse. The program provides employee’s access to health coaches for guidance on nutrition, exercise, smoking cessation and managing chronic conditions like diabetes through digital and telephonic channels. It also offers on-site biometric screening, flu shots and other preventive services. Early results show a 20% drop inavoidable healthcare spending among enrolled employees within 6 months.