What is the Anticipated Market Size and Growth Forecast for the Global Occupational Medicines Market?
The occupational medicines market size has witnessed substantial growth in recent times. It is anticipated to escalate from $5.16 billion in 2024 to $5.51 billion in 2025, marking a compound annual growth rate (CAGR) of 6.8%. The noteworthy expansion during the historic period is a result of factors such as operational safety regulations, industrialization growth, enhanced consciousness about workplace health, and the escalating number of workplace injuries.
The market size of occupational medicines is projected to experience robust growth in the approaching years, reaching $7.17 billion by 2029, at a CAGR of 6.8%. This growth can be attributed to a global emphasis on employee well-being, adoption of preventive healthcare measures, the burgeoning gig economy, and increasing regulatory focus on occupational health in the forecast period.
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What are the Key Drivers Stimulating the Occupational Medicines Market Growth?
The mounting prevalence of chronic diseases among the working population is anticipated to accelerate the growth of the occupational medicines market. Chronic diseases, persisting for at least a year, require continuous medical care and often limit daily activities. Occupational medicine aids in managing these diseases in the workplace by offering specialized medical care and collaborating with employers, stakeholders, insurers, and the public health sector. For instance, according to the Australian Institute of Health and Welfare, deaths related to chronic conditions increased from 459 deaths per 100,000 people in 2021 to 490 deaths per 100,000 people in 2022. This escalation in chronic diseases among the working population propels the growth of the occupational medicines market.
What are the Key Market Segments of the Global Occupational Medicines Market?
The occupational medicines market report segments the market into the following categories:
– By Application: Chemical Poisoning, Psychological Disorder, Non-Induced Hearing Loss And Vibration, Skin Disorder, Chronic Respiratory Disease, Pneumoconiosis, Musculoskeletal Disorder, Cancer, Other Applications
– By Industry: Agriculture And Forestry, Construction, Manufacturing, Petroleum And Mining, Transportation, Other Industries
– By End-User: Employers, Professionals
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Who are the Major Players in the Occupational Medicines Market?
The key industry players in the occupational medicines market include Johnson & Johnson, Pfizer Inc., Novartis AG, GlaxoSmithKline plc, Sanofi S.A., AstraZeneca PLC, Bayer AG, Merck & Co. Inc., Boehringer Ingelheim GmbH, F. Hoffmann-La Roche Ltd, Takeda Pharmaceutical Company Limited, Teva Pharmaceutical Industries Ltd., AbbVie Inc., Eli Lilly and Company, Bristol-Myers Squibb Company, Amgen Inc., Gilead Sciences Inc., Daiichi Sankyo Company, Limited, Biogen Inc., UCB S.A., Grifols S.A., Lundbeck A/S, Allergan plc, Astellas Pharma Inc., Hikma Pharmaceuticals PLC, Fresenius SE & Co. KGaA, Sun Pharmaceutical Industries Ltd., Cipla Inc., Mallinckrodt Pharmaceuticals.
Which Trends are Impacting the Occupational Medicines Market?
Product innovations play a key role in shaping the trends in the occupational medicine market. Major companies are focusing on creating innovative products and solutions to maintain their market position. A noteworthy example is the launch of Total Mental Health by TELUS Health, a Canada-based provider of health technology services in May 2023. This innovative solution enables employees to monitor their mental health through assessments and counseling. The app offers a single platform for mental health support across Canada’s network of counselors and includes various welfare components.
Which Region will be the Fastest Growing in the Occupational Medicines Market?
North America held the largest share in the occupational medicines market in 2024. However, Asia-Pacific is expected to emerge as the fastest-growing region in the forecast period. The report covers diverse regions such as Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
What Does The Occupational Medicines Global Market Report 2025 Offer?
The Occupational Medicines Global Market Report 2024 from The Business Research Company offers insights into global market size, growth rate, regional shares, competitor analysis, comprehensive segments, trends, and opportunities. Occupational medicine is a branch of medicine focusing on the health and well-being of workers in their work environment. It primarily focuses on preventing, diagnosing, treating, and managing work-related injuries, illnesses, and health hazards. This coincides with the global emphasis on employee well-being, further driving market growth.
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