Report : Europe Occupational Health Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Type (Work Induced Stress, Asbestosis, Hearing Loss Due to Noise, Disorders Caused Due to Chemicals and Vibrations, and Others)
At 2.7% CAGR, the Europe Occupational Health Market is speculated to be worth US$ 1,551.43 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the Europe occupational health market was valued at US$ 1,286.44 million in 2021 and is expected to reach US$ 1,551.43 million by 2028, registering an annual growth rate of 2.7% from 2021 to 2028. Favorable regulatory environment toward occupational health and rising number of diseases and disorders associated with occupational healthare the critical factors attributed to the market expansion.
Unhealthy work environments are rising across the region, affecting the lives of many workers. A few common causes of work-induced stress consist of long working hours, heavy workload, job insecurity, and the work environment comprising chemical-related processes. The presence of stressed workers results in degrowth of organizations in terms of costly insurance premiums, reduced innovation, negative employer brand, increased absenteeism, and low worker productivity. The declining productivity rates in most countries have become a concern for employers. The increasing absenteeism rate and costs of human resource management impact the economy. The rising absenteeism rates in all sectors become a concern for employers and the governments as it can lead to a regional and persistent productivity slowdown. Due to these factors, there is a rising demand for occupational health services to reduce absenteeism rates and improve productivity, which drives the growth of the occupational health market across the region.
On the contrary, lack of skilled professionals and inaccessibility of trade secret hurdles the growth of Europe occupational health market.
Based on type, the Europe occupational health market is segmented into work-induced stress, asbestosis, hearing loss due to noise, disorders caused due to chemicals and vibrations, and others. The hearing loss due to noise segment held 28.5% market share in 2021, amassing US$ 366.03 million. It is projected to garner US$ 448.23 million by 2028 to expand at 2.9% CAGR during 2021–2028.
Based on country, the Europe occupational health market is segmented into the UK, Germany, France, Italy, Spain, and Rest of Europe. Our regional analysis states that the Germany captured 26.5% market share in 2021. It was assessed at US$ 341.06 million in 2021 and is likely to hit US$ 416.30 million by 2028, exhibiting a CAGR of 2.9% during the forecast period.
Key players dominating the Europe occupational health market are Amgen Inc.; Johnson and Johnson Services, Inc; Novartis AG; and Occucare International among others.
- In Aug 2021, Johnson & Johnson Pvt. Ltd. was recognized as a Best Employer in India, as part of the Kincentric Best Employers global certification, a program that measures and recognizes leading employers who capture the full power of their people to drive results and create sustainable competitive advantage. The Kincentric Best Employers certification compares organizations to identify those that strive to continuously inspire their people, spark change and accelerate business success.
- In April 2021, Novartis implemented Choice with Responsibility program that allows employees choice and say on their work logistics based on their employing country. In terms of mental health, additional resources were provided, alongside in-country remote work support. Under the program, Novartis made the commitment to stay close to the ground to ensure that the program’s measures are effective in present as well as in the future. The drive will help the company to develop a well-founded future workplace model for the company.
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