Report : South America 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 2.4% CAGR, the SAM Occupational Health Market is speculated to be worth US$ 322.44 million by 2028, says Business Market Insights
According to Business Market Insights’ research, the SAM occupational health market was valued at US$ 272.67 million in 2021 and is expected to reach US$ 322.44 million by 2028, registering an annual growth rate of 2.1% from 2021 to 2028. Potential safety hazards by producing predictive analytics and rising adoption of mental health & wellness programs are the critical factors attributed to the market expansion.
The occupational health industry is going through a new trend of using safety data. Businesses use their safety data to produce predictive analytics and thus can anticipate potential hazards. The reality of occupational health safety is a little different than it seems through software systems. Giant key players have already deployed advanced and predictive analytics software across safety functions to save their employees successfully. The predictive analytics can be used with various approaches, such as the forecast model, classification model, and outliners model. These models are efficient and have worked in safety. As per an article published by Industrial Safety & Hygiene News (ISHN) indicating the outcome of predictive analytics, one Fortune 150 energy company reduced its injury rate by 67% within 18 months, and one Fortune 150 manufacturer reduced its lost workday rate by 97% within one year. A top 20 construction company reported achieving significant safety improvements, including 90% of worksites experiencing no lost-time incidents. Thus, these predictive analytics models have reduced workplace injuries in recent years. Therefore, there is a broad scope of enhancing occupational health by using predictive analytics with artificial intelligence (AI) and machine learning (ML). Thus, key players can utilize such technologies to provide efficient health care services which can boost up the occupational health market growth across the region.
On the contrary, lack of skilled professionals and inaccessibility of trade secret hurdles the growth of SAM occupational health market.
Based on type, the SAM 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 29.0% market share in 2021, amassing US$ 79.01 million. It is projected to garner US$ 94.88 million by 2028 to expand at 2.6% CAGR during 2021–2028.
Based on country, the SAM occupational health market is segmented into the Brazil, Argentina, and Rest of SAM. Our regional analysis states that the Brazil captured 58.3% market share in 2021. It was assessed at US$ 159.05 million in 2021 and is likely to hit US$ 190.36 million by 2028, exhibiting a CAGR of 2.6% during the forecast period.
Key players dominating the SAM occupational health market are Amgen Inc.; Johnson and Johnson Services, Inc; Novartis AG; and Occucare International among others.
- In Oct 2021, Amgen announced that it has been selected as one of the World's Best Workplaces for 2021 by Fortune magazine and Great Place to Work. Amgen ranked eighth among the 25 companies named to the list. Those on the list were selected from 10,000 companies, representing the voices of nearly 20 million employees in more than 100 countries.
- In June 2020, Johnson & Johnson offers a suite of resources under its Healthy Workforce umbrella. The program creates space for people to explore any discrepancies between who they are at their best and what may be getting in the way of that at different times. The program is an intersection of customer priorities and J&J’s competencies.
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