Report : US Occupational Health Market Forecast to 2028 - COVID-19 Impact and Regional Analysis By Offerings (Products, Solutions, and Services), Category (Safety, Chemicals, Biological, Physical & Environment, Ergonomic, Vaccination & Immunizations, and Others), Employee Type (Remote, Physical Presence, and Hybrid), Site Location (On-Site, Off-Site, and Shared-Site), and Type (Physical Wellbeing and Social & Mental Wellbeing)
Physical and Environment Segment to Lead US Occupational Health Market During 2022–2028
According to our latest study on "US Occupational Health Market Forecast to 2028 – COVID-19 Impact and Regional Analysis – by Offerings, Category, Employee Type, Site Location, and Type," the market is projected to reach US$ 1,496.92 million by 2028 from US$ 1,187.93 million in 2022; it is estimated to grow at a CAGR of 3.9% from 2022 to 2028. The report highlights the key factors driving and restraining the market growth, prominent players with their developments in the market, and trends prevailing in the market.
Occupational health is an area of work in public health to promote and maintains the physical, psychological, and social well-being of workers at the workplace. Occupational health aims to prevent work-related illness, stress, and injuries to ensure safety at the workplace. The knowledge and practice of occupational health involve several disciplines, such as ergonomics, psychology, hygiene, safety, and others. It focuses on assessing, treating, and resolving health conditions caused by the workplace terrain and reduces the burden of healthcare expenditure, resulting in increased productivity. Certain work environments lead to exposure to harmful chemicals leading to serious disorders like cancers, asthma, etc. Occupational medicine helps to prevent such disorders. Occupational safety and health (OSH), also known as occupational health and safety (OHS), deals with people's safety, health, and welfare at occupation.
Based on category, the US occupational health market is segmented into safety, chemicals, biological, physical and environment, ergonomics, vaccination and immunizations, and others. In 2022, the physical and environment segment held the largest share of the market. However, the ergonomic segment is anticipated to register the highest CAGR in the market during the forecast period. Physical hazards affect many people in the workplace. Occupational hearing loss is the most common work-related injury in the United States, as 22 million workers are exposed to hazardous noise levels at work, and an estimated US$ 242 million is spent annually on worker compensation for hearing loss. Prolonged exposure to direct sunlight, radiation, extreme temperatures, and high physical stress from manual labor are just a few of the outstanding physical hazards that can occur at work. Exposure to ionizing radiation can cause skin and blood damage, cataracts, infertility, congenital disabilities, and cancer. Noise exposure above 85 dB(A) can cause temporary and permanent hearing damage, while lower noise levels can be disruptive, cause sleep deprivation and increase stress. Heat stress can result from working long hours in full personal protective equipment (overalls, gowns, hoods, goggles, boots, and respirators). Working outdoors in extreme cold or heat can cause serious health problems. Poor lighting in work areas can cause injury, eye strain, and vision loss.
Impact of the COVID-19 Pandemic on the US Occupational Health Market
The COVID-19 pandemic has significantly impacted the occupational health market. During the pandemic, most companies experienced supply chain disruptions due to transport restrictions. The US economy was severely affected due to the COVID-19 pandemic. The US faced a huge impact in terms of decline in almost all industries businesses. For instance, as stated by US Small Business Administration, the pandemic has been particularly damaging for small businesses, which represent most businesses in the US and employ nearly half of all private sector workers.
In line with these revenue declines, significant employment declines at the beginning of the recession were seen in small businesses. For instance, as per the survey conducted and data published by Small Business Pulse, in 2020, between March and April, employment in firms with fewer than 20 employees fell more than 16%. Additionally, for firms with between 20 and 49 employees, the decline was 22%. Between August to September, 50% of respondents had not rehired any employees. The fact mentioned above clearly indicates the low state position of employers for taking any service for the limited number of employees. Hence, based on the facts and stats, the analysis states that the occupational health market has faced an overall decline in the US.
The concept of remote working evolved during the pandemic, but some sectors where employees could not work remotely, and businesses were not deemed essential to be open fared particularly poorly. For example, manufacturing units in almost all sectors were shut down, leading to unemployment. Hence, as workers and employees were not on work in manufacturing or construction, the occupational health market also faced a decline. However, after robust vaccination programs, these industries started their operations, and the occupational health market is expected to rise across the US during the forecast period.
Premise Health, Occucare International LLC, Examinetics Inc, Ascension Health Alliance, Workwell Occupational Medicine LLC, Concentra Inc, Adventist Health System Sunbelt Healthcare Corp, WorkCare Inc, e3 Diagnostics Inc, and Icahn School of Medicine at Mount Sinai are among the leading companies operating in the US occupational health market.
The report segments the US Occupational Health market as follows:
The US occupational health market is segmented on the basis of offerings, category, employee type, site location, and type. Based on offerings, the market is segmented into products, solutions, and services. In terms of category, the market is segmented into safety, chemicals, biological, physical and environment, ergonomic, vaccination and immunizations, and others. By employee type, the US occupational health market is divided into remote, physical presence, and hybrid. Based on site location, the market is segmented into on-site, off-site, and shared site. In terms of type, the market has been bifurcated into physical wellbeing and social and mental wellbeing.
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