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Report
United States Occupational Health Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)
Market Report I 2023-01-23 I 80 Pages I Mordor Intelligence
The United States occupational health market is projected to register a CAGR of 3.8% during the forecast period (2022-2027).
The COVID-19 pandemic has been stressful for many people. As a result, the COVID-19 outbreak has reinvented the methods to provide essential corporate wellness in times of need. Corporations and services are incorporating new strategies to help their employees reduce stress. For instance, many corporations are providing videos and online consultations for reducing and controlling stress. Other strategies, like reimbursements for on-demand and streaming workout videos, are also being provided. These strategies have helped many employees around the world in these trying times. For instance, as per the interim guidance published by the World Health Organization in February 2021, titled 'COVID-19: Occupational health and safety for health workers' health workers who are infected by COVID-19 as a result of their work - and in case the infection is considered an occupational disease or injury in line with national law - should be entitled to health care, and to the extent that they are incapacitated for work, cash benefits or compensation. Dependent family members of health workers who die from COVID-19 contracted in the course of work-related activities, should be entitled to cash benefits or compensation as well as to a funeral grant or benefit.
Factors such as increasing adoption of workplace wellness programs and high focus on employer-sponsored medical health coverage coupled with an increasing rising number of diseases and disorders associated with occupational health are expected to increase the market growth. The high prevalence of extended work hours, heavy workload, and work pressure-related issues are creating physical and mental repercussions, such as hypertension, heart attacks, and a feeling of instability among the employees. With the rising competition, the employees work under a lot of pressure and excessive demands. Hence, stress disturbs the equilibrium of work-life balance for the employees.
According to Centre for Disease Control and Prevention data updated in March 2022, the number of emergency department visits is 130 million, and the number of injury-related visits is 35 million in the United States. Similarly, in November 2021, according to the Bureau of Labor Statistics, US Department of Labor, Survey of Occupational Injuries and Illnesses, private industry employers reported 2.7 million nonfatal workplace injuries and illnesses in 2020. Ten occupations accounted for 38.3% of all private industry cases involving days away from work (DAFW) in 2020, the nursing assistants had the highest number of DAFW cases with 96,480. In 2020, DAFW cases for registered nurses increased by 58,590 cases (290.8%) to 78,740 cases. Heavy and tractor-trailer truck drivers had 43,500 DAFW cases in 2020, a decrease of 4,490 cases (9.4%). DAFW cases for laborers and freight, stock and material movers, and hands were essentially unchanged in 2020. Such high numbers of days away from work due to occupational illness and injuries create the need for occupational medicines and treatment and thus drive the growth of the market.
However, increasing automation in industries may hinder the growth pace of the market over the forecast period.
US Occupational Health Market Trends
Work-induced Stress is Expected to Hold a Significant Market Share Over the Forecast Period
Stress is one of the leading health concerns that affect the United States population. Americans are among the most stressed-out populations in the world. As per the American Psychological Association estimate, there are nearly 1 in 5 American adults say that their mental health declined in 2020. It also reported that younger generations experience a higher level of stress and anxiety than older ones in 2020, especially in the United States.
Additionally, In October 2020, a report was published by the American Psychological Association, titled "Stress in America 2020: A National Mental Health Crisis," which stated that work is a source of stress as they were in 2019 (64% of employed adults reported it as a source of stress in both years), more than half (56%) say that job stability is a source of stress, which is significantly higher than the proportion noting the same in 2019 (50%). This is significantly higher than the proportion in 2019 (46%) and is nearing levels reported during the 2008 recession (69%). Hence, increasing work-related stress would increase the demand for the market in the upcoming period.
Work-related stress is also one of the major causes of financial loss. The cost of stress in the workplace also drains the United States budget, which represents between 5% and 8% of the total national healthcare spending. As per the American Institute of Stress, Statistics, released in April 2022, following a steady rise over the last decade, employee engagement decreased globally by two percentage points, from 22% in 2019 to 20% in 2020. with global borders closing, workplaces shuttering and jobs being cut, workers' daily stress reached a record high, increasing from 38% in 2019 to 43% in 2020. Moreover as per an article published by Rob Errera in April 2022, around 44% of American workers say workplace cleanliness post-pandemic is one of the causes of stress at work. Thus, the rising work-related stress in the United States may lead many companies to improve their wellness and healthcare support for the employees, thereby driving the growth of the market. Hence, a large section of the population in the United States is involved in work-related stress, which is anticipated to drive the market during the forecast period.
Thus, the abovementioned factors are likely to increase market growth in the upcoming period.
US Occupational Health Market Competitor Analysis
The united states occupational health market is fragmented and consists of several major players. In terms of market share, a few of the major players are currently dominating the market. Some of the companies which are currently dominating the market are Premise Health, Concentra, Inc., Workwell Occupational Medicine, LLC, Occucare International, and Examinetics, among others.
Additional Benefits:
The market estimate (ME) sheet in Excel format
3 months of analyst support
1 INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Increasing Adoption of Workplace Wellness Programs and Employer-Sponsored Medical Health Coverage
4.2.2 Rising Number of Diseases and Disorders Associated with Occupational Health
4.3 Market Restraints
4.3.1 Increasing Automation in Industries
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION (Market Size by Value - USD million)
5.1 By Type
5.1.1 Work-induced Stress
5.1.2 Respiratory Diseases
5.1.3 Hearing Loss Due to Noise
5.1.4 Disorders Caused Due to Chemicals and Vibrations
5.1.5 Others
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 AllOne Health Resources, Inc
6.1.2 Concentra, Inc.
6.1.3 Examinetics
6.1.4 Harness Health Partners
6.1.5 Occucare International
6.1.6 Premise Health
6.1.7 Workwell Occupational Medicine, LLC
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