The Occupational Health Market is Estimated To Witness High Growth Owing To Trends Increasing Adoption Of Digital Healthcare Solutions
The Occupational Health Market is estimated to be valued at US$ 104.18 Bn in 2023 and is expected to exhibit a CAGR of 4.6% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Occupational health involves the protection and promotion of health related to work and working environment. It deals with identifying and reducing workplace health hazards and improving overall safety culture and environment. The market offers various solutions and products such as software, services and equipment that help monitor, track and improve employee health and prevent workplace injuries and illnesses.
Market key trends:
The market is witnessing high growth owing to increasing adoption of digital healthcare solutions across various industry verticals. Digital healthcare solutions help in streamlining workflows, reduce costs, improve productivity and enhance patient experience. Digital solutions also help in remote monitoring of employees, storing and analyzing health data, streamlining communication between employers and employees. This is expected to drive significant demand in the occupational health market. Additionally, growing prevalence of chronic diseases and increasing health awareness among employers about employee wellbeing will further contribute to the market growth over the forecast period.
Porter's Analysis
Threat of new entrants: Low barriers to entry such as lower capital requirements, makes the threat of new entrants moderate in the occupational health market.
Bargaining power of buyers: Large number of buyers and availability of substitutes increases the bargaining power of buyers in the occupational health market.
Bargaining power of suppliers: Presence of many suppliers and lack of differentiation between products and services offered by them, reduces the bargaining power of suppliers.
Threat of new substitutes: Introduction of advanced technologies for occupational health screening and services presents a threat of substitution.
Competitive rivalry: High as the players compete based on product differentiation, high quality services and price.
SWOT Analysis
Strengths: Established base of clients, skilled workforce, wide service portfolio.
Weaknesses: High infrastructure and maintenance costs, dependency on skilled professionals.
Opportunities: Growth in emerging economies, rising adoption of advanced technologies.
Threats: Stringent regulations, privacy and security concerns.
Key Takeaways
Global Occupational Health Market Size is expected to witness high growth, exhibiting CAGR of 4.6% over the forecast period, due to increasing investments in employee health and safety programs by organizations. The growing awareness about chronic diseases and their impact on work productivity is also expected to drive the market during the analysis period.
Regional analysis- North America is expected to dominate the global occupational health market during the forecast period. This is attributed to factors such as presence of major players, stringent safety regulations and heightened awareness levels among organizations regarding employee health. Asia Pacific is anticipated to exhibit the fastest growth rate owing to rapid industrialization, rising safety and health expenditure in emerging countries.
Key players operating in the occupational health market are Cerner Corporation, Epic Systems Corporation, GE Healthcare, Siemens Healthineers, Drchrono, Kareo, AdvancedMD, athenahealth, eClinicalWorks, Allscripts Healthcare Solutions.
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