The occupational medicines market is expected to register a CAGR of 6.25% over the forecast period.
While the sudden outbreak of the COVID-19 pandemic has impacted most of the business sectors negatively, the strict lockdowns and shutdowns across global industry sectors have led to reduced occupational injuries and fatalities. The manufacturing and production industries and construction sites remained closed, following strict regulations. This trend led to fewer fatalities and occupational injuries. Hence, it impacted the market negatively. However, the pandemic's effect on the working population's psychology had a drastic impact. The other health conditions such as work-related backache and stress have increased. These work-related illnesses increased by the time pandemic was at its peak. Hence, driving the growth of the studied market.
Occupational medicine helps in reducing the burden of healthcare expenditure. Providing proper care, diagnosis, and treatment in occupational medicine helps increase productivity. Because with the help of occupational medicine, the workers are provided proper training and assistance for preventing and treating diseases or injuries. Other major factors driving the growth of the studied market are a surge in awareness among the working population about occupational health, a favorable regulatory environment, increasing awareness programs organized by governments or non-governmental organizations (NGOs) and increasing chronic diseases among the working population.
Governments are paying significant attention to occupational health across the world. New laws and policies have been framed, or some existing policies have been renewed following the health level of all workers. For instance, in September 2020, the Indian government passed the occupational health and safety act in India to consolidate and amend the laws regulating occupational safety and health. This act will also amend the working conditions of the persons employed in an establishment and for matters connected. These government activities are focused on creating awareness among working groups regarding occupational health and safety, driving the growth of the studied market.
Therefore, owing to the abovementioned factors, the studied market is anticipated to grow over the forecast period.
The respiratory diseases by application segment is expected to grow over the forecast period, among other segments. An increasing number of respiratory illnesses such as chronic obstructive pulmonary disease (COPD), asthma, and silicosis globally are poised to drive the growth of the studied segment.
Work-related respiratory diseases are several illnesses caused by breathing in hazardous substances that damage the lungs, such as dust, fumes, and gases. The occupational lung disease has been adding to the respiratory distress. People who work in drug manufacturing and antibiotics manufacturing factories complain about breathing issues, and work-related asthma is more prevalent among this target population. In an article published in September 2021, titled "Dealing with Respiratory Hazards in A Pharmaceutical Workplace," it is mentioned that even though pharmaceutical factories are generally clean and well-maintained workspaces, air contamination through chemical hazards or pharmaceutical ingredients has been a significant occupational health and safety (OHS) issue within the pharma industry. This factor sometimes leads to acute (short-term) or chronic (long-term) respiratory effects among the workers. Hence, with the increasing drug development and manufacturing, the risk of occupational respiratory diseases is increasing. Hence, it is anticipated to drive the segment's growth over the forecast period.
Furthermore, in 2019, an estimated 174 new cases of occupational asthma were reported by doctors who participated in the SWORD (Surveillance of Work-Related & Occupational Respiratory Diseases) scheme within the Health and Occupation Reporting (THOR) network, United Kingdom. Additionally, as per United States Bureau of Labor Statistics data updated in November 2021, Employer-reported respiratory illnesses increased by nearly 4,000 percent in 2020 in the United States, which was estimated that employer-reported respiratory illness cases in 2020 increased to 428,700, which increased from 10,800 in 2019. Therefore, the work-related respiratory diseases segment is anticipated to grow over the forecast period globally.
Moreover, chronic respiratory diseases (CRDs) are diseases of the airways and other structures of the lung. These patients often require care and frequent medication to overcome breathing issues. Hence, the occupational medicine for the work-related respiratory diseases segment is anticipated to grow over the forecast period.
Therefore, owing to the abovementioned factors, the respiratory medicine segment is poised to witness growth over the forecast period.
North America will dominate the occupational medicines market over the forecast period. An increasing number of research and development (R&D) activities and investments in the sector, new product launches, and increasing chronic diseases are major factors attributed to the market's growth in the region.
In 2019, the R&D expenditure by biopharmaceutical companies was around USD 79.6 billion in the United States. Most pharmaceutical companies spent about one-quarter of their revenues on average on R&D expenses, which was nearly twice as large a share of revenues as they spent in 2000, as per the Congressional Budget Office report in April 2021. These healthcare expenditures in the country are expected to have a significant positive effect on occupational health and are anticipated to boost the growth of the studied market in the country.
In addition, in annual data provided by the United States Bureau of Labor Statistics for Employer-Reported Workplace Injuries and Illnesses, in 2020, Sprains, strains, and tears leading to tendonitis were 266,530, where 1,380 tendonitis patients were there in the United States. This number of workspace-related injuries is anticipated to drive the studied market's growth over the country's forecast period.
Therefore, owing to the factors mentioned above, the North American region is expected to have significant growth over the forecast period.
The market for occupational medicine is competitive in nature. Due to the presence of several companies globally, the market studied is fragmented. The studied market consists of several international companies which hold most of the market shares and are well known, including Amgen Inc., AstraZeneca, Bristol-Myers Squibb Company, Eli Lilly and Company, F. Hoffmann-La Roche Ltd, Johnson & Johnson, Nestle (Galderma), Novartis AG, Pfizer Inc., Sanofi and Abbott Laboratories, among others.
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While the sudden outbreak of the COVID-19 pandemic has impacted most of the business sectors negatively, the strict lockdowns and shutdowns across global industry sectors have led to reduced occupational injuries and fatalities. The manufacturing and production industries and construction sites remained closed, following strict regulations. This trend led to fewer fatalities and occupational injuries. Hence, it impacted the market negatively. However, the pandemic's effect on the working population's psychology had a drastic impact. The other health conditions such as work-related backache and stress have increased. These work-related illnesses increased by the time pandemic was at its peak. Hence, driving the growth of the studied market.
Occupational medicine helps in reducing the burden of healthcare expenditure. Providing proper care, diagnosis, and treatment in occupational medicine helps increase productivity. Because with the help of occupational medicine, the workers are provided proper training and assistance for preventing and treating diseases or injuries. Other major factors driving the growth of the studied market are a surge in awareness among the working population about occupational health, a favorable regulatory environment, increasing awareness programs organized by governments or non-governmental organizations (NGOs) and increasing chronic diseases among the working population.
Governments are paying significant attention to occupational health across the world. New laws and policies have been framed, or some existing policies have been renewed following the health level of all workers. For instance, in September 2020, the Indian government passed the occupational health and safety act in India to consolidate and amend the laws regulating occupational safety and health. This act will also amend the working conditions of the persons employed in an establishment and for matters connected. These government activities are focused on creating awareness among working groups regarding occupational health and safety, driving the growth of the studied market.
Therefore, owing to the abovementioned factors, the studied market is anticipated to grow over the forecast period.
Key Market Trends
Respiratory Diseases by Application Segment is Expected to Grow Over the Forecast Period
The respiratory diseases by application segment is expected to grow over the forecast period, among other segments. An increasing number of respiratory illnesses such as chronic obstructive pulmonary disease (COPD), asthma, and silicosis globally are poised to drive the growth of the studied segment.
Work-related respiratory diseases are several illnesses caused by breathing in hazardous substances that damage the lungs, such as dust, fumes, and gases. The occupational lung disease has been adding to the respiratory distress. People who work in drug manufacturing and antibiotics manufacturing factories complain about breathing issues, and work-related asthma is more prevalent among this target population. In an article published in September 2021, titled "Dealing with Respiratory Hazards in A Pharmaceutical Workplace," it is mentioned that even though pharmaceutical factories are generally clean and well-maintained workspaces, air contamination through chemical hazards or pharmaceutical ingredients has been a significant occupational health and safety (OHS) issue within the pharma industry. This factor sometimes leads to acute (short-term) or chronic (long-term) respiratory effects among the workers. Hence, with the increasing drug development and manufacturing, the risk of occupational respiratory diseases is increasing. Hence, it is anticipated to drive the segment's growth over the forecast period.
Furthermore, in 2019, an estimated 174 new cases of occupational asthma were reported by doctors who participated in the SWORD (Surveillance of Work-Related & Occupational Respiratory Diseases) scheme within the Health and Occupation Reporting (THOR) network, United Kingdom. Additionally, as per United States Bureau of Labor Statistics data updated in November 2021, Employer-reported respiratory illnesses increased by nearly 4,000 percent in 2020 in the United States, which was estimated that employer-reported respiratory illness cases in 2020 increased to 428,700, which increased from 10,800 in 2019. Therefore, the work-related respiratory diseases segment is anticipated to grow over the forecast period globally.
Moreover, chronic respiratory diseases (CRDs) are diseases of the airways and other structures of the lung. These patients often require care and frequent medication to overcome breathing issues. Hence, the occupational medicine for the work-related respiratory diseases segment is anticipated to grow over the forecast period.
Therefore, owing to the abovementioned factors, the respiratory medicine segment is poised to witness growth over the forecast period.
North America is Expected to Dominate the Market Over the Forecast Period
North America will dominate the occupational medicines market over the forecast period. An increasing number of research and development (R&D) activities and investments in the sector, new product launches, and increasing chronic diseases are major factors attributed to the market's growth in the region.
In 2019, the R&D expenditure by biopharmaceutical companies was around USD 79.6 billion in the United States. Most pharmaceutical companies spent about one-quarter of their revenues on average on R&D expenses, which was nearly twice as large a share of revenues as they spent in 2000, as per the Congressional Budget Office report in April 2021. These healthcare expenditures in the country are expected to have a significant positive effect on occupational health and are anticipated to boost the growth of the studied market in the country.
In addition, in annual data provided by the United States Bureau of Labor Statistics for Employer-Reported Workplace Injuries and Illnesses, in 2020, Sprains, strains, and tears leading to tendonitis were 266,530, where 1,380 tendonitis patients were there in the United States. This number of workspace-related injuries is anticipated to drive the studied market's growth over the country's forecast period.
Therefore, owing to the factors mentioned above, the North American region is expected to have significant growth over the forecast period.
Competitive Landscape
The market for occupational medicine is competitive in nature. Due to the presence of several companies globally, the market studied is fragmented. The studied market consists of several international companies which hold most of the market shares and are well known, including Amgen Inc., AstraZeneca, Bristol-Myers Squibb Company, Eli Lilly and Company, F. Hoffmann-La Roche Ltd, Johnson & Johnson, Nestle (Galderma), Novartis AG, Pfizer Inc., Sanofi and Abbott Laboratories, among others.
Additional Benefits:
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Table of Contents
1 INTRODUCTION
4 MARKET DYNAMICS
5 MARKET SEGMENTATION (Market Size by Value - USD million)
6 COMPETITIVE LANDSCAPE
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
8 COMPETITIVE LANDSCAPE
Companies Mentioned (Partial List)
A selection of companies mentioned in this report includes, but is not limited to:
- Amgen Inc
- AstraZeneca
- Bristol-Myers Squibb Company
- Eli Lilly and Company
- F. Hoffmann-La Roche Ltd.
- Johnson & Johnson
- Nestle (Galderma)
- Novartis AG
- Pfizer Inc.
- Sanofi
- Abbott Laboratories
Methodology
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