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)
Services 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 Country 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 the market and prominent players with their developments in the market. Factors such as high focus on employer-sponsored medical health coverage and accelerating adoption of workplace wellness programs propel the US occupational health market’s growth. However, the health-associated risks at the workplace hamper the market's growth.
The occupational health market based on offerings is segmented into products, solutions, and services. In 2022, the services segment held the largest share of the market and is anticipated to register the highest CAGR in the market during the forecast period. Occupational health services include employee well-being, pre-employment testing, ergonomics, occupational therapy, and medicine. Services focus on employee well-being, meeting regulatory and business goals, promoting work as an activity with physical and behavioral health benefits, identifying and addressing exposure hazards that may pose health threats, and providing care guidance at the beginning of work-related injuries and ailments. All health assessments can be conducted face-to-face, by phone or video conference, or via digital platforms. Occupational health services can become essential to any organization while supporting strategic goals, core functions, and the business continuity plan.
Impact of COVID-19 Pandemic on US Occupational Health Market
The US economy was severely affected due to the COVID-19 pandemic. The United States faced huge impact in terms of decline in almost all industries businesses. For instance, as stated by US Small Business Administration the COVID-19 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 declines in revenue, significant declines in employment 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 above-mentioned fact clearly indicates the low state position of employers for taking any service for the limited number of employees. Hence, based on above facts and stats, the analysis states that occupational health market had face overall decline in US.
The concept of remote working evolved during this pandemic but some sectors where employees could not work remotely and where businesses were not deemed essential to be open fared particularly poorly. For example, manufacturing units of almost all sectors were shut down which led to unemployment. Hence, as workers and employees were not on work for manufacturing or construction, the occupational health market also faced decline. However, after robust vaccination programs, these industries started the operations and occupational health market is expected to witness rise across US during 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 US occupational health market has been segmented as follows:
The market is segmented based on 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 segmented 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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