According to a new report published by Allied Market Research, titled, "Occupational Medicines Market by Application and Industry: Global Opportunity Analysis and Industry Forecast, 2018-2025, the market was valued at $3,753 million in 2017, and is projected to reach $5,794 million by 2025, growing at a CAGR of 5.5% from 2018 to 2025. Europe is anticipated to be the highest revenue contributor throughout the forecast period.
Occupational medicine is a branch of medicine concerned with treatment of work-related diseases; for instance, exposure to second-hand smoke and cancer-causing chemicals in the petroleum & mining industry workers is the cause of diseases, such as chronic obstructive pulmonary disease (COPD), skin infections, muscle pains, chemical poisoning, cancer, and others.
The global occupational medicine market is expected to grow considerably during the forecast period, owing to various factors, such as rise in awareness related to occupational health, rapid growth in geriatric workforce, and favorable regulatory environment towards occupational medicine. However, increasing adoption of automation and artificial intelligence (AI) in industries and emerging small businesses along with change in industry structure are the key factors that are expected to hinder the market growth. On the contrary, emerging markets, such as China and India, are anticipated to provide lucrative growth opportunities to the market players during the forecast period.
By application, the musculoskeletal disorder segment accounted for one-third share of the global occupational medicines market in 2017. Furthermore, the construction segment is anticipated to grow at the highest rate of 7.3% during the forecast period.
Key Findings of the Occupational Medicines Market:
- North America occupied almost one-fourth share of the global occupational medicine market.
- The construction segment is anticipated to grow with the highest CAGR throughout the forecast period.
- Europe is anticipated to occupy almost two-fifths market share of the global occupational medicine market by 2025.
- The Asia-Pacific region is anticipated to grow at the highest rate during the forecast period, followed by LAMEA.
Europe was the leading revenue contributor to the global occupational medicines market in 2017, owing to European regulatory framework for occupational medicines and occupational health that insists greatly on monitoring health and safety of workers in the work environment. However, the Asia-Pacific region is expected to grow at the highest CAGR of 7.4% from 2018 to 2025, owing to increase in disposable income, surge in research, development, and innovation activities, and rise in awareness towards occupational health.
The report provides an extensive competitive analysis and profiles of the key market players, such as Amgen, Inc., AstraZeneca PLC, Bristol-Myers Squibb Company, Eli Lilly and Company, F. Hoffmann-La Roche Ltd, Johnson & Johnson, Nestl S.A. (Galderma S.A.), Novartis AG, Pfizer, Inc., and Sanofi. The other players in the value chain (not included in the report) include Merck & Co., Inc., AbbVie, Inc., and GlaxoSmithKline plc.