Market Trends of EHS Software Industry
Healthcare and Life Sciences Drives Market Growth
- The environmental, health, and safety (EHS) software market within the healthcare and life sciences industry is experiencing significant growth driven by several factors. One of the primary drivers is the increasingly stringent regulatory environment that healthcare and life science organizations must navigate.
- The shift toward digital transformation in healthcare and life sciences is another important factor propelling the EHS software market. Organizations are investing in advanced software solutions to streamline EHS processes, enhance operational efficiency, and improve data accuracy. EHS software provides tools for real-time monitoring, incident management, risk assessment, and reporting, which are essential for maintaining high safety standards in clinical trials, pharmaceutical manufacturing, and laboratory environments.
- In March 2023, VelocityEHS, the global provider of enterprise EHS & ESG software solutions, introduced a partnership with the occupational and industrial health powerhouse Fit For Work, a member of the Confluent Health family. The collaboration will enable the companies to operationalize their ergonomics process and proactively reduce workplace musculoskeletal disorders (MSDs) and associated costs. Velocity and Fit For Work offer an unparalleled opportunity for businesses to quickly scale implementation, training, on-site assessments, and adoption of VelocityEHS’ Ergonomics and Health solutions.
- The integration of advanced technologies like artificial intelligence (AI) and machine learning (ML) into EHS software is further enhancing its capabilities, enabling predictive analytics, automated risk assessments, and more effective decision-making. This technological advancement is attracting healthcare and life science companies to invest in EHS software, as it not only helps in compliance but also in proactive risk management.
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North America Holds Significant Market Share
- The countries in North America, particularly the United States and Canada, have been a significant market for EHS software. The region has stringent environmental and occupational health and safety regulations, driving the adoption of EHS software solutions. Additionally, industries such as manufacturing, energy, and healthcare in North America have been early adopters of EHS software to manage compliance, safety, and risk mitigation.
- Moreover, the region has a strong foothold of EHS software vendors contributing positively to the market's growth. Some vendors based in North America include Intelex Technologies Inc., VelocityEHS, Sai Global Pty Limited, Dakota Software Corporation, and Gensuite.
- Several players are taking the initiative to strive for zero safety incidents and minimize the impact of their operations on the environment. For instance, ProcessMAPCorporation, a data-intelligence-driven software solutions provider that helps empower customers to transform into sustainable enterprises, announced that Fortune Brands Home & Security Inc., a Fortune 500 company, will drive the digital transformation of its global EHS and ESG initiatives by leveraging ProcessMAP's smart and actionable data-intelligence solutions.
- Vendors in the region are enhancing their EHS software solutions. VelocityEHS, a player in cloud-based environmental, health, safety, and sustainability software, acquired Kinetica Labs, a pioneer in developing sensing and simulation technology for occupational safety and health in Ann Arbor.
- Similarly, VelocityEHS acquired OneLook Systems, an Irish software firm. The acquisition will boost its enterprise-wide platform services and capacity to assist users in addressing emerging risk management concerns related to the COVID-19 outbreak and beyond.
- The countries and their respective regional states have developed regulations and requirements to protect their citizens' natural environment and health. Products manufactured, sold, distributed, and imported are subject to an expanding list of complex local, regional, and federal (mandatory and self-regulated) environmental requirements in the United States and Canada. These environmental and safety measures create new compliance challenges for global and local businesses.
- In North America, the Environmental Protection Agency (EPA) and the US Occupational Safety and Health Administration (OSHA) strictly implement industrial safety, driving the adoption of EHS software. Almost all businesses in the United States are subject to OSHA standards, so they are a relevant concern for employers and employees in many industries.
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