Market Trends of US Occupational Health Industry
Work-induced Stress is Expected to Hold a Significant Market Share Over the Forecast Period
Stress is one of the leading health concerns that affect the United States population. Americans are among the most stressed-out populations in the world. According to the American Psychological Association 2021 report, 71% of the total working population in the United States felt stressed or tense out during the working day.
Additionally, according to a March 2022 article on the US Department of Labour Blog, nearly 3 in 5 employees (59%) reported negative effects of work-related stress in the previous month in a 2021 survey, and the vast majority (87%) believe actions from their employer would help their mental health. Hence, increasing work-related stress would increase the demand for the market in the upcoming period.
Work-related stress is also one of the major causes of financial loss. According to an article published by Rob Errera in April 2022, around 44% of American workers said workplace cleanliness post-pandemic was one of the causes of stress at work. Thus, the rising work-related stress in the United States may lead many companies to improve their wellness and healthcare support for employees, thereby driving the growth of the market. Hence, a large section of the population in the United States is involved in work-related stress, which is anticipated to drive the market during the forecast period.
Thus, the abovementioned factors leading to high stress in the country are likely to increase market growth in the upcoming period.
Rising Number of Diseases and Disorders Associated with Occupational Health is Expected to Propel the Market Growth Over the Forecast Period
Occupational health is concerned with all aspects of workplace health and safety, focusing on the primary prevention of hazards. Workers' health is influenced by various factors, including risk factors at work that contribute to cancers, accidents, musculoskeletal diseases, respiratory diseases, hearing loss, circulatory diseases, stress-related disorders, infectious diseases, and others.
According to the US Bureau of Labor Statistics, December 2022 report, there were 5,190 fatal work injuries recorded in the United States in 2021, roughly a 9% increase from the previous year. Also, the fatal work injury rate was 3.6 fatalities per 100,000 full-time equivalents (FTE) workers in 2021 compared to 3.4 per 100,000 FTE in the previous year. Therefore, the rising work-related injuries in the country are expected to create a demand for occupational health services for the treatment and counseling of such people, fuelling market growth.
The rising occupational health diseases in the country are expected to propel the demand for better occupational health services in the country. For instance, in a Healthy Hearing report published in December 2022, hearing loss, which affects people of all ages, was the third most common chronic physical condition after arthritis and heart disease. According to the report, approximately 48 million (or 14%) Americans have some degree of hearing loss. A comparable number report tinnitus or ringing in the ears. Hearing loss affects twice as many people as diabetes or cancer. Therefore, the high burden of hearing loss in the country is expected to propel market growth.
Furthermore, various non-government organization is engaged in initiatives to provide assistance to occupational health-affected workers, which are expected to propel the market growth. For instance, the Hearing Loss Association of America (HLAA) Virtual Convention 2021 research symposium showcased some of the most recent advances in providing hearing care to communities that have traditionally been underserved by clinic-based hearing care, such as remote Alaska villages, older adults along the United States border, and low-income older adults in Baltimore. The HLAA organization also donates to deaf people and creates awareness to consult occupational health physicians during their webinars and other activities.
Therefore, owing to the aforementioned factors, such as work injuries and hearing loss incidents, the market is expected to witness significant growth during the forecast period.
