Surge in awareness about occupational health, rapid rise in aging workforce, and favorable regulatory environment propel the growth of the global occupational medicines market.
As per the report issued by Allied Market Research, the global occupational medicines market was pegged at $3.75 billion in 2017 and is expected to hit $5.79 billion by 2025, growing at a CAGR of 5.5% from 2018 to 2025. The report offers a detailed analysis of the top winning strategies, top investment pockets, drivers & opportunities, market size & estimations, competitive landscape, and changing market trends.
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The global occupational medicine market is projected to grow significantly during the study period. This is due increase in awareness related to occupational health, rapid surge in aging workforce, and favorable regulatory environment for occupation medicines. However, rise in adoption of automation and artificial intelligence (AI) and emerging small businesses changing the industry structure impede the growth in the market. On the other hand, emerging economies including China and India, are expected to provide lucrative opportunities to the market during forecast periods.
Based on application, the musculoskeletal disorder segment contributed for one-third of the total market share in 2017. However, the construction segment is projected to grow at a highest CAGR of 7.3% during the forecast period.
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Key findings of the study:
- North America accounted for nearly one-fourth share of the global occupational market.
- The construction segment is expected to grow at a highest CAGR throughout the study period.
- Europe is projected to contribute nearly two-fifths of the total market share by 2025.
- The Asia-Pacific region is estimated to grow at a highest rate throughout the study period, followed by LAMEA.
Europe has contributed the highest market revenue in 2017. This is due to European regulatory framework for occupational medicines and occupational health that contends greatly on monitoring health and safety of workers in the work environment. However, the Asia Pacific region is projected to grow at a highest CAGR of 7.4% from 2018 to 2025, due to rise in disposable income, increase in research, and surge in awareness regarding occupational health.
Frontrunners in the industry-
Key market players analyzed in the market report include Sanofi, Johnson & Johnson, Nestlé S.A. (Galderma S.A.), Novartis AG, Pfizer, Inc., Bristol-Myers Squibb Company, AstraZeneca PLC, Amgen, Inc., Eli Lilly and Company, and F. Hoffmann-La Roche Ltd. These players have taken recourse to high-end market strategies such as partnerships, collaboration, mergers & acquisitions, and new product launch to heighten their stand in the industry.
Scope Of The Report
|Market size available for years||2018-2025|
|Base year considered||2019|
|Forecast units||Value (USD)|
|Segments covered||By Application, By Industry, By Region|
|Geographies covered||North America, Europe, Asia-Pacific, LAMEA|
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