The global Workplace Safety Market is projected to grow from an estimated $14.2 billion in 2022 to $26.7 billion by 2027, equivalent to a Compound Annual Growth Rate (CAGR) of 13.5% over the forecast period, with growing work injuries and strict industrial health and safety regulations just some of the factors driving growth.
That’s according to a new report from ResearchAndMarkets, which says that by vertical the healthcare segment will grow at highest CAGR in the years to 2027. This, it says, is because healthcare workers face several serious safety and health hazards, including potential chemical and drug exposures, waste anaesthetic gas exposures, respiratory hazards, and ergonomic hazards from lifting and repetitive tasks.
Some of the potential chemical exposures include formaldehyde, ethylene oxide, peracetic acid, and numerous other chemicals used in healthcare laboratories. The industry is also facing increasing cases of workplace injuries and illnesses. The total incidence rate for this sector was 5.5 cases per 100 full-time employees in 2020 compared to 3.8 per 100 full-time workers in 2019.
Governments and organizations are increasingly deploying workplace safety measures. The WHO’s work on protecting the health and safety of health workers includes the development of norms and standards for the prevention of occupational risks in the health sector and advocacy and networking for strengthening the protection of health and safety of health workers.
By region, North America to account for the largest market size during the forecast period. The region is witnessing an increase in the adoption of cloud technology across different industries, which has driven the market for cloud-based solutions in the Workplace Safety Market. The regional presence of key industry players offering workplace safety technology solutions contributes to driving the market growth in North America. Another factor driving the growth of workplace safety in the region is the need for strengthening safety standards and government regulations.
Three US Department of Labour agencies are responsible for the administration and enforcement of the laws enacted to protect the safety and health of workers in North America. The Fair Labor Standards Act contains rules concerning the employment of young workers, those under the age of 18, and is administered and enforced by the Department of Labor (DOL) Wage and Hour Division.
Intended to protect the health and well-being of youth in the region, the Fair Labor Standards Act (FLSA) contains minimum age restrictions for employment, restrictions on the times of day youth may work, and the jobs they perform. The regional organizations are increasingly engaging in partnerships and collaborations to deploy solutions according to the customers’ workplace safety requirements.