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A growing market

The Industry

New technology improves the available tools to keep an eye on peoples health, both during work and spare time
General interest in personal health and a sustainable lifestyle has increased significantly in recent years. A strong influencing factor is the portable devices such as smart watches, activity bracelets and health apps that many of us use every day to get feedback on our health. The availability of easily accessible personal health data not only increases awareness but also motivation to take greater responsibility for one’s own health.
 
New health technology redefines our work environments 

The conversation of a sustainable working life is rising on the general agenda. Highly specialized employees on long-term sick leave is costly for both the individual, company and society. In industries with demanding work environments the preventive work with analogue observations and training has long been the standard method to measure and increase awareness of risk factors. In order to develop more effective health-promoting systems in work environments, a better understanding of what people are exposed to is needed. The demand today are increasing for individualized diagnostics through technical solutions. Integration of so-called health technology in the workplace will in the long run change how companies handle strategies for more sustainable workplaces.

 
 

“Healthcare is moving towards a more individual-centered experience, with patients taking a more proactive role in managing their health”
-Medical Economics

 

 

“The Global Market for Wearable Sensors is estimated at USD 350.7 million in 2020 and is estimated at USD 1065.8 million at the end of 2026”

-Global Wearable Sensors Market Research Report 2020 / Market Study Report

 

The Personal Protective Equipment Market

Return on investment on Health and Safety

Buildning a case to invest in health and safety is a multifaceted mathematical challenge where not only physical protection such as Personal Protection Equipment (PPE) counts, but also employee awareness. In general most wearable devices purpose is to provide information of current status of several measurement points which is the first step and as a result the PPE market is growing when individual awareness rise and stringent workplace safety regulations. To make investments more justifiable data must be provided.

The global personal protective equipment market size is expected to reach USD 84.7 billion by 2027, according to a new report by Grand View Research, Inc., registering a 6.7% CAGR over the forecast period. Increasing need for equipment in mining, emergency response, military and law enforcement, healthcare, and fire services, coupled with rising instances of injuries at the workplace, is anticipated to propel the market over the coming years.

Occupational safety regulations play a major role in driving the market for personal protective equipment. Mandated policies for companies to maintain worker safety in industries is anticipated to drive demand for PPE. These regulations mention the type of personal protective equipment required for protection during different industrial or commercial processes.

The European Agency for Safety and Health at Work (EU-OSHA) together with the International Labour Organization estimates work-related ill-health and injury is costing the European Union 3.3 % of its GDP. That’s €476 billion every year which could be saved with the right occupational safety and health strategies, policies and practices.

Investments in injury prevention are today:
– Incident reports
– Generating statistics
– Analogue observations
– Educations of the workers, SSG as an example.
– Certificatinos, SSG
– Checklists and warning signs
– Introducing joint activities, excercises.
– Increased requirements in terms of PPE
– Individual assessments of workers through occupational health care and physiotherapists.
– Social/Human sustainabilities becomes part of the general sustainability policy.

“Safe and healthy work is a fundamental human right but these new estimates of the costs of poor or non-existent OSH measures show that the economic case for OSH has never been stronger.”

– Dr. Christa Sedlatschek, the director of The European Agency for Safety and Health at Work (EU-OSHA)