Market overview
The global corporate
wellness market share is estimated to exhibit growth by expanding at 8.5%
during the forecast period 2022-2030 to reach a valuation of USD 114.4 billion by
2030. This growth is attributable to the higher acceptance of corporate wellness
programs, which are designed to evaluate the employee’s health.
Additionally,
these wellness programs are designed to estimate the probable health risks and
promote healthy behavior at the workplace. Thus, these programs promote a
healthy environment at workplaces and enhance productivity by lower healthcare
spending substantially. Such factors are driving growth of the global corporate
wellness market.
Further, the
adoption of such programs results in improve morale & quality of work and
decreases absenteeism; thus, several organizations are adopting corporate
wellness programs. Rising prevalence of obesity, smoking, alcoholism, and other
chronic diseases among white-collar workers especially in the private sector
are boosting the adoption of corporate wellness. According to the data by the
World Health Organization (WHO), more than 1.1 billion people were smoking
tobacco in 2015. Additionally, the prevalence of obesity has tripled from the
past three decades. Such data are reflecting the need for the adoption of
corporate wellness programs among employers to keep their employees healthy to
deliver quality work on time. This is a key factor estimated to drive growth of
the global corporate wellness market in the coming years.
Competitive
Analysis:
The global corporate
wellness market players include ComPsych Corporation, SOL Wellness, Wellness
Corporate Solutions, LLC, Wellsource, Inc., Truworth Health Technologies Pvt.
Ltd., Central Corporate Wellness, Virgin Pulse, EXOS, Marino Wellness, Privia
Health, ProvantHealth (Hooper Holmes, Inc.), The Vitality Group, Inc., Sodexo
Group, and Bupa Wellness Pty Ltd.
Segmentation:
The global corporate
wellness market outlook has been segmented into category, service type, end
user, and region.
By service type,
the market is segmented into stress management, health risk assessment,
nutrition & weight management, fitness, smoking cessation, health
screening, and others. Of these, the health risk assessment segment dominated
the global corporate wellness market in 2017 owing to the increasing adoption
of wellness programs for wellbeing and assessment of health risks of employees.
Additionally, implementation of the appropriate intrusion strategies and
promotion of adopting a healthy lifestyle are benefiting the segmental growth.
On the basis of
category, the market is segmented into psychological therapists, fitness &
nutrition consultants, and organizations.
Based on end
users, the market is segmented into medium-scale businesses, small-scale
businesses, and large-scale businesses.
Regional
Analysis:
Regionally, the corporate
wellness market insights is segmented into the Americas,
Asia-Pacific, Europe, and Middle East & Africa. Of these, North America
dominated the global corporate wellness market in 2017 and is estimated to remain
dominant during the forecast period owing to the presence of corporate wellness
program providers coupled with a substantial increase in the prevalence of
chronic diseases in the region. Additionally, the most significant expenditure
on healthcare in the region and surge in the adoption of wellness activities in
Canada and the U.S.
Further, Europe
is likely to hold the second-largest share in the revenue of the corporate
wellness market owing to the increasing activeness of European employees and employers.
Additionally, corporate wellness programs are increasingly taking a crucial
part of medium or large organizations in the region, which is augmenting the growth
of the market. The corporate wellness programs have become the strategic
priority in European organizations; thus, the market in the region is
flourishing continuously. However, the market in the Asia Pacific is estimated
to expand by exhibiting a faster CAGR owing to robust industrialization and
urbanization in the region. In addition to this, the increasing awareness about
the health of employees due to the effects of long working hours and larger
workload in countries such as India and China are estimated to benefit the
market growth in the coming years as well.
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