Market overview
The
global corporate
wellness market size 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.
Furthermore,
these wellness initiatives are crafted to assess potential health risks and
foster healthy habits within the workplace. Consequently, they cultivate a
healthy workplace environment and bolster productivity by significantly
reducing healthcare expenditures. These factors contribute to the growth of the
global corporate wellness market.
Moreover,
implementing such programs leads to enhanced morale, improved work quality, and
reduced absenteeism, prompting numerous organizations to embrace corporate
wellness initiatives. The escalating prevalence of obesity, smoking,
alcoholism, and other chronic conditions among white-collar employees,
particularly in the private sector, is driving the adoption of corporate
wellness programs. According to the World Health Organization (WHO), over 1.1
billion individuals were smokers in 2015, and the incidence of obesity has
tripled over the past three decades. These statistics underscore the necessity
for employers to implement corporate wellness programs to ensure the health of
their employees, enabling timely and quality work delivery. This crucial factor
is expected to propel the growth of the global corporate wellness market in the
foreseeable future.
Employer
wellness programs are tailored initiatives implemented by
organizations to address various aspects of employee well-being. These programs
often include comprehensive health assessments, fitness challenges, nutritional
guidance, mental health resources, and stress management techniques. By
offering such holistic support, employers not only demonstrate their commitment
to the well-being of their workforce but also stand to benefit from improved
employee engagement, reduced absenteeism, and enhanced productivity. Furthermore,
employer wellness programs can contribute to fostering a sense of community and
camaraderie among employees, thereby strengthening organizational cohesion and
morale.
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 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 migraine market 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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