Global Corporate Wellness Market
Corporate wellness plays a major role in advanced healthcare, as it keeps employees healthy and happy. Corporate organizations conduct various programs to create a stress-free environment, as well as a healthy work culture for the employees.
The global corporate wellness market size was valued at US$ 53,645.7 million in 2018, and is expected to exhibit a CAGR of 7.2% over the forecast period (2019-2027).
Growing incidence of smoking is expected to propel the growth of the global corporate wellness market
Corporate wellness programs are conducted in order to keep employees healthy, prevent them from diseases, and increase their productivity. Moreover, high prevalence of smoking and rising incidence of obesity is expected to majorly drive the growth of the global corporate wellness market during the forecast period. According to the Institute for Health Metrics and Evaluation (IHME), 2017, an estimated 6.32 million deaths of smokers were reported worldwide in 2016. Moreover, according to the same source, around 883,930 deaths of second hand smokers were reported in 2016 globally.
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Moreover, the rising prevalence of obesity associated with deskbound lifestyle is expected to propel growth of the global corporate wellness market over the forecast period. According to the World Health Organization (WHO) factsheet as of February 2018, around 1.9 billion adults aged 18 years and above were overweight around the world in 2016, of which around 650 million were found to be obese.
However, low adoption rate of corporate wellness programs by new startups and small corporate offices is expected to act as a major factor hindering the global market growth.
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Increasing risk of diabetes associated with a deskbound lifestyle in North America is expected to bolster the regional market growth
North America holds the leading position in the global corporate wellness market, owing to the increasing risk of diabetes and other diseases associated with a deskbound lifestyle or physical inactivity. According to the 2015 report published by the Centers for Disease Control and Prevention (CDC), around 30.3 million Americans were diagnosed with diabetes in 2015, and around 1.5 million are diagnosed with diabetes every single year.
Moreover, increasing number of employee welfare activities in the corporate sector is propelling the growth of the global market. For instance, Accenture, a global consultancy company, offers employee assistance programs to provide confidential support for employees’ issues, such as stress, substance abuse, depression, and anxiety. Furthermore, the company provides employees with Teladoc services, using which they can consult a physician for any health-related queries 24×7.
Leading Market Players
The major players operating in the global corporate wellness market include Wellness Corporate Solutions, ComPsych Corporation, United Health Group, Sodexo, BupaWellness Pty Ltd., Recovre Group, Central Corporate Wellness, Truworth Wellness, CXA Group Pte. Limited, SOL Wellness, ComPsych Corporation, Virgin Pulse, Inc., Interactive Health, Inc., and ConneXions Asia.
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- Global Corporate Wellness Market, By Service:
- Health Risk Assessment
- Smoking Cessation
- Health Screening
- Nutrition & Weight Management
- Stress Management
- Global Corporate Wellness Market, By End User:
- Small-scale Organizations
- Medium-scale Organizations
- Large-scale Organizations
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