Corporate Wellness Market – Industry Landscape
Market Research Future has recently announced a new statistical data, titled as global corporate wellness market 2020. It summarizes thorough information of the market segments based on the latest COVID 19 pandemic that has affected almost all the business entities at a significant level. Keeping consideration of the COVID 19 phase, Market Research Future puts a positive approach for the market by stating that the market might establish a strong foothold by recording a healthy CAGR 7.0% and also would surpass a revenue of USD 49.7 Billion that was recorded back in the year 2017. The assessment period thoroughly studied is from 2018 to 2023.
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Corporate Wellness Growth Boosters
Emerging awareness and adoption of corporate wellness programs is stated to accelerate the corporate wellness market growth. The introduction of such programs is designed to support and promote a holistic side to employee wellbeing by creating an organizational culture of health. With this, benefits offered by wellness programs include increased pro
ductivity, improved health outcomes, and boosts employee engagement. In the case of point, UK based BetterSpace program has been introduced to improve and protect employee’s mental health in all possible conditions. Therefore, the factors mentioned above prove beneficial for the corporate wellness industry growth.
As reported by the new MRFR report, some more factors such as mounting focus by the private and public sector in developed countries to progress employee health, mounting prevalence of chronic diseases, adoption of a sedentary lifestyle, and expansion in the private sector are encouraging corporate wellness market growth. In fact, the health risk assessment has been the leading factor in the overall corporate wellness market that has calculated long terms of revenue share in the year 2019. The health screening activities facilitate employers to implement strategic initiatives to deal with the identified health risks, thus encouraging the corporate wellness market growth.
It has been studied that organizations have initiated the accomplishment of wellness programs to recover business profits by reducing employee healthcare-related costs. As per the study done by Harvard economists, absenteeism costs fall by USD 2.73 for every dollar spent on the programs. Consequently, employees need to be encouraged to adopt a healthier lifestyle to improve their performance. These factors have toweringly facilitated the market to witness growth in the future timeframe.
Corporate Wellness Market Segment Review
The global corporate wellness market is studied among the segment of service type, category, and end-user.
Depending on the service type segment, the market has included stress management, health risk assessment, smoking cessation, nutrition & weight management, health screening, fitness, and others. Back in the year 2017, the health risk assessment segment emerged as the most significant value contributor to the market in support of the rising adoption of wellness programs to recognize health risks and employ appropriate intervention strategies to promote a healthy lifestyle. Practically 80.0% of the corporate is offering wellness services such as health risk assessment of employees. As per the data available by the ComPsych Corporation, the diet of a person straight away affects lifestyle disorders such as cholesterol (66.0%), diabetes (79.0%), gastrointestinal diseases (78.0%), and high blood pressure (84.0%). This is probable to boost the demand for wellness activities.
Depending on the category segment, the market has included psychological therapists, fitness & nutrition consultants, and organizations.
Depending on the end-user segment, the market includes medium-scale businesses, small-scale businesses, and large-scale businesses.
Corporate Wellness Market Regional Framework
It is reported that the Americas will lead the market over the forecast period. The incidence of the target population in Canada and the US, rising adoption of wellness activities, the incidence of foremost players, and changing shifts to diminish healthcare costs are adding to the expansion of the market in the region to a great extent.
In Europe, the global corporate wellness market might occupy the second-largest share over the assessment period. A wide range of providers, coupled with elevated health expenditure, is continuously adding to the market’s development for the future.
The corporate wellness market in APAC will also inflate at a high CAGR over the assessment period. Mounting awareness about corporate wellness among employees and employers and the increasing population in China & India are accumulating market growth in the region.
Corporate Wellness Market Top Players
Wellness Corporate Solutions, SOL Wellness, LLC, Central Corporate Wellness, Wellsource, Inc., Virgin Pulse, Truworth Health Technologies Pvt. Ltd., The Vitality Group, Inc., Privia Health, Sodexo Group, ProvantHealth (Hooper Holmes, Inc.), and 1to1help.net Pvt. Ltd. are some top names of the players in the global corporate wellness market.
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Table Of Contents:
Chapter 1. Report Prologue
Chapter 2. Market Introduction
2.2. Scope Of The Study
2.2.1. Research Objective
Chapter 3. Research Methodology
3.2. Primary Research
3.3. Secondary Research
3.4. Market Size Estimation
Chapter 4. Market Dynamics
4.5. Macroeconomic Indicators
4.6. Detection Technique Trends & Assessment
Chapter 5. Market Factor Analysis
5.1. Porter’s Five Forces Analysis
5.1.1. Bargaining Power Of Suppliers
5.1.2. Bargaining Power Of Buyers
5.1.3. Threat Of New Entrants
5.1.4. Threat Of Substitutes
5.1.5. Intensity Of Rivalry
5.2. Value Chain Analysis
5.3. Investment Feasibility Analysis
5.4. Pricing Analysis
Chapter 6. Global Corporate Wellness Market, By Service Type
6.2. Health Risk Assessment
NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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