Corporate Wellness Market Scope
The corporate wellness market will project a growth rate of 7% between 2021 and 2028. The market size could touch USD 93 billion during the forecast period, says Market Research Future (MRFR).
Growth Drivers and Challenges
Chronic diseases are a global concern with the cases among people rapidly surging worldwide. Obesity remains a major chronic ailment burdening various countries worldwide caused by the prevalence of a sedentary and unhealthy lifestyle, especially in developed economies. Cardiovascular disease is another chronic illness emerging as a significant challenge globally. The 2018 study by the American Heart Association reveals that cardiovascular disorders are the top reason for the high death rate worldwide, accounting for over 18.9 million deaths every year in 2018. This figure will reach more than 24.6 million by 2025. Cancer is also affecting a vast population worldwide. The surge in all these conditions across the world is proving to be a major growth booster for the corporate wellness industry.
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Wellness programs in corporate offices help enhance the employees’ well-being and health while reducing absenteeism. This results in highly energized and more productive workers, in turn raising the productivity of the entire firm. Subsequently, employees are adopting and maintaining healthy habits, ultimately bringing down the risk of various illnesses. Therefore, the mounting demand for such plans in the face of rising cases of chronic diseases will benefit the worldwide market.
Following the COVID-19 outbreak, various businesses have been working on methods to help their employees by offering tech support to facilitate social distancing, for which they implement leave policies and other such initiatives. Employer’s surging focus on preventive healthcare as well as constructive management could be a significant opportunity for the top companies in subsequent years.
Corporate Wellness Market Segmental Review
Depending on service type, the corporate wellness market can be divided with respect to stress management, nutrition, weight management techniques, health risk assessment, health and screening, and fitness management. The health risk assessment service type leads the worldwide market, as screening activities help detect health risks and organizations implement the right interventional initiatives that promote healthier lifestyles among the employees.
Categories are organization and fitness & nutrition consultant, and more. The organization category dominates the market, as the service providers provide in-house along with outsourced services based on health management to the corporate workers. The top on-site fitness activities include meditation and yoga.
Corporate Wellness Market Regional Insight
In North America, the biggest market is the United States, where stress has emerged as a big health concern as majority of the population is affected by the health condition. The COVID-19 outbreak in the country has been a crucial growth stimulant for the corporate wellness market. Substantial portion of the workforce base in the region suffers from some or the other chronic ailment or comorbidities, which raises the need for higher focus on health as well as well-being. Several companies are working proactively on managing the population health, conducting several programs for the same. The US firms are helping employees reduce their health risks, while augmenting their focus on preventive healthcare.
Asia Pacific will be exhibiting an impressive performance in the forecast period as the working populace in the region continues to burgeon rapidly, especially in the IT sector. The mounting awareness level among organizations regarding health management of the employees should further enhance the corporate wellness market size in the next few years.
Corporate Wellness Market Key Players
1to1help.net Pvt. Ltd, Sodexo Group, SOL Wellness, Central Corporate Wellness, Wellness Corporate Solutions LLC, EXOS, Privia Health, The Vitality Group, Inc., ProvantHealth (Hooper Holmes, Inc.), Virgin Pulse, ComPsych Corporation, Marino Wellness, Wellsource, Inc., Bupa Wellness Pty Ltd, Truworth Health Technologies Pvt. Ltd. are the relevant developers of corporate wellness solutions in the worldwide market.
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Latest Updates
Terryberry, a recognition firm that helps purpose-led vendors, has launched its latest Reward Platform that enables the organizations to offer their employees with significant rewards. The new platform comprises recognition and reward programs such as Corporate Wellness Incentives, business gifts, as well as Milestone and Service Awards, Performance and Incentive Rewards. With several branded merchandises, life experiences, charitable donation and travel options, every employee can enjoy a well-deserved reward with this program.
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