Press release -
Corporate Wellness Market 2021 – Current and Future Scenario of Market and Forecasts to 2027
Global Corporate Wellness Market size is valued at USD 51.93 Billion in 2020 and expected to reach USD 83.94 Billion by 2027 with a CAGR of 7.1% over the forecast period.
Global Corporate Wellness Market: Global Size, Trends, Competitive, Historical & Forecast Analysis, 2021-2027. Rising prevalence of chronic diseases, increasing adoption of wellness programs at workplaces to augment productivity & to decrease operational costs and increasing supportive government initiatives are some of the major factors driving the growth of the Global Corporate Wellness Market.
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Scope of Corporate WellnessMarket Report
Corporate wellbeing programs incorporate a wide scope of systems to advance worker wellbeing at work environments successfully. These projects are progressively becoming famous across associations and are generally received to support employee commitment and improve work environment usefulness.
Corporate wellness programs are a set of policies, programs, and benefits addressing multiple risk factors and conditions and influencing both employees and the overall organization. It includes the services provided to the employees in an organization which are suffering from various diseases like hypertension, depression and so on. Excellent employee wellness programs can improve the financial, mental and physical health of employees and to mitigate costs associated with healthcare and turnover.
Healthy employees can spend less time on health care; take fewer sick days which gives more productive output. Evolving industrialization in growing economies reduces the incidences such as, hypertension and other diseases like diabetes with diabetes management. Large scale organizations enhance the productivity, health and employees can reduce the absence which might lead to achieve organizational goals quicker and better.
Corporate wellness increases the self-confidence of the employees. In small and medium scale organizations, corporate wellness will boost faith, communication and respect which helps to achieve it to higher management people.
COVID-19 pandemic has seriously impacted various sectors, which includes the corporate wellness industry as well. Effect of COVID-19 has resulted in reducing workers in numerous associations. Organizations are dismissing employees with an end goal to reduce expenses. Laying off employees as cost reducing has decreased work environment wellbeing expense, which is expected to make an adverse consequence on the corporate wellness market.
However, corporate wellbeing programs has acquired significance during COVID-19 pandemic. Likewise, the COVID-19 pandemic has underlined to focus on wellbeing and health of workers, as far as physical and emotional wellness. Different techniques were received by the vital participants and government drives were attempted for the better comprehension of COVID-19 effect on the worldwide working environment wellness market. Telemedicine is additionally expected to help in prosperity of employees, which permits individuals to stay at work or at home and still deal with their wellbeing.
Global Corporate WellnessMarket Segmentation:
Corporate wellness market is segmented on the basis of service, category, delivery model, end-use industry and regional & country level. Based upon service, the corporate wellness market is divided into nutrition and weight management, fitness services, and health risk assessment corporate wellness, stress management, smoking cessation, health screening, health education services, alcohol and drug abuse services, biometric screening and others. Based on category, the corporate wellness market is divided into fitness and nutrition consultants, psychological therapists and organizations. Based upon delivery model, the market is divided into onsite and offsite. Based on end-use industry, the corporate wellness market is divided into private sector, small scale organizations, medium scale organizations, large scale organizations, public sector and NGO.
By Service Type:
- Health Risk Assessment
- Fitness Smoking Cessation
- Health Screening
- Nutrition & Weight Management
- Stress Management
- Fitness & Nutrition Consultants
- Psychological Therapists
By Delivery Model:
- Small Scale Organizations
- Medium Scale Organizations
- Large Scale Organizations
- Public sector
The regions covered in this corporate wellness services market are North America, Europe, Asia-Pacific and Rest of the World. On the basis of country level, market of corporate wellbeing is sub divided into U.S., Mexico, Canada, U.K., France, Germany, Italy, China, Japan, India, South East Asia, GCC, Africa, etc.
Key Players for Corporate WellnessMarket
Key players of this market are Fitbit, Novant Health, EXOS, Virgin Pulse, Vitality Health, ComPsych, HealthifyMe, MDVIP, Marino Wellness, WorkStride and others.
Rising Prevalence of Chronic Diseases, Increasing Adoption of Wellness Programs at Workplaces to Augment Productivity and Decrease Operational Costs are Major Factors Driving the Market Growth
One of the major factors driving the growth of global corporate wellness market over the forecast period is raising prevalence of chronic diseases. For instance, according to World Health Organization, in April 2021, noncommunicable diseases (NCDs) kill 41 million individuals each year, equivalent to 71% of all deaths around the world. Cardiovascular illnesses represent most NCD deaths or 17.9 million individuals yearly, trailed by malignant growths (9.3 million), respiratory infections (4.1 million), and diabetes (1.5 million). In addition, increasing adoption of wellness programs at workplaces to augment productivity and to decrease operational costs is also fostering the wellness industry growth.
For example; as per the National Center for Chronic Disease Prevention and Health Promotion (NCCDPHP), in the U.S., corporate projects advancing prosperity and wellbeing, and giving disease prevention plans can conceivably impact in excess of 150 million employees decreasing the expense of medical services essentially.
Furthermore, supportive government initiatives such as health screening programs for employees has also been playing a key role in driving the global corporate wellness market over the forecast period.
For instance; in June 2020, the Equal Employment Opportunity Commission (EEOC) proposed another rulemaking notice for worker wellbeing programs at a public gathering. However, high cost for companies to adopt workplace wellness plans may hamper the global corporate wellness market growth. In spite of that, significant focus by public and private sectors of developing economies toward improvement in health of their employees may offer lucrative opportunities for the further growth of the global corporate wellness market.
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North America is Anticipated to Dominate the Global Corporate Wellness Market
North America is expected to dominate the global corporate wellness market due to the presence of corporate wellness providers, growing awareness about employee health and wellbeing and strict government regulations to promote the health of employees in this region.
For instance; according to the RAND employer survey, approximately 50.0% of the employers in the U.S. offer wellness programs to their employees. According to the National Centre for Chronic Disease Prevention and Health Promotion (NCCDPHP), in the U.S., corporate projects advancing prosperity and health, and giving disease avoidance plans can conceivably impact in excess of 150 million employees lessening the expense of medical services altogether. For instance, in January 2021, the U.S. Equivalent Employment Opportunity Commission's notification of proposed rulemakings was sent to the Federal Register focused on health programs under the Americans with Disabilities Act (ADA) and the Genetic Information Non-discrimination Act (GINA).
Asia Pacific is expected to witness a lucrative growth in the global corporate wellness market during the forecast period due to the increasing SMEs and large enterprises and growing awareness about the health management of employees in this region. According to World Bank organization, in the Asia-Pacific region SMEs comprises more than 98% of the number of enterprises. SMEs contribute about 17% to national GDP in the developing countries including India to about 40 to 50% in the developed countries like Malaysia and Singapore.
Key Benefits for Global Corporate Wellness Market Report:
- Global Corporate Wellness Market report covers in-depth historical and forecast analysis.
- Global Corporate Wellness Market research report provides detail information about market introduction, market summary, global market revenue (revenue USD), market drivers, market restraints, market opportunities, competitive analysis, regional and country level.
- Global Corporate Wellness Market report helps to identify opportunities in marketplace.
- Global Corporate Wellness Market report covers extensive analysis of emerging trends and competitive landscape.
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