The corporate wellness market was valued at USD 51,120.4 million in 2020 and is expected to grow at a CAGR of 9.5% during the forecast period. North America is the largest market owing to the increasing cases of chronic health issues and mental health problems in the region.
/EIN News/ — Pune, India, July 14, 2021 (GLOBE NEWSWIRE) — The corporate wellness market was valued at USD 51,120.4 million in 2020 and is expected to grow at a CAGR of 9.5% during the forecast period. Corporate wellness plays a significant role because most employees in an organization are suffering from various health ailments such as depression, hypertension, and others. Thus, an excellent employee benefits program helps in improving the mental, financial and physical health of the employees and mitigating the costs related to healthcare and employee turnover.
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Healthy employees tend to spend less money on healthcare and take fewer sick leaves which results in increased productivity. Moreover, industrialization in developing economies reduces the health problems like diabetes with diabetes management and stress with stress management programs. Apart from this, the increasing government initiatives like health screening programs for employees who are going to lead the corporate wellness market are going to take the benefits of the opportunity. e
Corporate wellness programs are widely implemented by companies for improving the performances of the employees, reduce health risks and lessen employee healthcare costs. Many companies have become cautious of the requirements to maintain a mentally and physically healthy workforce which leads to increased corporate investments in employee wellbeing programs, services, and solutions.
As per the Health Resources and Services Administration, it is estimated that there would be a decrease of 20% in the overall number of adult psychiatrists in the U.S. in 2030. This shortage of adult psychiatrists will diminish the supply of new professionals entering into this field. This shortage can be attributed to the dwindling supply of new professionals entering these fields.
Some Significant Market Developments Considered in The Report:
- February 2021- Fitbit, a part of Google, announced the launch of the Mindful Method wellness collection program. It is an audio and video program that mainly focuses on sleep, mindfulness, stress management, mental wellbeing and the mind and body connection.
- January 2021- HopeQure, an Indian online mental health counselling platform, launched an automated online corporate employee mental health wellness program. The employee assistance portal helps the workers to adopt healthy work practices by providing a comprehensive solution to support them through their work-life difficulties.
COVID-19 Impact on the Global Corporate Wellness Market
The QMI team is closely monitoring the impact of COVID-19 on the global corporate wellness industry, and it has been observed that the demand for a corporate wellness program is normal during the pandemic time. It is anticipated to grow sharply during the analysis period. To control the spread of the pandemic, many countries across the globe have enforced strict lockdown norms, which is hampering business activities. The coronavirus pandemic has severely affected the mental health of the workers. After the onset of the pandemic, many companies have shifted to work from home mode due to which employees had to deal with stress. So, to tackle these issues, corporate wellness service providers have adopted a virtual mode of training to provide services like meeting with health coaches and psychologists.
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Global Corporate Wellness Market, by Service
Based on service, the global corporate wellness market has been segmented into health risk assessment, fitness, smoking cessation, health screening, nutrition and health management, stress management, and others. Among these, the stress management segment is expected to be the fastest-growing segment during the forecast period owing to the increasing preferences of yoga and meditation services.
Global Corporate Wellness Market, by Category
Based on category, the global corporate wellness market is categorized into fitness and nutrition consultants, psychological therapists, and organizations/employees. the psychological therapists segment is expected to witness the fastest growth in the global market during the forecast period owing to the increasing mental health problems due to job abandonment, lack of productivity, and others.
Global Corporate Wellness Market, by Delivery Model
Based on delivery model, the global corporate wellness market is classified into small scale organizations, medium scale organizations and large scale organizations. Among these, the large scale organization is the fastest growing market holding the largest market owing to the increasing implementation of various corporate wellness programs which help in tracking the various health programs. The health and wellness programs are conducted on a regular basis to keep track on the health and mental conditions of the employees.
Global Corporate Wellness Market, by Region
On the basis of region, the global corporate wellness market is segmented into North America, Europe, Asia Pacific, Middle East and Africa and South America. North America is the largest market owing to the increasing cases of chronic health issues and mental health problems in the region.
Asia Pacific is also witnessing rapid growth over the forecast period owing to the rising number of working populations in the region. Not only this but also the rising awareness for physical and mental health management is responsible for the need for corporate wellness programs.
Some Major Findings of the Corporate Wellness Market Report Include:
- Major global market trend and forecasts analysis along with a country-specific market analysis for up to 25 countries
- An in-depth global corporate wellness market analysis by the aforementioned segments, along with an analysis of trend-based insights and factors
- Profiles of major market players operating in the global corporate wellness market include ComPsych, Wellness Corporate Solutions, Virgin Pulse, Provant Health Solutions, EXOS, Marino Wellness, Truworth Wellness, SOL Wellness, Well Nation, ADURO, INC., Beacon Health Options, Fitbit, Inc., Privia Health, Vitality Group, Wellsource, Inc., Central Corporate Wellness
- Competitive benchmarking, product offering details, and growth strategies adopted by the leading market players, along with their major investments in the last five years
- Key impact factor analysis across regions includes analysis, along with the drivers, restraints, opportunities, and challenges that are prevailing in the global corporate wellness market
- Impact of COVID-19 on the global corporate wellness market
Browse key industry insights spread across 195 pages with 135 market data tables and 91 figures & charts from the report, “Corporate Wellness Market, By Service Type (Health Risk Assessment, Fitness, Smoking Cessation, Health Screening, Weight Management, Nutrition, Others), By Region (North America, Eastern Europe, Western Europe, Asia Pacific, Middle East, Rest Of The World) – Market Size & Forecasting (2016-2028)” in-depth analysis along with the table of contents (ToC).
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