Corporate Wellness Market Size to Hit USD 80.64 Bn by 2027 – GlobeNewswire
December 09, 2021 10:00 ET | Source: Precedence Research Precedence Research
Pune, INDIA
Ottawa, Dec. 09, 2021 (GLOBE NEWSWIRE) — The global corporate wellness market was valued at USD 48.10 billion in 2020. The corporate wellness programs are a harmonized set of health promotion strategies that are executed at worksites and include programs, policies, and certain benefits to the community designed to encourage health and safety of employee. Employee wellness programs are gradually becoming common in many organizations to keep employees productive and decrease employee turnover.
The growing implementation of wide range of corporate wellness programs that emphasize on employee wellbeing is set to drive the market growth.
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Corporate Wellness programs approach certain policies and interferences that address multiple risk factors and health conditions as well as plan strategies that may influence multiple organization levels, including individual employee behavior change, organizational culture, and worksite environment. Workplace wellness programs are considered as important integral part of an organization, which employs various strategies and interventions to influence employee’s good health. Employees are inspired to adopt a healthy lifestyle and aid companies to enhance their productivity and reduce healthcare costs, by eventually improving employee wellbeing. Healthy employees can spend less on health care; take fewer sick days which gives more productive output. However, huge cost associated to outsource such programs or services predicted to hamper the growth of the market.
Scope of the Corporate Wellness Market
Personalized Stress Management program to empower employee wellbeing: stress management poised to grow at a significant CAGR of 9.5% from 2021 to 2027
Stress is known to be malicious and sneaky entity and stress management programs at workplace have become an essential part of employee’s wellbeing toolkit. The stress management programs are formulated in a way to prevent as well as reduce stress at workplace. They are delivered through various means such as company policies, educational resources, and digitalized programs with the help of an app or other wellbeing platform. Stress amongst the employees usually hampers productivity and longer working hours leads to imbalance between work lives balances. Therefore, personalized training programs both telephonic and online coaching reframe stress levels and transform the way the personnel think behave and act. Personalized stress management programs are widely being adopted in corporate culture thereby adding boost to the market growth.
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Resilient employees definitely create resilient companies
Large scale organization maintains employee-oriented cultureto create sustainable, healthier, and more successful workplaces and so dominated the corporate wellness market among the various end users throughout the study period. This type of organizations is very keen about their employees and offers an all-encompassing wellness program to increase the efficiency of working staff in organization in order to achieve the organizational goal. Large scale organizations offer education and resources for smoking cessation, weight management, and fitness training to their employees. Through this program, organizations try to manage work life balance and increase productivity, health and employees can reduce absenteeism which might lead to achieve organizational goals faster and better.
KEY HIGHLIGHTS OF THE STUDY
Regional Snapshots
In 2020, North America led the global corporate wellness market with significant revenue share and expected to flourish prominently during the analysis period. The significant growth of the region is mainly attributed to the increasing corporate businesses in the region along with rising awareness among the corporate owners towards their employee’s health benefit. Increasing pollution and busy lifestyle impact adversely on the employee’s health that finally impact the organization’s work culture. In addition, Harvard Business School has stated in its report that American companies have reduced their medical expenses by US$ 3.27 for each dollar spent on the wellness programs. This encourages other employers too to implement corporate wellness programs in their organizational culture to get maximum benefits in term of return on investment.
On the other hand, the Asia Pacific encounter positive growth outlook during the forecast period. This is primarily due to increasing urbanization coupled with the rising health awareness among the public. For the same, employees in the region also prefer those organizations that offer health benefits to the employees as well as incentive-based wellness programs inside the organization.
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Market Competitiveness and Business Outlook
The global corporate wellness market is characterized by the rising number of corporations focusing to expand in-house employee wellness services. In the U.S. more than 550 corporate owners are offering employee wellness programs in their organizations. Some of the industry participants are focusing on expansion in order to cater and to accommodate to larger employee’s group. For instance, in April 2021, Fitbit Announces Luxe, a Fashion-Forward Fitness and Wellness Tracker Designed to Support Your Holistic Health. Also in December 2020, Wellsource Extends Industry Leadership, Educates Wellness Professionals Regarding Tools to Create Healthier Populations.
The report provides an extensive competitive analysis and profiles of the key market players, such as Wellness Corporate Solutions, ComPsych, Provant Health Solutions, Beacon Health Options, Virgin Pulse, Marino Wellness, EXOS, Vitality Group, Privia Health, Central Corporate Wellness, Wellsource, Inc., SOL Wellness, Truworth Wellness, ADURO, INC., Well Nation and Fitbit, Inc. The other players operating in the value chain are British United Provident Association Ltd., Fit Athletic Club LLC, Laboratory Corp. of America Holdings, Sodexo Group and WorkStride among others.
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