What is the Importance of the Corporate Wellness Market?

Posted in Healthcare Services by Adolf on Jul 26,2022 474

Corporate wellness is a program that supports employees and their families by incorporating various health activities into regular work activities to decrease health risks, improve quality of life, and increase productivity. Corporate Wellness programs address specific policies and interferences that address a variety of risk factors and health conditions, as well as plan strategies that may influence multiple organizational levels, such as individual employee behaviour change, organizational culture, and worksite environment. Workplace wellness programs are an important aspect of any firm that uses a variety of tactics and treatments to improve the health of its employees.

The escalating professional fight among employees to outperform their peers, produce on or before deadlines, reduce budgets, and increase sales are just a few reasons that contribute to employee stress. These variables induce mental health concerns and stress in employees, which has a negative impact on their health and productivity. Lack of job stability, juggling work, people issues, and overload are all important sources of stress, all these factors provide lucrative opportunities for global Corporate Wellness Market.

Many companies and enterprises across a variety of industry verticals have begun to introduce health-related services for their workers, boosting consumer demand. Workplace wellness services support enterprises in rising efficiency while minimizing overall operating costs. The demand for Corporate Wellness Market is expected to expand as people become more conscious of their own health and well-being.

Understanding the Corporate Wellness Market –

Corporate Wellness services are developed and implemented in corporate offices to help workers better understand their health risks, engage in healthier workplace behaviour, and save money on healthcare. Corporates are gradually implementing these systems in order to boost efficiency, reduce absenteeism, and boost employee morale and quality of work.

Wellness plans address specific policies and interferences to address a variety of risk factors and health issues, as well as techniques that may affect various levels of the organization, such as individual employee behaviour improvement, corporate culture, and worksite climate. Workplace wellness initiatives are a critical component of any organization or business that incorporates individual and organizational-level strategies and interventions to improve health. Globally increasing prevalence of obesity, overweight, smoking, and other lifestyle disorders, as well as a rise in the number of white-collar employees and private sector CAPEX, are driving business growth.

The global Corporate Wellness Market is anticipated to register a healthy CAGR of 8.37% during the review period to surpass US$ 104.19 billion by 2027. Corporate wellness is a program that is intended to help representatives and their families advance a sound work environment by consolidating different well-being exercises inside the day-to-day work reduce to well-being chances, working on personal satisfaction, and upgrade efficiency. The rising reception of wearable advancements and wellness exercises and expanding persistent illnesses among corporate representatives are expected to propel the global market during the review period.

The development of the global corporate wellness market is ascribed to the rising interest in emotional well-being and stresses the board programs, rising reception of wearable advances and wellness exercises, and expanding ongoing sicknesses among corporate workers. Notwithstanding, the worries about representative's information break go about as a limiting variable for the market development. Then again, which is centred around focusing on worker wellbeing and prosperity in the developing business sector is opening doors to players working in the global corporate wellness market.

Global Corporate Wellness Market segmentation comprises service, category, and end-users.
The Service segment categorizes the global market into Health risk assessment, Fitness, Smoking cessation, Biometric screening, Nutrition & weight management, Stress management, Alcohol & drug abuse services, and other services. Based on the category the global corporate wellness market is classified into Fitness & nutrition consultants, psychological therapists, and Organizations. Based on End Users the market is classified into Small-scale organizations, Medium-scale organizations, and Large-scale organizations.

The global corporate wellness market is segmented based on four regions namely the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas is likely to dominate the global market during the review period having the largest market share in 2020. The regional market growth is attributed to the growing awareness of mental health and work stress, the rising popularity of corporate wellness, high healthcare expenditure, and the existence of the major market players.

Europe is expected to witness significant market expansion during the review period owing to the growing awareness of mental health, high healthcare expenditure, growing incidences of chronic diseases, and rising government initiatives for corporate wellness in the region. The Asia-Pacific is the fastest-growing market of corporate wellness market with the accelerating healthcare sector and the growing opportunities for healthcare development in the market. Additionally, due to rising globalization Asia has registered the fastest market expansion. The Middle East & Africa is expected to attain steady market expansion owing to the existence of major market players during the review period. The regional market growth is attributed to the growing government and insurer initiatives to promote wellness of the worker population, increasing the prevalence of chronic disease, and shifting focus onto employee satisfaction and engagement.

The prominent players in the global corporate wellness market include ComPsych Corporation (US), UnitedHealth Group (US), Quest Diagnostics (US), EXOS (US), Central Corporate Wellness (Singapore), Wellness Corporate Solutions (US), Virgin Pulse (US), Privia Health (US), Sodexo (France), Vitality Group International, Inc. (US), among others.

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