Corporate Wellness Market Size Is Estimated To Reach US$ 100.0 Billion at a CAGR of 7.2% By 2027 | Key Players, Application, Share Analysis and Industry Trends
Global Corporate Wellness Market, by Service (Health Risk Assessment, Fitness, Smoking Cessation, Health Screening, Nutrition & Weight Management, Stress Management, and Others), by End User (Small-scale Organizations, Medium-scale Organizations, and Large-scale Organizations), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), was valued at US$ 53,645.7 million in 2018 and is projected to exhibit a CAGR of 7.2% over the forecast period (2019 – 2027), as highlighted in a new report published by Coherent Market Insights.
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Rising initiatives by market players and government authorities for employee wellness is expected to drive growth of the corporate wellness market
Partnerships between major players and government authorities to launch initiatives that aim at employee wellness are expected to drive the market growth. For instance, in January 2015, Sodexo, Inc. and the YMCA of Central Florida in collaboration launched a healthier workforce initiative for the wellness of individuals, families, and communities. The initiative aimed at improving the traditional and mostly underutilized employee wellness programs through a personal and system-based approach.
Moreover, promotion of services offered by key players in the market in exhibitions and other shows is also expected to fuel growth of the market. For instance, in October 2016, Central Wellness, a company offering wellness programs, participated in the WKYC Health & Wellness Expo held at Cleveland Convention Center and interacted with individuals for promoting its services.
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Furthermore, increasing cases of stress and depression at workplace, and rising prevalence of smoking, obesity, and overweight are expected to fuel growth of the corporate wellness market. According to the Annual Work Stress Survey carried by Harris Interactive on behalf of Everest College, around 83% of employees in 2014 suffered from stress at work in North America. Similarly, according to the World Health Organization’s data published in February 2018, since 1975, obesity has nearly tripled globally and it was estimated that in 2016, globally, 39% of adults aged 18 years and above were overweight and around 13% were obese. Furthermore, according to the same source, in 2016, over 1.9 billion adults (aged 18 years and above) were overweight, out of which over 650 million were obese.
Browse 29 Market Data Tables and 22 Figures spread through 128 Pages and in-depth TOC on ‘Corporate Wellness Market- by Service (Health Risk Assessment, Fitness, Smoking Cessation, Health Screening, Nutrition & Weight Management, Stress Management, and Others), by End User (Small-scale Organizations, Medium-scale Organizations, and Large-scale Organizations), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Global Forecast to 2027’
To know the latest trends and insights prevalent in the corporate wellness market Press Release, click the link below: https://www.coherentmarketinsights.com/press-release/corporate-wellness-market-to-surpass-us-1000-billion-by-2027-2475
Key Takeaways of the Global Corporate Wellness Market:
- The global corporate wellness market is expected to exhibit a CAGR of 7.2% over the forecast period. This growth is attributed to rising prevalence of diabetes, high blood pressure, and others. According to the data published by the Centers for Disease Control and Prevention (CDC), in January 2018, the death rate due to high blood pressure increased by around 11% in the U.S. between 2005 and 2015, and the number of deaths rose by around 38% by the year 2015.
- Among regions, in 2018, North America held dominant position in the global corporate wellness market. This was due to rising adoption of corporate wellness programs by corporate offices and increasing awareness about health among the population for living a healthy and stress-free life.
- Major players operating in the global corporate wellness market include Wellness Corporate Solutions, ComPsych Corporation, United Health Group, Sodexo, BupaWellness Pty Ltd., Recovre Group, Central Corporate Wellness, Truworth Wellness, CXA Group Pte. Limited, SOL Wellness, ComPsych Corporation, Virgin Pulse, Inc., Interactive Health, Inc., and ConneXions Asia
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