Corporate Wellness Market On Position to Reach $66.20 billion by 2027
Pune, Maharashtra, India, December 4 2020 (Wiredrelease) Allied Analytics –:According to a new report published by Allied Market Research, titled, “Corporate Wellness Market by Type and End User: Opportunity Analysis and Industry Forecast, 2020–2027,” The global workplace wellness market size was valued at $49.81 billion in 2019, and is projected to reach $66.20 billion by 2027, registering a CAGR of 5.9% from 2020 to 2027.
Workplace 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 employees.
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Wellness programs approach certain policies and interferences that address multiple risk factors and health conditions and plan strategies that may influence multiple organization levels, including individual employee behavior change, organizational culture, and worksite environment. Workplace wellness programs are considered as an important integral part of an organization or a company, which combines individual and organizational level strategies and interventions to influence health.
Significant increase in prevalence of chronic diseases across the globe and adoption of sedentary lifestyle are the major factors that drive growth of the workplace wellness market. In addition, economic benefits offered by these programs and rise in awareness and implementation of wellness programs by employers further propel the workplace wellness market growth.
However, huge cost for companies to adopt workplace wellness plans is anticipated to hamper the market growth. Moreover, significant focus by the public and private sector of developing economies toward improvement in health of their employees is predicted to create lucrative opportunities in the future.
Coronavirus (COVID-19) was discovered in late December in Hubei province of Wuhan city in China. The disease is caused by a virus, namely, severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), which is transmitted from humans to humans. Almost every nation is dealing with the outbreak and the disease has rapidly spread to other parts of the globe. Most of the markets are witnessing decking growth, as the COVID-19 outbreak has affected various healthcare-related markets, one of them being the workplace wellness market. The workplace wellness market is impacted by the pandemic as most countries adopted lockdown to combat the pandemic. This pandemic has disrupted growth in many economies across various domains.
The COVID-19 outbreak will impact the market in the initial phase of the forecast period. The COVID-19 impact has resulted in downsizing of employees in many organizations. Companies are laying off employees in an effort to cut costs. Laying off employees in the form of cost cutting has reduced workplace wellness cost, which is anticipated to create a negative impact on the workplace wellness market.
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Recently, workplace wellness programs have gained importance. In addition, the COVID-19 pandemic has underlined to prioritize health and wellbeing of employees, in terms of physical and mental health. Various strategies were adopted by the key players and government initiatives were undertaken for the better understanding of COVID-19 impact on the global workplace wellness market.
Telemedicine is also anticipated to help in well-being of employees, which allows people to stay at work or at home and still take care of their health. Insurance companies and government-administered healthcare programs provide consultations through telemedicine. In addition, owing to lockdown and social distancing implementations by government authorities, use of telemedicine in pandemic period has increased rapidly.
The workplace wellness is segmented on the basis of type, end user, and region. By type, it is divided into weight management & fitness services, nutrition & dietary plan, stress management services, health screening & assessment, and smoking cessation. On the basis of end user, it is categorized into large-size private organizations, mid-size private organizations, small-size private organizations, public sector, and NGO. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report provides an extensive competitive analysis and profiles of the key market players such as Fitbit, Novant Health, EXOS, Virgin Pulse, Vitality Health, ComPsych, HealthifyMe, MDVIP, Marino Wellness, WorkStride. Some of the others players considered are FitLinxx, Truworth Wellness, Central Workplace Wellness Workplace Solutions, Privia Health, and Wellsource.
Key Findings Of The Study
By type, the health screening & assessment segment dominated the workplace wellness market in 2019. This is attributed to increase in adoption of these health screening & assessment programs by most of employers worldwide to improve health fitness of their employees. However, the stress management services segment is anticipated to grow at the fastest growth rate during the forecast period.
By end user, the large-size organizations segment dominated the market in 2019, and is anticipated to maintain its dominance during the forecast period. This is attributed to the fact that large-size organizations have more workforce strength. This segment is anticipated to grow at the fastest growth rate during the forecast period
North America accounted for the largest share in the global workplace wellness market.
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