Dublin, April 22, 2024 (GLOBE NEWSWIRE) -- The "United Kingdom Corporate Wellness Market - Forecasts from 2024 to 2029" report has been added to ResearchAndMarkets.com's offering.
The UK corporate wellness market is expected to grow at a CAGR of 4.72% during the forecast period thereby reaching a market size of US$3.71 billion by 2029 from an initial market size of US$2.69 billion recorded in 2022.
The corporate wellness market in the United Kingdom is witnessing a notable surge, driven by several key factors, such as the growing prevalence of chronic diseases like obesity and diabetes. This is contributing to increased healthcare costs for companies and higher rates of absenteeism among employees. To address these challenges, businesses are turning to wellness programs as a strategic investment to mitigate costs and enhance overall productivity. Projections from health.org.uk indicate that by 2040, approximately 9.1 million people in England are expected to be living with major illnesses, further highlighting the urgency for proactive measures in the corporate wellness sector. Moreover, there is a growing awareness of the interconnectedness between employee well-being and business performance, emphasizing the importance of holistic approaches to health within the workplace. 
Moreover, businesses recognize the value of mental health support in the overall well-being of their employees. Wellness programs often include stress-reduction and mindfulness-training benefits through mental health counselling, helping employees manage anxiety and improve their overall mental resilience. Mental health and smoking have become a major challenge for the UK in recent years. For instance, in Great Britain, approximately 8.7% of respondents in the Opinions and Lifestyle Survey (OPN), equivalent to around 4.5 million adults, indicated that they currently engage in daily or occasional use of e-cigarettes in 2022. This marked an increase from the 2021 data, where 7.7% of individuals reported using e-cigarettes on a daily or occasional basis. In line with these trends, businesses in the United Kingdom are adopting comprehensive wellness programs that encompass a range of services. These may include yoga classes, chronic disease management, mental health counselling, and physical therapy. Notably, there is a proactive approach toward addressing specific health concerns, with programs designed to assist individuals in quitting smoking or receiving nutrition counselling. The incorporation of diverse wellness offerings will increase the need for corporate wellness market growth.
Growing smoking cessation and stress to bolster the market growth
The prolonged work hours, tight deadlines, and conflicting demands prevalent in the workplace have a detrimental impact on employee health, giving rise to both physical and mental health issues. This not only leads to decreased productivity but also results in an uptick in absenteeism. The heightened competition in the professional landscape places undue stress on employees, disrupting the delicate balance between work and personal life. A notable illustration of this challenge is evident in the 2023 Workplace Health Report by Champion Health, revealing a significant rise in the experience of moderate-to-high-level stress among employees in the United Kingdom. The report indicates an increase from 67% in 2022 to 76% in 2023, underscoring the escalating stress levels faced by the workforce. This stress phenomenon is intricately linked with smoking habits within the population. In 2022, approximately 12.9% of individuals aged 18 years and above in the UK, totalling around 6.4 million people, reported smoking cigarettes. The prevalence of current smokers was highest among those aged 25 to 34 years (16.3%) and lowest among those aged 65 years and over (8.3%) in the same year. In men, 14.6% of males were smokers, in contrast to 11.2% of females.
Numerous medical studies suggest a connection between smoking and stress, with nicotine dependency potentially exacerbating stress levels. Smokers describe distinct daily mood patterns, experiencing normal moods while smoking but facing worsening moods between cigarettes. This intricate relationship highlights the challenge of addressing stress and smoking concurrently. In response to these challenges, organizations like the National Centre for Smoking Cessation and Training (NCSCT) have emerged. This social enterprise is dedicated to supporting the implementation of effective, evidence-based tobacco control programs and smoking cessation interventions. These initiatives are provided through local stop-smoking services and collaborations with colleagues in the NHS, aiming to address the complex interplay between workplace stress, smoking habits, and overall employee well-being.
Furthermore, the UK corporate wellness market will grow because of the increased prevalence of chronic diseases like diabetes and obesity brought on by a fast-paced lifestyle. Moreover, 76% of workers experienced moderate-to-high or high levels of stress, and 33% said that stress negatively affects their ability to work. In recent times, organizations have focused on promoting employees' mental & physical health, which is expected to impact the market growth positively.
Market Key Developments
- April 2023 - ACAS released new guidelines for employers regarding stress management, as 33% of British workers feel that their company does not effectively handle stress related to work. Acas hired YouGov to survey British workers about their perceptions of their company's efficacy in handling stress related to work. Additionally, according to the survey, 34% of workers thought their place of employment did a good job of managing stress, while 23% were unsure. According to a March ACAS survey, three out of five workers (63%) reported feeling under stress as a result of rising living expenses.
Market Segmentation:
By Type:
- Weight Management & Fitness
- Smoking Cessation
- Stress Management
- Others
By Enterprise Size:
- Small
- Medium
- Large
By Region:
- England
- Wales
- Scotland
- Northern Ireland
Key Attributes:
| Report Attribute | Details |
| No. of Pages | 78 |
| Forecast Period | 2022 - 2029 |
| Estimated Market Value (USD) in 2022 | $2691.21 Million |
| Forecasted Market Value (USD) by 2029 | $3715.91 Million |
| Compound Annual Growth Rate | 4.7% |
| Regions Covered | United Kingdom |
Key Topics Covered:
1. INTRODUCTION
1.1. Market Overview
1.2. Market Definition
1.3. Scope of the Study
1.4. Market Segmentation
1.5. Currency
1.6. Assumptions
1.7. Base, and Forecast Years Timeline
1.8. Key benefits to the stakeholder
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
3.1. Key Findings
3.2. Analyst View
4. MARKET DYNAMICS
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter's Five Forces Analysis
4.4. Industry Value Chain Analysis
4.5. CXO Perspective
5. UNITED KINGDOM CORPORATE WELLNESS MARKET BY TYPE
5.1. Introduction
5.2. Weight Management & Fitness
5.3. Smoking Cessation
5.4. Stress Management
5.5. Others
6. UNITED KINGDOM CORPORATE WELLNESS MARKET BY ENTERPRISE SIZE
6.1. Introduction
6.2. Small
6.3. Medium
6.4. Large
7. UNITED KINGDOM CORPORATE WELLNESS MARKET BY REGION
7.1. Introduction
7.2. England
7.3. Wales
7.4. Scotland
7.5. Northern Ireland
8. COMPETITIVE ENVIRONMENT AND ANALYSIS
8.1. Major Players and Strategy Analysis
8.2. Market Share Analysis
8.3. Mergers, Acquisition, Agreements, and Collaborations
8.4. Competitive Dashboard
9. COMPANY PROFILES
- Zevo Group
- ComPsych Corporation
- Elevate Health Ltd.
- Mantra Care
- Healthy Performance Limited
- Joyful Living
- Personal Training 1To1
- Reinvent Lifestyle Corporate Limited
- SuperWellness Ltd.
- Workplace Options
For more information about this report visit https://www.researchandmarkets.com/r/r6lmp8
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