Wilmington, Delaware, United States, May 31, 2023 (GLOBE NEWSWIRE) -- The global corporate wellness market was valued at US$ 40.2 Bn in 2020, and is expected to reach US$ 74.5 Bn by the end of 2028 growing at a CAGR of 8.2%.
Steady expansion of tools and training programs to make employees aware of the benefits of workplace health promotion programs is likely to spur market development. Recent market trends indicate that organizations in developing countries are rapidly adopting comprehensive corporate wellness programs, which is likely to boost the market value in the next few years.
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Employees are aware of the potential of health and wellness educational programs to help them attain a healthy lifestyle. Extensive usage of digital technologies to connect experts with employees, such as video-conferencing and virtual classrooms, is expected to boost the market. An example is corporate wellness programs conducted by psychological wellbeing practitioners. Intense focus of employers to bolster implementation of workplace health and wellbeing services in order to boost employee health is anticipated to strengthen market growth in the next few years.
Key Findings of Study
- Surge in Adoption of Workplace Wellness Programs: Organizations are increasing their focus on adoption of workplace wellness programs. Employers are intent on making these programs affordable as well as accessible to promote healthy lifestyles among the employees. In this regard, employers are supporting these programs through adequate organizational structure and culture. Rapid adoption of these programs to combat occupational health risk, such as due to physical inactivity and obesity, is expected to boost the corporate wellness market.
- Increasing Trend of Usage of Workplace Wellness Programs for Prevention of Chronic Diseases: Growth in awareness about the positive effect of wellness programs to alleviate workplace stress and incidence of chronic diseases is likely to augment the market outlook. Surge in demand for health promotion programs among employees to prevent cardiovascular diseases, cancer, and metabolic diseases is likely to boost the corporate wellness market.
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Regional Growth Dynamics
North America is anticipated to account for leading share of the global corporate wellness industry from 2021 to 2028. Increase in incidence of preventable chronic diseases and the related economic burden is expected to fuel the demand for workplace wellness programs in the region. Widespread awareness about comprehensive worksite health and wellness programs in the U.S. is anticipated to fuel the market growth in the near future. Considerable investment in health services is likely to encourage employers in multiple industries to offer effective and proactive workplace health promotion programs for their staff.
The Americas and Asia Pacific is anticipated to be lucrative regions in the global market. Growth in awareness about employee health and wellness programs in organizations is likely to propel the market in these regions in the next few years.
Key Drivers
- Rapid increase in incidence of non-communicable diseases in many countries around the globe is a key factor driving demand for corporate wellness programs. Considerable (cost) burden of chronic diseases and risk factors is bolstering demand in the corporate wellness market. For instance, chronic conditions comprising high blood pressure, diabetes, physical inactivity, smoking, and obesity cost US $36.4 Bn to employers in the U.S., primarily due to absenteeism.
- Improvements in workplace health and wellness programs to contain costs related to medical expenditures, absenteeism, and presenteeism of employees is a significant driver of the market.
Competition Landscape
Leading players are focusing on extending their product portfolios and offering comprehensive wellness programs in order to strengthen their positions in the market. Prominent companies operating in the corporate wellness market are EXOS, ProvantHealth, Wellness Corporate Solutions, ComPsych Corporation, Optum, Inc. (United Health Group), Sodexo, Central Corporate Wellness, SOL Wellness, and JLT Australia.
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Corporate Wellness Market Segmentation
Service Type
- Health Risk Assessment
- Fitness
- Smoking Cessation
- Health Screening
- Weight Management
- Nutrition
- Others (Stress Management, Disease Management, Vaccination)
Region
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa
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