|Corporate Wellness Market Value Forecasted To Reach US$ 84.5 Billion By 2027: Acumen Research and Consulting|
|By GLOBE NEWSWIRE|
|Tuesday, 04 May 2021 09:06|
LOS ANGELES, May 04, 2021 (GLOBE NEWSWIRE)
LOS ANGELES, May 04, 2021 (GLOBE NEWSWIRE) -- The Global Corporate Wellness Market is expected to grow at a CAGR of around 8.5% from 2020 to 2027 and reach the market value of over US$ 84.5 Bn by 2027.
North America dominates the global corporate wellness market
The United States accounted for the largest market share in the North American region, as stress is a major health concern affecting the US population. According to Gallup's 2019 data on emotional states, more than half of the American population experiences stress during the day, which is 20% higher than the global average of 35%. As a result, a sizable portion of the US population is subjected to work-related stress that is expected to drive the corporate wellness market during the forecast period.
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Stress management acts as a lucrative growth opportunity in the global corporate wellness market
Employees are experiencing physical and mental consequences as a result of the high prevalence of extended work hours, heavy workloads, and work pressure-related issues, such as hypertension, heart attacks, and a sense of insecurity. According to the American Institute of Stress, 94% of the American workforce was stressed at work in 2019. As a result, stress management program are expected to become an important part of employee management processes in the coming years. The incorporation of anti-stress program such as yoga, therapy, EAPs, social activities, childcare initiatives, work-from-home options, flexible scheduling, and mindfulness training is accelerating the growth of the corporate wellness market. Various employers also provide classes (e.g., meditation/mindfulness, time management, stress management, and so on), counseling, or perks, and on-site amenities (e.g., nap pods, quiet rooms, free massages, sick rooms, games/activities). As a result, all of these activities aid in relieving employee stress.
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Growing prevalence and early onset of chronic diseases, as well as reductions in employee healthcare costs, are driving market growth. In today's work culture, the majority of people do not have enough time to do some activities after work or in their spare time, which leads to health problems. As a result, many chronic diseases are on the rise; however, these diseases are preventable, so implementing a holistic approach to a corporate wellness program is currently in demand to educate employees on the importance of developing healthy habits and the benefits of adhering to wellness goals. Wellness programs not only benefit employees' health, but they also reduce absenteeism, resulting in more energized, productive employees and, as a result, higher firm productivity. As a result, it makes it easier for people to adopt and maintain healthy behaviors. This benefit is expected to assist corporate employees in lowering their risk of illness. As a result, as the prevalence of chronic diseases rises, so will the demand for these plans.
The global corporate wellness market is segmented based on service, category, delivery model, and end-use. By service, the market is segmented as health risk assessment, fitness, smoking cessation, health screening, nutrition & weight management, stress management, and others. By category, the market is segmented based on fitness & nutrition consultants, psychological therapists, and organizations/employers. By delivery model, the market is classified into onsite and offsite. By end-use, the market is segmented as small scale organizations, medium scale organizations, and large scale organizations
Some of the leading competitors are ComPsych Corporation, Wellness Corporate Solutions, Virgin Pulse, Provant Health Solutions, EXOS (formed Athletes Performance), Marino Wellness, Privia Health, Vitality Group International, Inc., Wellsource, Inc., and among others.
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Some of the key observations regarding the corporate wellness industry include:
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