Fort Collins, Colorado, Oct. 10, 2023 (GLOBE NEWSWIRE) -- According to DataHorizzon Research, the corporate wellness market size was estimated at USD 57.9 Billion in 2022 and is anticipated to arrive at USD 91.9 Billion by 2032 with a CAGR of 4.8%.
Corporate wellness programs are designed to promote and encourage a positive approach to achieving a healthy workplace for employees. It incorporates various wellness activities that empower physical and mental well-being in the workforce. Also, the wellness programs can be custom-designed as per organizational needs. By including corporate wellness programs, many organizations have reported success with adding more productivity in employees at minimal stress levels. Some examples of wellness programs are stress management, yoga classes, power naps, depression management, counseling, and community service activities.
The growing awareness of healthy lifestyles will likely influence the market demand. Besides, the growing prevalence of diseases such as cancer and diabetes has increased significantly because of the pursuit of unhealthy lifestyles and poor eating habits. In addition, cardiovascular disease has grown in the population in the past few years. All these factors contribute to the need for mental well-being and a positive environment at the workplace.
Increasing workload, work-life imbalance, peer pressure, and intense competition are some of the major reasons for developing hypertension, leading to high blood pressure in the young population. Additionally, a huge increase in the sale and consumption of cigarettes and tobacco is witnessed in the young population. Lastly, relationship issues at the workplace and extended work hours are presumed factors for employee unhappiness. Through wellness programs, individuals achieve the right balance by attending powerful sessions and encouraging them to develop a positive attitude toward life. Also, the governments have mandated governance policies at grass-root levels for organizational compliance centering on employee well-being at the workplace.
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Segmentation Overview:
The global corporate wellness market has been segmented into service, end-use, category, delivery mode, and region. Stress management is a fast-growing segment in the service category and is projected to maintain a huge growth in the following years. While health risk assessment dominated the market in 2022. North America is a leading region for the corporate wellness industry and grabs a large market share owing to stringent workplace policies.
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Corporate Wellness Market Report Highlights:
- The global corporate wellness market growth is anticipated at a CAGR of 4.8% by 2032.
- Emphasis on mental and physical health in the workplace has gained huge attention in the past few years. Therefore, organizational reforms and employee-centric policies adopted by several organizations are expected to drive market growth.
- Health risk assessment is a leading service segment attributed to the periodic health check-ups at the workplace.
- Large-scale organizations are leading examples of the corporate wellness market based on high spending on employee welfare.
- The fitness and nutritional segment enjoyed a prominent position in 2022 owing to the discounted offers for food and gym subscriptions.
- Some prominent players in the corporate wellness market report include ComPsych, Wellness Corporate Solutions, Virgin Pulse, EXOS, Marino Wellness, Privia Health, Vitality, Wellsource Inc, Central Corporate Wellness, Truworth Wellness, and SOL Wellness.
Industry Trends and Insights:
- In 2023, several Indian corporations look forward to implementing AI-driven wellness solutions to facilitate corporate wellness as a part of their governance strategy. Therefore, AI solutions will likely emerge in the corporate sector in the coming years.
- BBVA Bank, Spain-based, has prioritized employee health and wellness as a part of its long-term strategy. It widely adopts novel working methods to care for employees' physical and emotional health.
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Corporate Wellness Market Segmentation:
- By Service: Health risk assessment, weight loss, stress management, alcohol & drug abuse/addiction, smoking cessation.
- By End-use: Small, medium, large scale organization.
- By Category: Fitness & Nutrition consultants, psychological therapists organization.
- By Delivery Mode: Online, offline.
- By Region: North America, Latin America, Europe, Asia Pacific, the Middle East and Africa.
About DataHorizzon Research:
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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