New York, United States, Jan. 31, 2024 (GLOBE NEWSWIRE) -- The policies, initiatives, and perks that make up corporate wellness programs target various risk factors and illnesses that affect employees and the firm. Employee well-being is improved by encouraging them to lead healthier lifestyles, which also aids businesses in boosting productivity and cutting expenses. Organizational policies or health-promoting initiatives should encourage healthy behavior and improve employee health. Corporate wellness initiatives aim to promote and encourage a complete approach to employee welfare by promoting a culture of health at work. In addition to enhancing employee health, wellness programs reduce absenteeism and result in more engaged, productive workers, raising the business's production level across the board.
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Growing Prevalence and Early Onset of Chronic Diseases Drives the Global Market
According to Straits Research, “The global corporate wellness market size was valued at USD 55,549.50 million in 2022. It is projected to reach USD 94,649.56 million by 2031, growing at a CAGR of 6.10% during the forecast period (2023-2031).” Chronic diseases are a serious global threat because many ailments are becoming more widespread. Obesity is a chronic disease that afflicts many countries worldwide, including many industrialized nations, due to unhealthy and sedentary lifestyles. For instance, the prevalence of obesity rose in the United States from 30.5% to 42.4% between 1999-2000 and 2017-2018, while the prevalence of severe obesity increased from 4.7% to 9.2%, according to data from the Center for Chronic Disease Prevention 2019.
In developing nations like Mexico, obesity rates are rising. Data from the OECD from January 2020 show that Mexico is among the most problematic examples. The percentage of overweight people in Mexico is 73%. Furthermore, 34% of those who are obese have morbid obesity, the most severe form of obesity. Thus, the prevalence of obesity has had a wide range of adverse effects on people's health. Their sedentary way of life has paved the way for other chronic illnesses like diabetes and heart disease.
Reduction of Worker Healthcare Outlays Creates Tremendous Opportunities
Many organizations are looking for strategies to reduce healthcare costs. These significant objectives encourage employees to maintain or improve their health and find more affordable options. Programs for employee wellness are being implemented to improve the general health and well-being of employees. For instance, in August 2018, Alight Solutions disclosed plans to reduce the price of employee health care. Initiatives for corporate wellness come in a variety of types. They typically teach employees about health risks, how to lessen them, and healthier lifestyle options. To actively address bad habits (like smoking) and present health concerns (like high blood pressure), employees may obtain assistance maintaining their health.
Employers are taking some necessary steps, such as assisting workers who wish to quit smoking and letting them know where to seek medical care in different circumstances. A significant component of workplace wellness is a screening or assessment day, typically conducted with a medical aid provider. This allows employees to learn crucial health information about themselves, including their weight, blood pressure, and cholesterol levels. There may be counseling, nutrition and exercise advice, and HIV/AIDS testing offered.
Regional Analysis
North America corporate wellness market share is anticipated to expand at a CAGR of 5.50% over the projection period. Stress, a severe health concern, impacts the population of the United States. Americans have some of the highest stress in the world. According to Gallup's 2019 statistics on emotional states, more than half of Americans experience stress during the day, which is 20% more than the global average of 35%. The American Psychological Association predicts that by 2020, one in five Americans will report worsening mental health. Additionally, in 2020, younger generations are more agitated and anxious than older ones, particularly in the United States. Stress at work is one of the primary reasons for financial loss.
Europe is anticipated to grow at a CAGR of 6.30% during the forecast period. In the UK, over the past ten years, there has been a substantial amount of academic study and media coverage on the costs corporations place on the mental health of their employees. According to the Health and Safety Executive (HSE), 38.8 million working days were missed in the United Kingdom in 2019–20 due to occupational illnesses and non-fatal workplace accidents. Additionally, stress, depression, anxiety, and musculoskeletal disorders were to blame for 17.9 million and 8.9 million days lost due to work-related sickness. On average, each affected person missed 17.6 days of work.
Key Highlights
- Based on service type, the global corporate wellness market is bifurcated into health risk assessment, stress management, smoking cessation, and others. The health risk assessment segment is the highest contributor to the market and is estimated to grow at a CAGR of 5.45% during the forecast period.
- Based on end-user, the global corporate wellness market is bifurcated into the private sector, public sector, and others. The private sector segment is the highest contributor to the market and is estimated to grow at a CAGR of 6.40% during the forecast period.
- North America is the major revenue contributor and is expected to grow at a CAGR of 5.50% during the forecast period.
Competitive Players
The global corporate wellness companies are ComPsych Corporation, EXOS, Marino Wellness LLC, Privia Health LLC, Quest Diagnostics Incorporated, SOL Wellness, and Truworth Wellness Technologies Pvt. Ltd, Virgin Pulse Inc., Wellness Corporate Solutions LLC, and Wellsource Inc.
Market News
- In February 2022, to fulfill the country's quickly expanding need for health and wellness services for corporate personnel and their dependents, Quantum CorpHealth Pvt Ltd built three additional offices in India (Bengaluru, Pune, and Hyderabad).
Global Corporate Wellness Market: Segmentation
By Service Type
- Health Risk Assessment
- Nutrition and Weight Management
- Stress Management
- Smoking Cessation
- Other Service Types
By End-User
- Private Sector
- Public Sector and Other End Users
By Regions
- North America
- Europe
- Asia-Pacific
- LAMEA
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