Albany, NY, June 01, 2016 (GLOBE NEWSWIRE) -- A new report from Transparency Market Research, titled ‘Corporate Wellness Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 - 2023,’ states that the global corporate wellness market is expected to expand at a rapid pace during the period between 2015 and 2023 owing to factors such as the introduction of new discounted wellness programs and the many benefits of offering corporate wellness programs to employees.
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The sedentary lifestyle of corporate employees has led to growth in the number of people suffering from depression, obesity, hypertension, and other cardiovascular diseases. The increasing number of people suffering from various diseases has led to increased medical expenses. This has increased expenses for the corporations, as organizations have to spend more money on the management of human resources. To take care of this problem, companies avail corporate wellness solutions.
Corporate wellness programs aim to maintain and improve the health of employees. These programs are beneficial for the corporations in many ways, as they help in minimizing the attrition rate and in turn maximizing productivity. The company’s profits are affected heavily by reduced productivity due to absenteeism. However, this can be avoided through effective wellness programs. Regular fitness activities effectively motivate employees to stay fit, which reduces unnecessary health expenses. As employees spend almost half of the day at or commuting to and from the workplace, it is also an important place to spread health awareness. Consistent increase in the healthcare costs, coupled with the availability of discounted wellness packages, has resulted in increased participation in wellness programs. These factors are expected to propel the global corporate wellness market in the years to come.
Primarily, the corporate wellness industry includes nutritional consultants, fitness consultants, psychological therapists, and firms that offer several wellness programs under a single roof. The increasing government initiatives to mandate organizations to implement wellness programs for their employees are expected to further contribute towards the growth of the global corporate wellness market in the next few years. In the United States, the latest reforms in the Affordable Care Act have pushed the cap on incentives granted to employees for taking part in wellness programs from 20% to 30% of the total cost. The emergence of many such reforms is predicted to motivate employees to participate actively in wellness programs.
Earlier, employee wellness programs were only incorporated in bigger organizations. But today, even the smallest of firms have a corporate wellness program to keep their employees motivated and healthy. Employee retention is a major issue faced by many organizations across the globe. By implementing corporate wellness programs, this issue is predicted to be minimized, as it encourages employees to perform better and assures employee satisfaction.
The increasing industrialization in developed and developing nations, changing lifestyles, and rising utilization of advanced wellness programs are predicted to propel the global corporate wellness market in the next few years. Corporates are focusing on conducting biometric screenings, lifestyle coaching, and are also encouraging many service providers to synchronize hospital care. Treatment schemes for employees based on the evidence are also expected to be introduced by many corporations to take wellness programs one step forward.
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Transparency Market Research (TMR) is a U.S. based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.