Pune India, Dec. 16, 2022 (GLOBE NEWSWIRE) -- The market has been studied for the below mentioned-segmentation and regional analysis for North America, Europe, Asia, South America, and Middle East and Africa. These are the key regions where the corporate wellness market is operating currently and is predicted to expand in the near future. The manufacturers and suppliers involved in the corporate wellness market is present across various countries in the above-mentioned regions.
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The report provides a detailed understanding of the market segments which have been formed by combining different prospects such as the Service, end-use, category, and region. Apart from this, the key driving factors, restraints, potential growth opportunities and market challenges are also discussed in the below paragraphs.
The significant players operating in the global corporate wellness market are ComPsych, Wellness Corporate Solutions, Privia Health, Vitality, Virgin Pulse, EXOS, Wellsource, Inc., Central Corporate Wellness, Marino Wellness, Truworth Wellness among others. To achieve a substantial market share in the worldwide corporate wellness market and strengthen their position, manufacturers are pursuing expansion methods such as current developments, mergers and acquisitions, product innovations, collaborations, and partnerships, joint ventures.
Corporate wellness programmes attempt to promote a comprehensive approach to workers' health by fostering a culture of wellbeing at work. Productivity will increase, human resources will be used to their fullest potential, and employee engagement will be increased by promoting healthy behaviours and improving health outcomes through the implementation of corporate wellness solutions that go above and beyond traditional wellness programmes. After the recent COVID-19 outbreak, many companies understood the link between employee well-being and performance, and ultimately, business outcomes. Companies looked for solutions to fulfil the growing demand for empathy from their distressed and anxious employees. Human resource managers can help employees develop flexibility and deal with stress at work. One of the most crucial things the HR department can do is to provide employees with access to an employee assistance programme or wellness programme with a heavy emphasis on psychological well-being. Any size or complexity of a comprehensive wellness programme will be beneficial. Organizations may also establish mental health services including therapists, counsellors, suicide prevention hotlines, meditation classes, and yoga sessions. Businesses must be willing to commit to looking into unfair treatment and other workplace problems as well as to set aside the required time, funds, and procedures for effective employee wellness initiatives. Workplace health is even more important in today's society, given the social, economic, and political climate.
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Scope of Corporate Wellness Market Report
| Report Metric | Information |
| Study Period | 2021-2029 |
| Base Year | 2021 |
| Forecast Period | 2022-2029 |
| Market Share Unit | USD Billion |
| Segments Covered | Service, End-Use, Category, and Regions |
| Regions Covered | North America, Europe, Asia-Pacific, South America and Middle-East and Africa |
| Major Players | ComPsych, Wellness Corporate Solutions, Privia Health, Vitality, Virgin Pulse, EXOS, Wellsource, Inc., Central Corporate Wellness, Marino Wellness, Truworth Wellness among others. |
Segmentation Analysis
Health risk assessment segment is expected to be the fastest-growing segment in 2021.
The service segment is health risk assessment, stress management, health screening, and others. The health risk assessment segment is expected to witness the highest growth rate during the forecast period. Corporate employee health programmes mainly consist of screening processes to find health risks and the application of suitable interventional approaches to urge employees to live healthy lifestyles. About 80% of businesses that provide services for employee well-being opt to have their employees' health risks assessed. Clients can plan and carry out healthy activities that support productive workspaces using the WCS Analytics+ platform, which Wellness Corporate Solutions launched in June 2016 and consists of an interactive data dashboard.
The large-scale organization’s segment is expected to be the fastest-growing segment in 2021.
The end-use segment includes small-scale organizations, large-scale organizations, and medium-scale organizations. The large-scale organization’s segment is expected to witness the highest growth rate during the forecast period. Well-executed projects have been shown to provide a 3:1 return on investment in well-researched studies. Programs and services may be part of a bigger organization's infrastructure. Large-scale businesses benefit from corporate ties and service outsourcing. Implementing a corporate wellness programme helps in tracking different illnesses. To track health, promote preventative care, and reduce treatment costs, routine health screenings are conducted. The burden of illness and the overall expense of healthcare premiums that employers pay to insurance companies can be reduced by focusing on these concerns. The ability of employees to access and use health services is still crucial, even though many employees have switched to working from home due to lockouts and office closures.
The fitness & nutrition consultants segment is expected to be the fastest-growing segment in 2021.
The category segment includes fitness & nutrition consultants, psychological therapists, and organizations/employers. The fitness & nutrition consultants segment is expected to witness the highest growth rate during the forecast period. For both large and small enterprises, the service providers offer internal and external health management services. Employers are investing a lot of money to ensure that their employees' diets stay on track by offering a variety of healthy food options on campus. Employee absenteeism and productivity loss resulting from disease burden being increased by employee illness. Additionally, employers are required to pay a higher health insurance premium for these employees. In other words, companies make an effort to lessen the financial burden caused by the health issues of their sick employees. The market for exercise and nutrition is growing as a result.
Regional Analysis
The regional analysis provides a detailed perception of the key regions and the countries. Some of the key countries analyzed for corporate wellness include US, Canada, Mexico, Germany, France, U.K., Italy, Spain, Russia, China, Japan, India, Brazil, Peru, UAE, South Africa and Saudi Arabia.
- The North America region witnessed a major share. The US has the largest market share in North America since stress is a serious health problem that affects the population there. Since the coronavirus outbreak started, essential personnel were more than twice as likely to have received treatment from a mental health professional (34% vs. 12%) and to have been given a mental health diagnosis, according to the American Psychological Association (APA). This increased the demand for workplace wellness programmes and stimulated the growth of the market. The market is expanding as a result of various market participants implementing their strategic initiatives.
Country Analysis
- Germany
Germany's corporate wellness market size was valued at USD 4 billion in 2021 and is expected to reach USD 5.06 billion by 2029, at a CAGR of 3% from 2022 to 2029. A modern sense of belonging connected with fitness, which is highly prized in current culture, is creating new opportunities. Digitalization is fuelling the growth of the German market as consumers seek ways to escape their digital craze and reclaim their time for personal advancement, harmony, and wellness.
- China
China’s corporate wellness’ market size was valued at USD 6.4 billion in 2021 and is expected to reach USD 8.75 billion by 2029, at a CAGR of 4% from 2022 to 2029. Working-class individuals have a workaholic mentality that keeps them too busy and stressed out to manage their life, which is bad for their physical and mental health. The need to manage employees' behavioural and mental health has increased due to the growth in stress and melancholy, which has resulted in a demand from organisations for wellness programmes for their personnel. This encourages market expansion in China as a result.
- India
India's corporate wellness market size was valued at USD 5.5 billion in 2021 and is expected to reach USD 7.29 billion by 2029, at a CAGR of 3.6% from 2022 to 2029. The target population participates in a range of activities to build their immune systems, including yoga, meditation, stress-relieving classes, and detoxification challenges. Therefore, the market is being driven by growing health concerns and the changing views around health.
Covid-19 Impact
Covid-19 had a major impact on almost all industries, such as electronics, semiconductors, manufacturing, automobile, etc. However, several companies operating in the technology sector have seen increased revenue due to significant changes in consumer preferences toward technological services. In addition, the pandemic has led to significant growth in technology across developing and developed countries.
Furthermore, the growth of this market is mainly driven owing to rising stress in corporate.
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