(MENAFN - GetNews) Market Research Future (MRFR) has launched a new report on the Global Corporate Wellness Market to provide readers with a clear view of the market's likely growth trajectory over the coming years. The report utilizes historical trends of the Global Corporate Wellness Market and present statistics to derive an accurate projection of the market's growth trajectory in the coming years.
Corporate Wellness Market - Overview
The Global Corporate Wellness Market held a market value of USD 49.7 billion in 2017 and is projected to grow at a CAGR of 7.0% over the forecast period. Corporate wellness programs are health promotion activities designed & conducted by corporate employers to support employees to understand their health risks, pursue healthy behavior at the workplace, and decrease the expenditure on healthcare.
Currently, these programs are increasingly conducted by corporates in order to increase the productivity, decrease absenteeism, and improve morale & quality of work of their employees. An employee works almost 9 hours in corporate offices and during this period, most of the employees sit continuously and are physically inactive.
Therefore, such physical inactivity mostly increases prevalence of lifestyle-associated diseases, resulting in fueling the demand for corporate wellness programs. Few of the major market growth factors include globally growing geriatric population coupled with increasing prevalence of chronic diseases, increasing private sector capital expenditure, a surge in the number of service sector employees, and rising financial burden of insurance costs on employers.
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For instance, the Centers for Disease Control and Prevention (CDC) reported that, in the US, 6 in 10 adults have a chronic disease and 4 in 10 adults have two or more chronic diseases such as stroke, diabetes, heart disease, cancer, chronic lung disease, and chronic kidney disease (CKD).
Some of the prominent players in the global corporate wellness market are Wellness Corporate Solutions, LLC, ComPsych Corporation, Wellsource, Inc., SOL Wellness, Central Corporate Wellness, Truworth Health Technologies Pvt. Ltd., Virgin Pulse, Marino Wellness, EXOS, Privia Health, The Vitality Group, Inc., ProvantHealth (Hooper Holmes, Inc.), Sodexo Group, Bupa Wellness Pty Ltd, and 1to1help.net Pvt. Ltd.
The Global Corporate Wellness Market has been segmented into service type, category, and end user. By service type, the market has been segmented into health risk assessment, stress management, nutrition & weight management, smoking cessation, fitness, health screening, and others. Based on category, the market has been segmented into fitness & nutrition consultants, psychological therapists, and organizations. By end user, the market has been segmented into small-scale businesses, medium-scale businesses, and large-scale businesses.
Global Corporate Wellness Market has been segmented by region into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. On the basis of region, the Americas is expected to dominate the global corporate wellness market owing to the increasing adoption of wellness activities, changing shift towards curtailing of healthcare costs, and the presence of major market players & target population in the U.S. and Canada.
According to the RAND Corporation, in 2016, 72.0% of employers purchased screening/health risk assessment services and intervention services, thereby augmenting the demand for corporate wellness programs.Europe will hold the second largest market position during the forecast period as the corporate wellness programs in Europe would see the biggest gains due to high healthcare expenditures and the availability of a wide-range of providers. According to the European Agency for Safety and Health at Work (EU-OSHA), about half of all European workers report feeling stressed at their workplace due to lost working days. Stress is the biggest health and safety concerns among Europeans, and work-related health problems are affecting 22.0% of all European Union (EU) workers.
The market in Asia-Pacific is anticipated to exhibit comparatively higher CAGR during the forecast period owing to growing population in India and China, increasing awareness among employers and employees in the region. Corporate wellness activities became top human resources (HR) priority in Asia-Pacific region because nowadays, the jobseekers are expecting wellness programs as a key part of their benefits packages.The Middle East & Africa has the least share of the global corporate wellness market. Additionally, the major market share of the region would be held by the Middle East region attributed to gradually rising implementation of successful wellness programmes at the workplace in the UAE and Saudi Arabia.
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