Global Corporate Wellness Market - Forecasts from 2021 to 2026
The Global Corporate Wellness Market is expected to grow at a compound annual growth rate of 5.42% over the forecast period to reach a market size of US$62.531 billion in 2026 from US$45.564 billion in 2020. Corporate wellness programs are specialized programs which are often opted by employers to achieve a healthy workplace by incorporating various health activities along with the daily work activities with an aim to maintain the health and wellbeing of the employees of the company. Wellness programs help employers in numerous ways and help to solve the problems of various health risks to the employees from various issues arising at the workplace stress, lack of physical activity, and the consumption of unhealthy food and drinks. Moreover, corporate wellness is often associated with the reputation of the company which can also be backed up by the fact that as per the statistics from the American Psychological Association, around 89% of the employees that have a positive outlook for well-being efforts are more likely to recommend their company as a good place to work. The global market for corporate wellness is being primarily driven by the fact that there has been a surge in the number of companies that are starting to implement health programs for their employees. The main aim of the companies to opt for these programs is the enhance the productivity of their employees and reduce operational costs. Similarly, increasing awareness regarding employee health and wellbeing is also supplementing the business growth opportunities for the services providers over the next five years. Additionally, stringent government regulations to promote the health of employees is also bolstering the demand for corporate wellness programs, thus also playing a major role in supporting the market growth over the next five years.
Inclining government focus is supporting the market growth
The market for corporate wellness is significantly being supported by the inclining focus of the governments of many countries globally to maintain and boost employee health. For instance, the health legislation by the US government has now been focusing on health and wellness and doing so at lightning speed. Various bodies were appointed by the government from different branches such as NIH, CDC, and the USDA of which all will focus on promoting wellness in the workplace. Similarly, in January 2021, the U.S. Equal Employment Opportunity Commission’s notices of proposed rulemakings were forwarded to the Federal Register focused on wellness programs under the Americans with Disabilities Act (ADA) and the Genetic Information Nondiscrimination Act (GINA). Thus, government initiatives have been playing a significant role in driving market growth in the long run.
APAC to witness lucrative growth
Geographically, the North American region is projected to hold a substantial share in the market which is primarily attributed to the fact that the presence of well-established companies across different industry verticals support the high demand for wellness programs and initiatives. Moreover, as per the data from the U.S Department of Health and Human Services, in 2017, around half of all U.S. worksites offered some type of health promotion or wellness program. Almost 30% of worksites offered some type of program to address physical activity, fitness, or sedentary behavior, 17 percent of worksites offered a program to address obesity or weight management, and 19% offered a program to help employees stop using tobacco products. However, on the other hand, the growth of SMEs and inclining focus of companies in some of the emerging economies of the Asia Pacific region such as India, China, and South Korea among others are projected to bolster the market growth in the region in the near future.
Prominent/major key market players in the global corporate wellness market include CompPsych Corporation, EXOS, and Vitality, and Virgin Pulse among others. The players in the global corporate wellness market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. Major market players in the market have been covered along with their relative competitive strategies and the report also mentions recent deals and investments of different market players over the last few years. The company profiles section details the business overview, financial performance (public companies) for the past few years, key products and services being offered along with the recent deals and investments of these important players in the global corporate wellness market.
Weight Management & Nutrition
By Enterprise Size
Middle East and Africa
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