Corporate Wellness Market - Growth, Trends, and Forecast (2020 - 2025)
The Corporate Wellness market is anticipated to grow with a CAGR of nearly 5.9%, during the forecast period. Certain factors that are driving the market growth include growing prevalence and early onset of chronic diseases and reduction in employee healthcare costs. In today’s work culture, majority of people do not have enough time to do some activities after work or during their free time, which is causing them to have health problems.
In 2017, a study by US-based mobile personal training company GYMGUYZ revealed that an office job can affect a person’s attitude to exercising with 57% blaming their sedentary office job for a decline in their health and fitness. The survey of 1,000 office workers examined the impact of sedentary working routines on a person’s health and mentality around getting in shape and concluded that 61% don’t regularly exercise. Less than 9% exercise very regularly and under 30% manage to frequently work up a sweat.
As a result, many chronic diseases are on a rise, however, these diseases are preventable and therefore, executing a holistic approach to corporate wellness programs is currently on demand to educate employees on the importance of creating healthy habits and the benefits of sticking to wellness goals.
Key Market Trends
Stress Management Shows Lucrative Growth Opportunity in the Global Corporate Wellness Market
Increasing work stress is the major reason for the requirement of the mental health care management. In accordance to the Lifeline Australia, around 91% of adults in Australia feel stress in at least one important area of their lives. Additionally, almost 50% of adults in Australia feel very stressed about one part of their life. In Europe, every year, approximately 25% of the population suffers from depression or anxiety and about 50% of major depressions remain untreated, as per the World Health Organization.
Furthermore, as per the estimates provided by Eurostat, 4% of all deaths in the EU in 2015 resulted from mental and behavioral disorders and 7% of the EU population reported to have chronic depression in the year 2014. The growing problems of stress, anxiety, and depression are driving patients to take treatment and hence, healthcare facilities are adopting advanced systems, like various software, in order to manage behavioral/mental health for clinical functionality, administrative functionality, and financial management.
This increased depression and stress enhanced the requirement of the behavioral/mental health management, in turn, leading to the growth of the concerned segment of the market.
North America Dominates the Global Corporate Wellness Market
In the North American region, the United States accounted for the largest market share. According to the data published in February 2019 by American Psychological Association, 75% of adults reported experiencing moderate to high levels of stress in the past month and nearly half of them reported that their stress has increased in the past year. In addition to that, stress is a top health concern for the US teens between 9th and 12th grade. As per the various psychologists, if these teenage population don’t learn healthy ways to manage that stress, it could have serious long-term health implications in future.
As per the Mental Health America, more than 44 million American adults have a mental health condition. Along with this, the rate of youth with major depressive episode (MDE) increased from 11.93% to 12.63%. The growing inclination of getting insured and accessing care is likely to drive the studied market in the United States. In 2018, there was a 2.5% reduction in the number of adults with a mental health condition who were not insured.
The global Corporate Wellness market is competitive and consists of a few major players. Companies like ComPsych, EXOS, MARINO WELLNESS, Privia health, Quest Diagnostics, SOL WELLNESS, TRUWORTH WELLNESS, Virgin Pulse, Wellness Corporate Solutions, LLC, Wellsource, Inc., among others, hold the substantial market share in the market.
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