Corporate Wellness Market Trends, Growth and Size Analysis by Service Type (Health Risk Assessment, Stress Management, Nutrition & Weight Management, Smoking Cessation, Fitness), Category (Fitness & Nutrition Consultant, Organization), End User- Forecast Till 2028
Corporate Wellness Market Overview
Corporate Wellness Market is expected to register a healthy CAGR of 7% and to reach value of USD 93.0 Billion by 2028. Corporate wellness programs are created and implemented in corporate workplaces to help workers better understand their health risks, engage in healthy workplace behavior, and save money on healthcare. Corporates are progressively using these programs in order to boost productivity, reduce absenteeism, and boost employee morale and quality of work. Globally expanding rates of obesity, overweight, smoking, and other lifestyle illnesses, as well as a growing number of white-collar workers and private sector capex, are propelling the corporate wellness industry forward. The growing acceptance of corporate wellness programs by employers, greater uptake of technology-powered corporate wellness solutions, and the significant burden of chronic lifestyle illnesses and mental health in companies are driving growth in the corporate wellness solutions market.
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Organizations are increasingly using corporate wellness programs to enhance employee health and productivity, minimize health risks, and reduce employee healthcare expenses. Companies are more conscious of the need of maintaining a psychologically and physically fit staff. Corporates are progressively using these programs in order to enhance productivity, reduce absenteeism, and improve employee morale and quality of work. Employees in corporate offices work about 9 hours a day, and the majority of them sit and are physically inactive throughout that time. As a result of this lack of physical exercise, the prevalence of lifestyle-related illnesses rises, increasing the demand for corporate wellness programs.
The Corporate Wellness Market has been divided into three categories: services, categories, and end users.
The market has been divided into health risk assessment, stress management, diet & weight management, smoking cessation, fitness, health screening, and others, based on service type.
The market has been divided into three categories: fitness and nutrition advisors, psychological therapists, and organizations.
The market has been divided into small-scale companies, medium-scale businesses, and large-scale businesses based on the end user.
Because of the presence of corporate wellness providers, changing lifestyles, rising prevalence of chronic diseases (obesity, cardiovascular disease, and diabetes), rising healthcare spending, and rising adoption of wellness activities in the US and Canada, the Americas led the global corporate wellness market.
Over the projection period, Europe is anticipated to follow the Americas in terms of value, as European companies are taking a proactive approach to employee health and have begun to engage in employee wellness programs. Corporate wellness programs are quickly becoming a must-have for medium- to large-sized businesses in European countries, contributing to market expansion
The promotion of workplace health has changed from a CSR concern to a strategic goal, and as a result, corporate wellness has become a top human resources (HR) priority in the Asia-Pacific region, since it increases productivity and business results. Furthermore, the population of nations such as China and India is growing, increasing the need for wellness activities. As a result, the Asia-Pacific market would develop at the highest rate during the forecast period. The demand for corporate wellness programs in Asia Pacific is being driven by the region’s rising working population and increased awareness of employee health management.
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From 2018 to 2023, the Middle East and Africa Corporate Wellness Market is expected to develop at a moderate rate. Due to increasing healthcare sector reforms and rising investments in corporate wellness programs by United Arab Emirates firms to improve employee well-being in order to boost business productivity and competitiveness, the Middle East region is expected to control the majority of the regional market.
ComPsych Corporation, Wellness Corporate Solutions, LLC, SOL Wellness, Wellsource, Inc., 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. are some of the prominent players in the global corporate wellness market.
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