The global Corporate Wellness Market size is expected to reach USD 93.4 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.0% from 2021 to 2028. Medtronic (Covidien), ComPsych, Wellness Corporate Solutions, Virgin Pulse, Provant Health Solutions are some of the key players in this industry. Rising obese and overweight population increases insurance costs that account for the financial burden on the employers. The corporate wellness initiatives target particular health risk factors such as stress, obesity, smoking, poor eating, and lack of exercise.
The pandemic has caused a change in the process of delivering wellness services. Although in-person sessions have resumed to some extent, the virtual platform has been made available to at-risk employees to meet their psychological and fitness needs. Initially, the lockdown imposed due to COVID19 resulted in transition to work from home, causing a great deal of stress.
Employers have started offering some kind of fitness program for the purpose of disease prevention and improve productivity. According to a study conducted by Harvard economists, absenteeism costs fall by USD 2.7 for every dollar spent on fitness programs. Therefore, employees need to be encouraged to adopt a healthier lifestyle to improve their performance.
Employers providing the programs have noticed a significant rise in productivity and a decline in leaves and attrition. In addition, companies in the U.K. initiated the Fit for Work service, which offers a tax benefit of USD 663.3 per year. Organizations are providing wearables, such as Fitbit, Apple watch, and Google watches, which helps in keeping track of parameters such as heart rate and blood pressure.
Related Press Release@ Corporate Wellness Market Report
Corporate Wellness Market Report Highlights
- The health risk assessment segment dominated the overall market in terms of revenue share in the year 2020. The health screening activities enable employers to implement strategic initiatives to deal with the identified health risks
- The stress management segment is likely to showcase the fastest growth rate from 2021 to 2028, owing to the rising preference for on-site yoga and meditation services
- Large scale organizations dominated the end use segment in the market in 2020. The infrastructure in large scale companies makes conducting fitness services easier and convenient
- North America dominated the market in terms of revenue share in 2020 due to popularity of corporate wellness in the region. According to a survey by Benefits Canada conducted on 1300 employers, North America had the highest number of corporate wellness programs. In this region, more than 80.0% of the employers are offering corporate wellness services to their employees
- Companies around the globe are modifying their corporate wellness strategies to meet the emerging public health crisis due to COVID 19, though the effect has been surprisingly positive
