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
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