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[205+ Pages Report] According to a Facts and Factors market research report, the global corporate wellness solutions market is projected to reach USD 100 Billion by 2026 from USD 61.3 Billion in 2020, at a CAGR of 8.5% during the forecast period.
Corporate wellness programmes are a declaration of intent, programmes, and perks that target a variety of risk factors and conditions while influencing both employees and the firm as a whole. According to the National Center for Chronic Disease Prevention and Health Promotion, corporate wellness and health initiatives, as well as disease prevention plans, have the potential to influence more than 150 million employees in the United States, lowering healthcare costs significantly. Employees are encouraged to live a healthy lifestyle, which helps businesses increase productivity and cut costs by boosting employee wellness. In the future years, the overall costs of missed productivity owing to illness-related absenteeism are predicted to exceed USD 150 Billion. Increased insurance costs resulting from the rise in obese and overweight people, putting a financial strain on companies. Businesses have discovered strategies to safeguard and prioritise their employees physically as a result of the COVID-19 epidemic by giving tech assistance to promote social distancing in the adoption of new leave rules. Employers' priorities have switched to preventive and constructive management, which includes assisting employees in adapting to new requirements.
The growing adoption of corporate wellness programs by companies is driving growth in the corporate wellness solutions market. Increasing use of technology-enabled corporate wellness solutions, as well as a significant burden of chronic lifestyle illnesses and mental health in companies is primary reason of organizations adopting corporate wellness facility across the work station. Workplace wellness initiatives assist businesses in increasing productivity while decreasing overall operating expenses and thus having a positive impact on overall market growth. For instance, Anthem, Inc. purchased Beacon Health Options, an independently held behavioral health business, in February 2020, to integrate the company's behavioral health expertise with Beacon Health's platform and assistance programs. Furthermore, Virgin Group Ltd. will debut VP Passport, a single engagement platform with employer-configurable monitor, tracking and screening capabilities, live assistance, and partner solutions, in June 2020.
The sudden outbreak of the Covid-19 epidemic had impacted the market negatively. Wellness service providers are increasingly using virtual means to deliver services such as sessions with psychologists and health coaches. This had a beneficial influence on employees, encouraging market expansion.
The global corporate wellness market is segmenting into service, category, delivery model, and end-use industry. The service segment is further categorized into nutrition and weight management, fitness services, health risk assessment, stress management, smoking cessation, health screening, alcohol and drug abuse services, health education services, biometric screening, and others. The category segment is classified into fitness & nutrition consultants, psychological therapists, and organizations/employers. Based on the delivery model, the market is classified into onsite and offsite. On the basis of the end-use industry, the market is further bifurcated into the private sector, small scale organizations, medium scale organizations, large scale organizations, public sector, and NGO.
|Market Size in 2020||USD 61.3 Billion|
|Projected Market Size in 2026||USD 100 Billion|
|CAGR Growth Rate||8.5% CAGR|
|Key Market Players||ComPsych, Wellness Corporate Solutions, ADURO, Inc, Virgin Pulse, EXOS, Marino Wellness, Provant Health Solutions, and Others|
|Key Segments||Service, Category, Delivery Model, End-Use Industry, and Region|
|Major Regions Covered||North America, Europe, Asia Pacific, Latin America, and Middle East & Africa|
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North America holds the biggest proportion of the corporate wellness market. The growing need for corporate wellness solutions for workforce can be attributed to the rising prevalence of chronic diseases, mental health concerns, and addictions, particularly related to the region's opioid crisis, which accounts for a substantial percentage of this regional market.
Some of the key players in the global corporate wellness market are ComPsych, Wellness Corporate Solutions, ADURO, Inc, Virgin Pulse, EXOS, Marino Wellness, Provant Health Solutions, Vitality Group, Wellsource, Inc., Central Corporate Wellness, Privia Health, Truworth Wellness, SOL Wellness, Well Nation, Beacon Health Options, Fitbit, Sodexo Group, Bupa Wellness Pty Ltd, Quest Diagnostics and Healthifyme among others.
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