Global Corporate Wellness Market is mounting at a CAGR of 7.2% during 2019-2026
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According to Esticast Research, the global corporate wellness market accounted for a value of $3.85 billion in 2019 projected to grow with a CAGR of 7.2% from 2019 to 2026.
The Asia Pacific region is expected to account for the highest CAGR in the global corporate wellness market over the forecast period due to the growing working individuals’ population and increasing awareness about employee health management.
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Large companies are up taking corporate wellness programs to increase health awareness among employees and to tackle employee burnout. Through these programs, employees are motivated to adopt a healthy lifestyle. Moreover, the increasing incidence of smoking among the employees has led to the growth in the adoption of smoking cessation services by employers. Further, numerous organizations in several industry sectors have begun implementing corporate wellness programs for their employees in recent years. This factor is projected to support the demand for corporate wellness services.
The global corporate wellness market has been categorized into service type, category, and end-user. The service type segment has been bifurcated into fitness, smoking cessation, health risk assessment, health screening, stress management, nutrition & weight management, biometric screening, alcohol and drug abuse, health education services, and others. The category segment has been divided into psychological therapists, fitness & nutrition consultants, and organizations. Further, based on end-user, the market has been segmented into large-size organization, medium-size organization, and small size organization.
Based on geography, the corporate wellness market has been categorized into North America, Europe, Asia-Pacific, South America, and Middle East & Africa. North America has been classified into the U.S. and Canada. Europe region has been divided into the UK, Italy, France, Germany, and the Rest of Europe. Asia-Pacific region has been bifurcated into, Japan, India, South Korea, China, and Rest of Asia-Pacific. In addition, the South America region has been segmented into Argentina, Brazil, Mexico, and the Rest of South America. The Middle East & Africa has been divided into GCC Countries, Africa, and the Rest of the Middle East.
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North America is the leading region in the global corporate wellness market. The increasing risk of diseases such as obesity and diabetes due to unhealthy lifestyle has led to an increase in the adoption of corporate wellness programs and services by large organizations in the U.S. and Canada. The large organizations in these countries are implementing corporate wellness programs for enhancing employee wellbeing.
The Asia Pacific region is expected to account for the highest CAGR in the global corporate wellness market over the forecast period due to the growing working individuals’ population and increasing awareness about employee health management. In countries like Singapore and Japan, the shortage of labor is increasing in recent years. Most of the companies in these countries are implementing corporate wellness programs to attract new employees as well as to retain the present employees. In addition, the increasing trend of work-life balance is also supporting the demand for corporate wellness services in the region.
Prominent players functioning in the global corporate wellness market include ComPsych, Wellness Corporate Solutions, Virgin Pulse, EXOS, Privia Health, Sodexo, SOL Wellness, Vitality Group, Truworth Wellness, Central Corporate Wellness, Optum, Inc., ADURO, INC., and Beacon Health Options. Major companies are involved in strategic partnerships, collaborations, mergers & acquisitions, and agreements to sustain their market shares.
Recent Development by Key Players:
- In July 2019, Sodexo Benefits and Reward Services (BRS) India, subsidiary of Sodexo and Zeta merged their meal benefits and corporate operations into a single entity.
- In April 2019, ComPsych announced addition of more than 2,000 new customers which included Saputo Cheese USA, Express Stores, Memorial Healthcare System, and Spirit Aerosystems.
- In September 2018, ADURO INC., entered into a partnership with Castlight Health, to provide outcomes-based behavior change programs for large employers.