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Corporate Wellness Market: Rise In The Number of White-Collar Employees and Increase In Private Sector Capital Expenditure To Fuel The Market
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Government support for corporate wellness programs has increased along with rise in health concerns among people with chronic conditions such as obesity and diabetes. A federal legislation has also sought to cut escalating health care costs. A provision in the 1996 HIPAA (Health Insurance Portability & Accountability Act) offers employers to reduce the cost of health insurance premiums for employees practicing health-promoting activities.
The provision has provided up to 20.0% of reduction in the employees’ regular premium cost. White-collar employees include managers, government employees, professionals, and salespersons. The number of service sector employees is expected to increase in the next few years. This is likely to drive the global corporate wellness market during the forecast period. The number of industry operators is expected to increase at a rate of 3.2% per annum to reach 549 operators from 2016 to 2020. This, in turn, is projected to increase the number of white-collar employees in the near future, for whom companies would be taking up corporate wellness programs.
Weight management programs incorporate healthy diet, exercise, and changes in lifestyle. Every employee is provided with a personalized plan to help meet individual goals and reduce chances of developing serious health issues such as diabetes, cardiovascular diseases, or high cholesterol. Making the right food choices helps prevent chronic diseases and conditions including diabetes, cancer, heart diseases, and obesity. Hence, it is important to organize nutrition sessions that provide a diet plan or a chart that helps employees stay healthy and improves their productivity. Nutrition plays an important role in maintaining health of an employee. Hence, corporate wellness programs focus on providing nutrition services to clients. Several corporate wellness companies are helping businesses expand by offering on-site fitness facilities.
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North America is expected to dominate the global market between 2018 and 2026, due to rise in the number of white-collar employees and favorable regulatory environment for businesses in the region. The market in North America is primarily driven by factors such as rise in the adoption of corporate wellness services, surge in health care costs, increase in the incidence of chronic disorders, and rise in investments in corporate wellness.
In addition, highly penetrated corporate wellness market, availability of diversified corporate wellness services, and well-defined health care policies of private and public health insurance firms boost the corporate wellness market in the region. The U.S. holds a major share of the market in North America, owing to increasing adoption of new services for corporate wellness and high awareness among employers in the country. Thus, favorable rules and regulations and presence of several providers of corporate wellness services are expected to have a positive impact on the corporate wellness market in North America in the near future.
Transparency Market Research (TMR) is a next-generation provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations
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