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Corporate Wellness Market Assessment and Forecast 2021-2028
Corporate Wellness Market
The global corporate wellness market was valued at US$ 40.2 Bn in 2020
It is estimated to expand at a CAGR of 8.2% from 2021 to 2028
The global corporate wellness market is expected to cross the value of US$ 74.5 Bn by the end of 2028
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Increasing Prevalence of Chronic Diseases and Associated Risk Factors
The global corporate wellness market is driven by rapidly rising cases of chronic diseases across the globe. The increasing number of market players selling corporate wellness programs to various organizations is attributable to market growth.
Manufacturers operating in the global corporate wellness market are focusing on high quality services to boost the overall health and wellbeing of employees. Many employers in developing countries are adopting these services for better health and improved lifestyle. This has significantly reduced the total healthcare expenditure and helps improve the productivity of employees across the globe.
There is an increase in awareness about better health and fitness among corporate employees especially during the global coronavirus outbreak. Many people have started investing in corporate wellness programs to check their health and fitness. The corporate wellness programs provide services such as stress management, health screening, weight management, food & nutrition, etc. Service providers operating in the global corporate wellness market are gaining value-grab opportunities after the coronavirus pandemic. The corporate or workplace wellness programs are employer-funded services designed to maintain good health of employees.
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Adoption of Corporate Wellness Programs by Employees
The global corporate wellness market is driven by the rising number of cardiovascular diseases. The corporate wellness programs are in place to know various health risks associated with the employees. In order to promote healthy behavior at workplaces and boost productivity, many corporate organizations are implementing corporate wellness programs in their organizations. Corporate wellness programs help employees to understand health risks associated with them and reduce healthcare expenses to a great extent. Corporate wellness programs comprise health risk assessments, fitness, health screening, weight management, smoking cessation, and nutrition. These programs are aimed at the overall health and wellbeing of employees.
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Technological Growth and Advancement in Healthcare Industry Boost Market Growth
The global corporate wellness market is driven by increasing incidences of lifestyle diseases, advancement in healthcare sector, and rising awareness of such wellness programs in employees at the global level. Due to rapidly increasing heart-related diseases in corporate employees, there is a willingness to invest in such programs at workplaces. In addition, cancer, diabetes, high blood pressure, and respiratory diseases are the leading cause of death around the world. Governments are also investing in the promotion of such corporate wellness programs to improve the health and productivity of employees in various organizations.
Moreover, the increasing demand for corporate wellness services in many organizations is creating potential growth opportunities for market players. In order to increase the overall wellbeing of employees, market players are offering cost-effective and highly efficient corporate wellness programs at workplaces.
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North America Offers Lucrative Growth Opportunities to Market Players
North America is expected to account for the largest share of the global corporate wellness market. Technological advancement in healthcare industry, rising incidence of chronic disorders, and increasing geriatric population are some of the factors contributing to the corporate wellness market growth in North America. The rising awareness in people about these services in North America, along with increasing investments in healthcare accelerates the corporate wellness market in the region. Improvement in healthcare services at corporate workplaces is also driving the market.
Corporate Wellness Market: Overview
According to Transparency Market Research's latest research report on the global corporate wellness market for the historical period 2017-2019, considering 2020 as the base year and the forecast period from 2021 to 2028, rise in awareness about health and wellness among employers & employees and increase in incidence of chronic conditions are anticipated to propel the global market during the forecast period.
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Rise in Awareness about Health and Wellness among Employers and Employees: Key Driver
Work-related stress, obesity, and physical inactivity are major workplace health problems and have significant occupational health risks. Additionally, employees who work full-time are reported to have other chronic health problems.
Surge in health consciousness among the population of countries in the Americas and Asia has increased awareness about the benefits of healthy lifestyle. This is anticipated to increase participation in health, fitness, and diet programs.
Increase in Incidence of Chronic Conditions: Major Driver
Employers are adopting wellness programs due to increase in incidence of chronic conditions. Incidence of chronic diseases at workplace increases the employer healthcare expenditure and lowers employee productivity.
Health risk behaviors are the root of several health problems in the U.S. Lifestyle disease epidemic causes chronic conditions such as diabetes, heart disease, and pulmonary conditions.
Rise in prevalence and earlier onset of chronic conditions increases healthcare cost burden for employers
Treatment of chronic conditions accounts for over 75% of national health expenditure
Indirect costs are four-times higher for individuals with chronic conditions compared to healthy individuals due to illness-related loss of productivity, including employee absence, and reduction in performance
Taking these factors into consideration, the employers are readily implanting health and wellness programs at the workplace in order to maintain the employee's health and for increased productivity
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