Workplace Wellness Market - Segments Worth Observing Aiding Growth Factors

Allied Market Research published a report, titled, "Workplace Wellness Market by Type (Weight Management & Fitness Services, Smoking Cessation Nutrition and Dietary Plan, Stress Management Services, and Health Screening), End User (Small-Size Private Organizations, Mid-Size Private Organizations, Large-Size Private Organizations, Public Sector, and Non-Governmental Organizations): Global Opportunity Analysis and Industry Forecast, 2019-2026." According to the report, the global workplace wellness industry was estimated at $46.08 billion in 2018 and is expected to hit $74.00 billion by 2026, registering a CAGR of 6.1% from 2019 to 2026.

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Drivers, restraints and opportunities-

Rise in incidence of chronic diseases, and increase in awareness and implementation of wellness programs by employers are the prime factors fueling the growth of the global workplace wellness market. On the other hand, huge costs levied to the respective companies curb the growth to some extent. Nevertheless, untapped developing economies are expected to create a plethora of opportunities in the near future.

Covid-19 Scenario

In order to adapt to the situation arisen due to pandemic and reform budget allocations to survive the economic turbulence, some companies have been reducing costs allocated to workplace wellness.
With the pandemic outlining the importance of health, many organizations have been reforming physical and mental health policies to prioritize employees' health.
As companies have adopted "work from home" policies, there has been an increase in implementation of telemedicine by employees to maintain health.
The health screening and assessment segment to continue its leadership status by 2027

Based on type, the health screening and assessment segment held the highest market share in 2019, contributing to more than one-fourth of the global workplace wellness market, and is projected to continue its leadership status during the forecast period. This is attributed to focus of employers on maintaining employees' health and conducting standard tests such as total cholesterol, HDL (high-density lipoproteins), LDL (low-density lipoproteins), triglycerides, glucose, and body composition. However, the stress management services segment is projected to witness the highest CAGR of 6.6% from 2020 to 2027, owing to surge in workload at offices, which resulted in excess stress, anxiety, depression, and headaches.

The large organizations segment to maintain its lead throughout the forecast period

Based on end user, the large organizations segment accounted for the largest share of the market, contributing to more than two-fifths of the global workplace wellness market in 2019, and is expected to maintain its lead throughout the forecast period. Moreover, this segment is projected to grow at the fastest CAGR of 6.3% from 2020 to 2027. This is due to the presence of huge number of workers in such organizations and availability of budgets to spend on employee wellness programs. The report also analyzes segments including mid-size organizations, small organizations, NGOs, and public sector.

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North America to maintain its dominant share in terms of revenue by 2027

Based on region, North America accounted for the highest market share with more than one-third of the global workplace wellness market in 2019, and is expected to maintain its dominant share in terms of revenue by 2027. This is attributed to presence of major service providers along with improved healthcare and medical infrastructure. Moreover, surge in incidences of cancer and chronic diseases are the factors responsible for highest revenue generation. However, LAMEA is projected to register the highest CAGR of 7.3% during the forecast period. This is due to increase in awareness among people regarding workplace wellness programs and surge in expenditure on healthcare in the region.

Leading market players

Fitbit
Novant Health
EXOS
Virgin Pulse
Vitality Health
ComPsych
HealthifyMe
MDVIP
Marino Wellness
WorkStride

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We have also published few syndicated market studies in the similar area that might be of your interest. Below are the report title for your reference, considering Impact of COVID-19 over this market which will help you to assess aftereffects of pandemic on short-term and long-term growth trends of this market.

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