Corporate Wellness Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021
Posted by Statzy Market Research on April 29th, 2021
Due to the impact of COVID-19, it was found that people with chronic diseases, including diabetes, high blood pressure, cancer, and heart disease, as one of the most at-risk groups of COVID-19 infection and complications. This has increased health consciousness and pushed many people to pay closer attention to their health. According to the recent study, Polarised perceptions of corporate and wellness, a 74% of employees said that poor mental health had affected their productivity since the COVID-19 outbreak began. This highlights the need for effective health and wellness activities in the workplace. Therefore the integration of wellness programs in the workplace has become a bigger priority to make employees feel like they're still connected while working at home. Employers have thus modified their wellness offerings to offer more proactive initiatives, including on-site fitness classes, gym memberships, exercise breaks, tobacco-cessation programs, and food wellness programs.
Certain factors that are driving the market growth include growing prevalence and early onset of chronic diseases and reduction in employee healthcare costs. In today’s work culture, the majority of people do not have enough time to do some activities after work or during their free time, which is causing them to have health problems.
Chronic diseases pose a great threat globally, as the incidence of many of these illnesses is increasing. Obesity is one of the chronic diseases that has burdened many countries globally, due to an unhealthy and sedentary lifestyle, including many developed countries as well. Cardiovascular diseases (CVD) are also rising, globally. As per a 2018 report by the American Heart Association, CVDs were the leading global cause of death, which accounted for more than 17.9 million deaths per year in 2015, a number that is expected to grow to more than 23.6 million by 2030. Cancer is another chronic illness that has increased over the years. Cancer Research UK suggests that if recent trends in the incidence of major cancers and population growth are consistent, it is predicted that there will be 27.5 million new cancer cases worldwide, each year, by 2040. This estimate was an increase of 61.7% from 2018, as per the organization's report in 2019.
As a result, many chronic diseases are on a rise, however, these diseases are preventable and therefore, executing a holistic approach to corporate wellness programs is currently on demand to educate employees on the importance of creating healthy habits and the benefits of sticking to wellness goals.
Wellness programs not only benefit the employees’ health, but also reduce absenteeism and lead to more energized, productive employees, and therefore greater productivity for the firm. As a result, it helps people to adopt and maintain healthy behaviors. This benefit is expected to help corporate employees reduce the risk of illnesses. Hence, the demand for these plans is also expected to increase, as the incidence of chronic diseases increase.
Free Sample report for this report is available :- https://www.statzyreports.com/report/sr497973/corporate-wellness-market
Key Market Trends
Stress Management Shows Lucrative Growth Opportunity in the Global Corporate Wellness Market
The high prevalence of extended work hours, heavy workload, and work pressure related issues are creating physical and mental repercussions, such as hypertension, heart attacks, and a feeling of instability among the employees. With the rising competition, the employees work under a lot of pressure and excessive demands. Hence, stress disturbs the equilibrium of work-life balance for the employees.
With the COVID-19 pandemic, there were increasing concerns about mental health and stress that have grown, including concerns about suicidal ideation. The COVID-19 pandemic has severely impacted the mental health of employees. After its onset, it led to the work from home transition which resulted in a great deal of stress among employees due to the feeling of isolation. In a survey from June 2020, 13% of adults have reported new or increased substance use due to coronavirus-related stress, and 11% of adults reported thoughts of suicide in the past 30 days. Suicidal cases have long been on the rise and may worsen during the pandemic. Therefore to tackle the problem, wellness service providers were found adopting virtual methods to provide services such as meetings with psychologists and health coaches.
According to the American Institute of Stress, an alarming 94% of the American workforce experienced workplace stress in 2019. Therefore, the stress management programs are anticipated to be a crucial part of employee management processes, in the coming years. The incorporation of anti-stress programs, such as yoga, therapy, EAPs, social activities, childcare initiatives, provision of work from home, flexible timings, and mindfulness training, is augmenting the growth of the corporate wellness market.
The various employers also offer classes (e.g., meditation/mindfulness, time management, stress management, etc.), counselling, or perks and on-site amenities (e.g., nap pods, quiet rooms, free massages, sick rooms, games/activities). Therefore, all these activities help in removing the stress of the employees.
Hence, the increased depression and stress enhanced the requirement of the behavioral/mental health management, in turn, leading to the growth of the concerned segment of the market.
North America Dominates the Global Corporate Wellness Market During the Forecast Period
In the North American region, the United States accounted for the largest market share as stress is a leading health concern that affects the US population.
The outbreak of the COVID-19 pandemic in the US has infused high stimulus into the corporate wellness market. With the workforce population largely affected by one or more chronic diseases or other comorbidities, it warranted supporting their health and wellbeing. It set high expectations from employers, driving companies to proactively manage population health with their programs. From helping employees adjust to the new normal and be nimble to reducing health risks, employers are focused on preventively and proactively managing the same. This is expected to increase access to wellness and expand or improve the quality of already existing programs.
As per Gallup’s 2019 data on emotional states, over half of the American population experience stress during the day, which is 20% higher than the world average of 35%.
As per the American Institute of Stress, 83% of US workers suffer from work-related stress. In the year 2019, 94% of US workers reported experiencing stress at their workplace. Around 23% of people describe their stress levels as high, while 6% of the population state that their stress levels are unreasonably high. In addition, in 2019, 80% of workers in the United States were stressed as a result of ineffective company communication.
Moreover, every year in the United States work-related stress causes 120,000 deaths and results in USD 190 billion in healthcare costs, while US businesses lose up to USD 300 billion yearly as a result of workplace stress. Both the human and financial costs of stress are enormous. The cost of stress in the workplace also drains the US budget, which represents between 5% and 8% of the total national healthcare spending.
Gap Healthcare Group Inc., a company in Canada, offers Group Wellness Workshop as a 1-hour session and delivers a presentation on certain lifestyle topics, such as smoking cessation or stress management. It focuses on promoting a healthy lifestyle to employees by using universal learning principles, case studies, and best practices to provide practical information, tools, and resources that will support employees’ health.
Hence, a large section of the population in the United States is involved in work-related stress, which is anticipated to drive the corporate wellness market during the forecast period.
Competitive Landscape
The global Corporate Wellness market is competitive and consists of a few major players. Companies like ComPsych, EXOS, MARINO WELLNESS, Privia health, Quest Diagnostics, SOL WELLNESS, TRUWORTH WELLNESS, Virgin Pulse, Wellness Corporate Solutions, LLC, Wellsource, Inc., among others, hold a substantial market share in the market. The market is characterized by the increase in many corporations focusing on expansion to include in-house employee wellness services. Some of the market players are expanding in order to accommodate and to cater to larger groups of employees.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support
For sample report please visit : https://www.statzyreports.com/report/sr497973/corporate-wellness-market
Contact Us:
Poojan Dogra
Public Relations Manager
Email : sales@statzyreports.com
Email : info@statzyreports.com
(IN) - +918484035727
(US) - +1415-871-0483
Website : www.statzyreports.com