Global Workplace Wellness Market Size, Share, Forecast Report, 2020-2027
The global workplace wellness market size was valued at $46.08 billion in 2018 and is expected to reach $74.00 billion by 2026, registering a CAGR of 6.1% from 2019 to 2026. Workplace wellness programs are a harmonized set of health promotion strategies that are executed at worksite and includes programs, policies, and certain benefits to the community designed to encourage health and safety of employees. Wellness program approaches certain policies and interferences that address multiple risk factors and health conditions and plan strategies that may influence multiple organization levels, including individual employee behavior change, organizational culture, and worksite environment. Workplace wellness programs are now being considered as an important integral part that combines individual and organizational level strategies and interventions to influence health.
Significant increase in prevalence of chronic diseases across the globe and adoption of sedentary lifestyle are the major factors that drive the market growth for workplace wellness. In addition, economic benefits offered by these programs and increasing awareness and implementation of wellness programs by employers further propels the workplace wellness market growth. However, huge cost for companies to adopt workplace wellness plans is anticipated to hamper the market growth. Moreover, significant focus by the public and private sector of developing economies toward improvement in health of their employees is predicted to create lucrative opportunities in the near future.
Global Workplace Wellness Market Segmentation
Based on workplace wellness market analysis the report is segmented on the basis of type and end user. By type, it is divided into weight management and fitness services, nutrition and dietary plan, stress management services, health screening and assessment, and smoking cessation. On the basis of end user, it is categorized into small-size private organizations, mid-size private organizations, large-size private organizations, public sector, and NGO. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
Type Segment Review
By type, the health screening and assessment segment dominated the workplace wellness market in 2018 and is anticipated to maintain its dominance during the forecast period. This is attributed to the increased adoption of these health screening and assessment programs by most employers worldwide to improve health fitness of their employees. In addition, health screening is mainly confined to test the major and most common body problems that affect any employee’s productivity. Most of these programs also offer various rewards for indulging in activities and meeting different health goals. However, the stress management services segment is anticipated to grow at the fastest growth rate during the forecast period. This is attributed to the fact that stress can also give rise to insomnia, increase in drug abuse, and reduced work productivity. It has become a significantly increased concern for employers to help their workers manage stress and learn to deal with stringent timelines, that too without compromising health.
End User Segment Review
By end user, the large-size private organizations segment dominated the market in 2018 and is anticipated to maintain its dominance during the forecast period. This is attributed to the fact that large-size private organizations have more workforce strength. In addition, the maximum number of employee strength and the fact that large scale companies have more healthcare expenditure as compared to others contributes to the market growth of this segment. This segment is anticipated to grow at the fastest growth rate during the forecast period.
North America is projected to dominate the global workplace wellness market, due to the presence of major workplace wellness service providers and better healthcare and medical infrastructure. Moreover, rise in incidence of cancer and chronic diseases such as obesity, and diabetes propels the market growth in this region. In addition, presence of service providers and large-scale private organizations in this region contributes to the market growth. However, Canada is expected to grow at the highest rate during the forecast period, due to increase in adoption of such programs and plans by companies to manage health and stress of their employees. However, Asia-Pacific is anticipated to grow at the fastest growth rate during the forecast period, owing to the rise in stress related disorders such as anxiety and headache. The Asia-Pacific workplace wellness market is gaining popularity due to rise in medical expenditure growth rate in countries such as India and China, which has resulted in rise in demand for workplace wellness programs. The demand for workplace wellness programs in this region is mounting dynamically, specifically for health screening and assessment. Growth of the medical industry and significant increase in start-up and new organizations in this region significantly contributes toward the expansion of the market.
Comprehensive competitive analysis and profiles of major market players such as Wellness Workplace Solutions, ComPsych, FitLinxx, HealthifyMe, Truworth Wellness, Central Workplace Wellness, Marino Wellness, Privia Health, and Wellsource are provided in this report.
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