The Global Corporate Wellness Market- Growth, COVID-19 impact and Forecast (2021-2025)
Predictions in funding elements like education, assessments and action plans, soon they are going to emerge as an offering of corporate wellness programs.
The power of incentives will affect the employee wellness outcomes, they are becoming more popular, plentiful and inventive.
Wellness service providers are adopting virtual methods to provide services such as meetings with psychologists and health coaches
Introduction
Corporate Wellness is important as most of the employees in an organization are suffering from various diseases like hypertension, depression and so on. Excellent employee benefit programs can improve the financial, mental and physical health of employees and to mitigate costs associated with healthcare and turnover.
Many businesses and enterprises in various industry verticals have started implementing wellness programs for their employees.
Corporate wellness programs are considered as important integral part of an organization or a company, which combines individual and organizational level strategies and interventions to influence health.
The COVID-19 pandemic has severely impacted the mental health of employees. To tackle the problem, wellness service providers are adopting virtual methods to provide services such as meetings with psychologists and health coaches.
Table of Contents
Market Overview
The global corporate wellness market is expected to grow to $ 73.20 billion by 2025
Growth momentum is expected to accelerate during the forecast period with a 5.62% CAGR.
Factors such as the rising awareness regarding employee health and wellbeing, government initiatives are expected to fuel the market growth Post COVID.
North America is a prominent regional market, with more than 50% of firms in the US are offering wellness programs to their employees.
Key Trends
Predictions in funding elements like education, assessments and action plans, soon they are going to emerge as an offering of corporate wellness programs.
The power of incentives will affect the employee wellness outcomes, they are becoming more popular, plentiful and inventive.
Wellness service providers are adopting virtual methods to provide services such as meetings with psychologists and health coaches
Key Market Players
Some of the key players in the market are ComPsych, Wellness Corporate Solutions, Virgin Pulse, EXOS, Provant Health Solutions, Marino Wellness.
The market fragmented with players at regional and local levels are challenging the market shares of leading players.
Increasing competition in this market is expected to drive innovation, thereby helping the industry to overcome the existing challenge of pricing pressure faced by the prominent players in the market.
Growth Drivers and Challenges
Evolving industrialization in growing economies are resulting in the prevalence and early onset of chronic diseases. To overcome this situation, adoption of corporate wellness programs is increasing and thereby deriving the market.
Wellness programs at the workplace help companies in augmenting productivity while reducing the overall operational costs.
Rising awareness regarding employee health and wellbeing is expected to drive the market.
Slow adoption and low awareness about benefits having a corporate wellness program in the firm is challenging this market growth.
Huge cost for companies to adopt workplace wellness plans is anticipated to hamper the market growth