Corporate wellness entails organizational policies designed to support healthy behavior in the corporate organization, promotion of health related activities that improve health outcomes. Most of the modern corporate workforce leads a desk-bound lifestyle. However, a significant number of employees has been recorded to suffer from various diseases including hypertension, obesity, depression diabetes, and cardiovascular diseases leading organizations to spend considerable amount of resources on human resource management. Corporate wellness initiatives were taken on as a solution and focuses to improve and maintain employees’ health.
Absenteeism is one of the major factors diminishing the productivity of a company and impacting companies’ profits. Corporate wellness programs help companies in reducing attrition rate and absenteeism, thereby increasing overall productivity of the company. Improvement in employee well-being by motivating employees at work place, organizing regular fitness activities and helping in lowering the overall healthcare costs.
Promotion of health and well-being are driven by increase in NCDs, government support and initiatives, and increasing number of white collar employees are few drivers spurring the global market. Moreover, factors including rising health consciousness, mandatory law to incorporate corporate wellness services, and willingness of employers to invest in wellness programs are also anticipated to increase the demand. Although, major restraint includes inefficient execution of services, lack of efficient and effective models and increased costs for the companies. Availability of time for leisure and recreation paves as the major opportunity for the services expansion over the forecast period.
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Market Growth and Analysis:
The industry involves psychological therapists, fitness and nutrition consultants, and other organizations providing similar services. As per Harvard Business Review, companies receive an average return of $2.71 for $1 directly into corporate wellness investment, achieved through reduced healthcare costs, lower absenteeism and higher productivity. Similarly, in Glasgow City Council (GCC), employee absenteeism reduction through workplace wellness programs, saved millions. Under the corporate wellness program, the company rehabilitated employees who were on a long-term sick leave. This in turn, speeded up the medical appointments and the staff was being treated promptly. Within a year, absenteeism related sickness dropped down to 8.1 days from 12.5 days, saving the company USD 12.9 million. In the following year, the number dropped down to 7.4 days per employee on a sick leave, saving another USD 4.9 million for the company.
Major Key Players:
Some of the key players in the corporate wellness market include, Trotter Wellness, GCC Group, Wellness Corporate Solutions, Fitbit,, Well Nation, FitLinxx, Virgin Pulse, ComPsych, EXOS, Kinema Fitness, Provant Health Solutions, Karelia Health, Marino Wellness, Wellness Corporate Solutions, WorkStride, Premise Health, Vitality, Wisdom Works Group and Wellsource, as the key vendors in the global corporate wellness market.
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In the U.S., government introduced Affordable Care Act increased the incentives from 20% to 30% for the employees participated in wellness programs pertaining to health. Thus, implementing corporate wellness programs is beneficial to the profit percentage of the company and the added benefit of better health services increase the employee retention percentage of the company. Furthermore, corporate wellness program motivates employees to perform better and promotes employee satisfaction across the workforce.
Corporate wellness programs were implemented in larger organization which could afford the programs. However, smaller organizations have increasingly started adopting such programs, expected to propel the market rapidly. Emerging countries including India and China are witnessing an increase in industrialization which could also support the market growth. Even employers are more committed to improve health of the employees for maintaining a work health balance. Lifestyle coaching, biometric screenings, gym services within the company premises, free health check-ups, healthy snacks, and health clubs, synchronize hospital care by service providers are few activities conducted in wellness program.
The availability of favorable regulatory scenarios (e.g. – Accredited program of Wellness & Health Promotion (WHP) by the National Committee for Quality Assurance (NCQA)) is identified as one of the primary growth factors for the market and will support the need for corporate workplace wellness during the forecast period. According to the Global Wellness Institute, the industry is already worth over $40 billion. Even so, only 9 percent of the global workforce has access to some form of workplace wellness program. Consequently, there’s are huge market opportunities for corporate wellness solution providers over the forecast period.
The global corporate wellness market has been segmented by services offered. Based on services, the market has been segregated as health risk assessment, fitness, smoking cessation, health, weight management, nutrition corporate, and others. The smoking cessation segment is projected to expand at an impressive CAGR during the forecast period. An estimated 5.8 trillion cigarettes were consumed globally in 2014 and the consumption is still increasing. China ranks first in the top ten countries in terms of cigarette consumption. Other countries include other countries in Asia Pacific such as Indonesia, Japan, India, and South Korea.
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North America and Europe-based companies have accustomed the companies with the concept of corporate wellness. However, Asia Pacific market especially holds potential as being an emerging market, global companies are trying to build their hold in these regions. The corporate wellness market is characterized by the presence of numerous international and regional vendors. The regional vendors are finding it difficult to compete in the market owing to the presence of international vendors having an upper hand in quality, pricing, financial resources and market research. As the product’s demand increases, the competitive environment in the market will intensify further
Major Points from Table of content:
- Executive Summary
- Research Methodology
- Market Dynamics
- Industry Overview
- Global Corporate Wellness Market, By Product (2017-2025)
- Global Corporate Wellness Market, By Regions (2017-2025)
- Market Competition Analysis
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