Increase in prevalence of chronic diseases and rise in awareness & implementation of wellness programs by employers drive the growth of the global workplace wellness market
Portland, OR, Feb. 15, 2021 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, "Workplace Wellness Market by Type (Weight Management & Fitness Services, Nutrition & Dietary Plan, Stress Management Services, Health Screening & Assessment, and Smoking Cessation) and End User (Large-Size Organizations, Mid-Size Organizations, Small-Size Organizations, Public Sector, and NGOs): Global Opportunity Analysis and Industry Forecast, 2020–2027." According to the report, the global workplace wellness industry generated $49.81 billion in 2019, and is expected to garner $66.20 billion by 2027, witnessing a CAGR of 5.9% from 2020 to 2027.
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Increase in prevalence of chronic diseases and rise in awareness & implementation of wellness programs by employers drive the growth of the global workplace wellness market. However, massive cost to companies hinders the market growth. On the other hand, untapped potential in emerging countries presents new opportunities in the coming years.
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.
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.
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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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.
The key players operating in the global Workplace/Corporate Wellness Market include Fitbit, Novant Health, EXOS, Virgin Pulse, Vitality Health, ComPsych, HealthifyMe, MDVIP, Marino Wellness, WorkStride. Some of the others players considered are FitLinxx, Truworth Wellness, Central Workplace Wellness Workplace Solutions, Privia Health, and Wellsource.
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