Corporate Wellness Market
Corporate Wellness Market (Service Type - Health Risk Assessment, Fitness, Smoking Cessation, Health Screening, Weight Management, Nutrition, Others (Stress Management, Disease Management, Vaccination, etc.)) - Global Industry Analysis, Size, Share, Growth, Trends, & Forecast 2018 - 2026
Press Release :
The demand within the global corporate wellness market is growing on account of advancements in the domain of employee welfare. The corporate sector has come under the radar of scrutiny, and is being closely monitored for its employee welfare policies. The emergence of a new era within corporate wellness has improved the performance of the workers. The focus on providing optimal benefits to employees has created humongous opportunities for market growth and maturity. Large MNCs and corporate houses host several events and drills aimed at fostering corporate wellness. These events can cover a range of areas, spanning into healthcare, insurance, and other individual needs. Therefore, the value of the global corporate wellness market is expected to touch new heights in the times to follow.
- It is legit to expect that the total volume of revenues within the global corporate wellness market would grow by leaps and bounds in the times to follow. Several companies host employee welfare programs and schemes to create congeniality and wellness across the premises. Provision of premium benefits to employees helps in improving the performance of the workers. Moreover, measures to foster corporate wellness across a company can help entities in meeting their corporate social responsibility. This is an important dynamic of market growth and maturity.
- Smoking cessation programs and other healthcare advise programs are actively organised across corporate premises. In addition to this, use of high-end technologies and platforms to dispel the message of working in harmony also fosters corporate wellness. The quotient of corporate wellness across a company is an important parameter to decide on the company’s overall performance. Large corporate houses are establishing their worth in the business sector by introducing new plans and policies for employee welfare. In this scenario, it is legit to expect that the global corporate wellness market would attract fresh revenues.
Corporate wellness has helped organization in enriching the environment across their physical premises. Besides, it has propelled these organizations towards acquiring fruition in terms of employee welfare and management. As employee wellness become a core component of growth for companies, deployment of corporate wellness plans shall gather swing. The need to create congenial, healthy, and hygienic workspaces has promoted several companies to include corporate wellness on their charter of commitments. It is extremely important for vendors to understand the requirements of modern-day firms. Besides, customization of corporate wellness plans shall help these vendors to capture the attention of diverse groups of companies.
The performance index of multinational firms has dramatically improved post induction of corporate wellness programs. Besides, research studies find that companies who treat their employees as optimizable assets are more likely to achieve performance improvements. Therefore, there is little contention about the inflow of humongous revenues into the global corporate wellness market. Furthermore, the unprecedented need for ensuring health security for the employees has also created ripples across the market. The corporate sector is characterised by continual improvements in its practices and hierarchies. Employing a corporate wellness program could prove to be supremely rewarding for leading corporate entities.
In this report preview, Transparency Market Research (TMR) decodes several important factors concerning growth within the corporate wellness market. The use of corporate wellness programs across several industries including pharmaceuticals, healthcare, consulting, and finance shall offer fresh opportunities to market vendors. Moreover, several companies have been in disguise about their employee welfare schemes. The market vendors are persuading these companies to subscribe to economical wellness programs. This move could help the companies in freely declaring and promoting their schemes for employee welfare. The next decade is expected to witness the induction of corporate wellness programs across large percentage of major companies.
Health Risk Assessment Takes the Lead across Global Firms
Based on application, the global corporate wellness market can be segmented into health risk assessment, smoking cessation, fitness drills, weight management, nutritional advice, and health screening. The demand for health risk assessment and health screening has been the highest across the corporate sector. The holistic approach followed towards health management under the aforementioned applications has aided market growth. Moreover, economic viability of conducting regular health screenings has also played a vital role in market growth.
Governments have, time and again, focused on the need to build workspaces into safe, secure, and hygienic centers. Therefore, state authorities have stipulated several guidelines for corporate firms. Moreover, there are regular checks and appraisals conducted to check on the progress of new and established vendors. Presence of a corporate wellness program in place can be crucial for companies to be graded well by state inspection authorities. Henceforth, there are bright growth prospects for vendors and stakeholders operating in the global corporate wellness market.
Asia Pacific to Witness Steady Improvements in Employee Welfare Index
Several companies based in the US and Europe have entered Indian and Chinese markets over the past decade. Relaxation of barriers and foreign direct investment have played a key role in creating room for such companies. These companies have also brought with them key intellectual resources such as welfare schemes, training modules, and healthcare guidelines. Corporate wellness practices are also a part of such companies’ intellectual repository. Therefore, the global corporate wellness market is attracting fresh revenues from vendors operating in the Asia Pacific market. Markets in Europe and North America have already reaped the benefits of early implementation.
Some of the leading players operational in the global corporate wellness market are ComPsych Corporation, Central Corporate Wellness, Optum, Inc., Truworth Wellness, SOL Wellness, JLT Australia (Recovre Group), Sodexo, and ConneXions Asia.
Corporate Wellness Market – Overview
This report on the corporate wellness market studies the current as well as future prospects of the market globally. The stakeholders of this report include companies and intermediaries engaged in the wellness programs and services for corporate companies and new entrants planning to enter this market. This report comprises an elaborate executive summary along with a market snapshot providing overall information of various segments and sub-segments considered in the scope of the study. This section also provides overall information and data analysis of the global corporate wellness market regarding leading market segments based on service type and regions.
Based on service type, the corporate wellness market has been segmented into: health risk assessment, fitness, smoking cessation, health screening, weight management, nutrition, and others (stress management, disease management, and vaccination, among others). Each of the market segments have been extensively analyzed based on the market-related factors such as the number of white-collar employees, region-wise health awareness and government support/rules and regulations, and capital expenditure by the private sector by region. Moreover, historical year-on-year growth have been taken into consideration while estimating the market size. The market size and forecast in terms of US$ Mn for each segment has been provided for the period from 2016 to 2026. The report also provides the compound annual growth rate (CAGR %) for each market segment for the forecast period from 2017 to 2025, considering 2016 as the base year.
The overview section of the report explores drivers, restraints, and opportunities that currently impact the corporate wellness market and could influence the market in the near future. Market attractiveness analysis has been provided in the overview section to explain the intensity of competition in the market across different geographies. The competitive scenario among different key players has been evaluated through market share analysis in the competitive landscape section of the report. All these factors are projected to help market players to take strategic decisions to strengthen their positions and increase share in the global corporate wellness market.
The corporate wellness market has been segmented into five major regions: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The market size and forecast for each of these regions has been provided for the period from 2016 to 2026, along with their respective CAGRs for the forecast period from 2018 to 2026, considering 2017 as the base year. The report provides market size and forecast for major countries in their respective regions. A detailed qualitative analysis of factors responsible for driving and restraining the market and future opportunities has been provided in the overview section. This section of the report also provides with market attractiveness analysis, regulatory scenario, and market share analysis by key players, thus presenting a thorough analysis of the overall competitive scenario in the global corporate wellness market.
The key players operating in the corporate wellness market are EXOS, ProvantHealth (Hooper Holmes, Inc.), Wellness Corporate Solutions, ComPsych Corporation, Optum, Inc. (United Health Group), Sodexo, BupaWellness Pty Ltd (BupaGroup), JLT Australia (RecovreGroup), Central Corporate Wellness, TruworthWellness, CXA Group Pte.Limited, and SOL Wellness.
The global corporate wellness market is segmented as follows: