New York – Nova one advisor recently added a research report, Corporate Wellness market – global industry size, share analysis, market dynamics, market risk factors, market opportunities and challenges. segment forecast and the geographical distribution of the global market, profitability graph and the regional outlook of this business vertical. The global Corporate Wellness market gathered revenue around USD 53.2 billion in 2020 and market is set to grow USD 94.1 billion by the end of 2027 and is estimated to expand at a modest CAGR of 7.12% during the prediction period 2021 to 2027.
Overview of Corporate Wellness Market Study
Corporate Wellness market study conducted by Nova One Advisor is intended at helping stakeholders get a comprehensive overview of potential challenges and undiscovered opportunities. The report offers exclusive insights to help companies and their customers to make informed decision to sustain growth through the assessment period.
NOTE: Our report highlights the major issues and hazards that companies might come across due to the unprecedented outbreak of COVID-19.
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The market Corporate wellness plays a significant role because most employees in an organization are suffering from various health ailments such as depression, hypertension, and others. Thus, an excellent employee benefits program helps in improving the mental, financial and physical health of the employees and mitigating the costs related to healthcare and employee turnover.
Healthy employees tend to spend less money on healthcare and take fewer sick leaves which results in increased productivity. Moreover, industrialization in developing economies reduces the health problems like diabetes with diabetes management and stress with stress management programs. Apart from this, the increasing government initiatives like health screening programs for employees who are going to lead the corporate wellness market are going to take the benefits of the opportunity.
Corporate wellness programs are widely implemented by companies for improving the performances of the employees, reduce health risks and lessen employee healthcare costs. Many companies have become cautious of the requirements to maintain a mentally and physically healthy workforce which leads to increased corporate investments in employee wellbeing programs, services, and solutions.
As per the Health Resources and Services Administration, it is estimated that there would be a decrease of 20% in the overall number of adult psychiatrists in the U.S. in 2027. This shortage of adult psychiatrists will diminish the supply of new professionals entering into this field. This shortage can be attributed to the dwindling supply of new professionals entering these fields.
- Drivers- factors that help in propelling up the corporate wellness market size are the growth in obesity of the people, people being addicted too much towards smoking and drinking, being overweight, and having any other diseases. The prevalence of lifestyle diseases along with the growth in the labor force boosts the market size. The rise in growth of the private sector CAPEX helps in steering up the business.
- Opportunities- an adaptation of new healthcare treatments and facilities along with the use of wearable technology expands up the market growth. The corporate wellness service providers give in-house along with the outsourced health-related management which gives lucrative opportunities for expanding the market size.
- Challenges- arise in costs of the companies for maintaining the welfare in the private sectors is the main challenging factor of the market. As per the Health Resources, there was a decrease in psychiatrists which became the challenging factor of the market. This shortage was in fact faced in most of the developing countries.
- Cumulative Growth- the rise in corporate wellness market value along with the rise in CAGR values occupied a huge position in the market. Maximum growth was marked during the market forecast period.
- Restraints- the growth in obesity of the people has increased the insurance costs bringing a financial burden on the corporate wellness market employers. An increase in the health risk of the employees has acted as a restraining factor for the market.
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COVID-19 Impact on Corporate Wellness Sales
Businesses today are operating in a dynamic environment. Earlier focus primarily concentrated on keeping pace with changing consumer preferences. COVID-19 outbreak was unprecedented and exposed vulnerabilities of various industries. Pandemic-induces obstacles also were registered in the Corporate Wellness market.
Sales plummeted as COVID-19 gradually tightened its noose worldwide. Supply-chain disruptions caused massive losses, while demand took nose-dive as consumers remained indoors with affected countries implementing either partial or complete lockdown.
Gradual recovery however is on the cards with the roll out of vaccinations. Nonetheless, consecutive waves of the virus compelled businesses to stay prepared for the worst. As government and healthcare organizations successfully implement steps to contain the spread of COVID-19, industries have begun operations, albeit at a slow and more cautious pace.
Against this backdrop, Nova one advisor’s study predicts gradual recovery for the Corporate Wellness market 2021 onwards. This trend will however continue through the course of the report’s assessment period
This report provides detailed company profiles of the key market players. This research report also highlights the competitive landscape of the Corporate Wellness market and ranks noticeable companies as per their occurrence in diverse regions across globe and crucial developments initiated by them in the market space. This research study also tracks and evaluates competitive developments, such as collaborations, partnerships, and agreements, mergers and acquisitions; novel product introductions and developments, promotion strategies and Research and Development (R&D) activities in the marketplace. The competitive profiling of these players includes business and financial overview, gross margin, production, sales, and recent developments which can aid in assessing competition in the market.
Some of the prominent players in the Corporate Wellness market include:
ComPsych; Wellness Corporate Solutions; Virgin Pulse; Provant Health Solutions; EXOS; Marino Wellness, Privia Health; Vitality Group; Wellsource, Inc.; Central Corporate Wellness; Truworth Wellness; and SOL Wellness, Well Nation, ADURO, INC., Beacon Health Options, Fitbit, Inc.
Unravelling the Critical Segments
This research report offers market revenue, sales volume, production assessment and prognoses by classifying it on the basis of various aspects including product type, application/end-user, and region. Further, this research study investigates market size, production, consumption and its development trends at global, regional, and country level for period 2017 to 2027 and covers subsequent region in its scope:
- Service Outlook
- Health Risk Assessment
- Smoking Cessation
- Health Screening
- Nutrition & Weight Management
- Stress Management
- End-use Outlook
- Small Scale Organizations
- Medium Scale Organizations
- Large Scale Organizations
- Category Outlook
- Fitness & Nutrition Consultants
- Psychological Therapists
- Delivery Model Outlook
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Regional Insights :
North America dominated the corporate wellness market and accounted for the largest revenue share of more than 45% in 2020. According to the RAND employer survey, approximately 50.0% of the employers in the U.S. offer wellness programs to their employees. Larger employers offer more complex wellness initiatives.
Asia Pacific is likely to witness an impressive growth rate over the forecast period from 2021 to 2027. The growth of the working population in the Asia Pacific and growing awareness about the health management of employees are responsible for the need for corporate wellness programs in the region.
Why Buy this Report?
The purpose of Nova one advisor’s Corporate Wellness market study is to provide stakeholders with a detailed picture of potential barriers and untapped opportunities. The report contains exclusive information to assist businesses in making informed decisions about how to maintain growth throughout the assessment period.
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