PUBLISHER: SkyQuest | PRODUCT CODE: 1165290
PUBLISHER: SkyQuest | PRODUCT CODE: 1165290
Global Corporate Wellness Market was valued at USD 56.5 billion in 2021, and it is expected to reach USD 99.8 billion by 2028, at a CAGR of 7.0% during the forecast period (2022-2028).
Numerous companies and firms across numerous industry sectors have begun establishing health programs for their staff, which will increase demand in the market. Workplace wellness initiatives assist businesses in increasing productivity while lowering overall operating expenses. The market for corporate wellness is anticipated to grow as people become more aware of the importance of employee health and wellbeing.
Top-down and bottom-up approaches were used to estimate and validate the size of the Global Corporate Wellness Market and to estimate the size of various other dependent submarkets. The research methodology used to estimate the market size includes the following details: The key players in the market were identified through secondary research and their market shares in the respective regions were determined through primary and secondary research. This entire procedure includes the study of the annual and financial reports of the top market players and extensive interviews for key insights from industry leaders such as CEOs, VPs, directors, and marketing executives. All percentage shares split, and breakdowns were determined by using secondary sources and verified through Primary sources. All possible parameters that affect the markets covered in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analysed to get the final quantitative and qualitative data.
Segments covered in this report:.
The global corporate wellness market is segmented based on service type, end user, category, and region. Based on service type, it is segmented into nutrition and weight management, fitness services, health risk assessment, corporate wellness, stress management, smoking cessation, health screening, alcohol and drug abuse services, health education services, biometric screening, and others. Based on category, it is segmented into fitness and nutrition consultants, psychological therapists, and Organizations. Based on end users, it is divided into the private sector, small-scale organizations, medium-scale organizations, large-scale organizations, public sector, and NGOs. Based on the region, it is categorized into North America, Europe, Asia-Pacific, South America, and MEA.
Driver
An increase in the incidence and early onset of chronic diseases, as well as a decline in employee healthcare expenditures, are the main drivers of market expansion. Due to the nature of modern work, the majority of people do not have enough time to engage in mental and physical activities after work or in their free time, which has a negative impact on their health. Chronic diseases pose a serious concern on a global scale, increasing the need for corporate wellness initiatives.
Restraint
By 2030, there will be a 20% decrease in the number of adult psychiatrists practicing in the United States, according to the Health Resources and Services Administration. The declining number of healthcare professionals will create a shortage of mental health experts required for corporate wellness programs.
Market Trends
As a result of an unhealthy and sedentary lifestyle, chronic diseases, including cancer, heart disease, obesity, and diabetes, have affected many countries worldwide, including many industrialized ones. As a result, several chronic diseases are becoming more common. But if holistic methods are used, these diseases can be prevented. There is a significant need for holistic methods in the workplace through wellness programs to inform employees about the value of forming healthy habits and the benefits of sticking to fitness goals.