The global corporate wellness market size is projected to reach USD 90.7 billion by 2026 expanding at a CAGR of 6.8%, according to a new report by Grand View Research, Inc. Rising cases of obesity increase insurance costs, which accounts for the financial burden on the employers. Corporate wellness initiatives target particular health risk factors, such as stress, obesity, smoking, poor diet, and lack of exercise. Employers have started offering some kind of wellness program for disease prevention and improved productivity. According to a study conducted by Harvard economists, absenteeism costs fall by USD 2.73 for every dollar spent on wellness programs. Therefore, employees need to be encouraged to adopt a healthier lifestyle to improve their performance.
Employers providing such programs have noticed a significant rise in productivity. In addition, companies in U.K. initiated the Fit for Work service, which offers a tax benefit of USD 663.3 per year. Organizations are providing wearables, such as Fitbit, Apple watch, and Google watches, to employees to help them keep track of health parameters, such as heart rate and blood pressure. North America led the overall market, in terms of revenue share, in 2018. According to a survey by Benefits Canada conducted on 1300 employers, North America had the highest number of corporate wellness programs. More than 80% of the employers in the region offer such services to their employees.
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Further key findings from the study suggest:
Health risk assessment segment led the market in 2018. Stress management will be the fastest-growing segment from 2019 to 2026 due to rising preference for on-site yoga and meditation services
Large-scale organization is likely to be the dominant end use segment in the corporate wellness market in 2018 as infrastructure in these companies makes conducting wellness services easier and convenient
Wellness services providing organizations led the market in 2018 and fitness & nutrition consultants segment is anticipated to witness the fastest growth over the forecast period
Some of the key companies in the market are 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
Grand View Research has segmented the global corporate wellness market on the basis of service, end use, category, and region:
Corporate Wellness Service Outlook (Revenue, USD Million, 2015 - 2026)
Health Risk Assessment
Nutrition & Weight Management
Corporate Wellness End Use Outlook (Revenue, USD Million, 2015 - 2026)
Corporate Wellness Category Outlook (Revenue, USD Million, 2015 - 2026)
Fitness & Nutrition Consultants
Corporate Wellness Regional Outlook (Revenue, USD Million, 2015 - 2026)
Middle East & Africa
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