Stress management in the global corporate wellness market is likely to grow at a CAGR of over 9% by 2023.
Arizton’s recent market research report on the global corporate wellness market identifies Compsych, Wellness Corporate Solutions, Virgin Pulse, Provant Health Solutions, and Sodexo as the leading vendors that are likely to dominate the market during the forecast period. This research report provides detailed analysis of market segmentation byprogram (HRA, nutrition &weight management, smoking cessation, fitness services, alcohol and drug rehab, stress management, health & education services, and others), by end-users (large private sector businesses, medium private sector businesses, public sector companies, small private sector businesses, non-profit organizations, hospitals/health systems, and universities), by revenue model (recurring revenues and seasonal revenues), by delivery model (onsite and offsite), and by geography (North America, Europe, APAC, and ROW).
The global corporate wellness market is anticipated to reach values of around $72 billion by 2023, growing at a CAGR of more than 8% during 2017-2023.
The global corporate wellness market is divided into five major segments that consist of program, end-users, revenue model, delivery model, and geography.
Stress management segment to grow at the fastest CAGR in theglobal corporate wellness market during the forecast period
The global corporate wellness market by the programis classified into HRA, nutrition &weight management, smoking cessation, fitness services, alcohol and drug rehab, stress management, health & education services, and others. Stress management is the fastest growing segment in the global market, at a CAGR of over 9% during the forecast period. The extended hours, heavy workloads, and other issues at and outside of work are one of the primary factors attributing to the demand for stress management plans in the global market.
The increasing awareness about mental health and other related issues will encourage various organizations to implement effective stress management programs in the market.
These programs are designed to make employees feel in control of their health and happiness, resulting in growing demand in the global corporate wellness market. Linking cognitive behavioral therapy with smart phones is one of the top research areas in this market segment over the next few years. Anti-stress programs now include yoga, therapy, EAPs, social activities, child care initiatives, provision of work from home, flexible timings, and mindfulness training is gaining immense popularity in the market. The innovations happening through technology, assistance services, environmental innovations, and the range of activities will fuel the growth of the global corporate wellness market.
Medium private sector businesses to grow at a significant CAGR in the global corporate wellness market during the forecast period
The end-user segment in the global corporate wellness market is categorized into large private sector businesses, medium private sector businesses, public sector companies, small private sector businesses, non-profit organizations, hospitals/health systems, and universities. Medium private sector businesses dominated the second largest market share in 2017, growing at a CAGR of approximately 9% during the forecast period. The implementation of wellness programs primarily by healthcare costs in Western economies and talent attraction in regions such as the APAC is propelling the growth of this segment in the global market. The increasing popularity of HRAs, personalized health management, and biometric screenings across medium private sector businesses will fuel the revenues in the global corporate wellness market. Most of the medium private sector businesses are looking for a combination of primary interventions, screenings, and health education programs in the market. The growing need for a competitive benefits package that includes wellness programs will create lucrative opportunities for leading vendors operating in the global market. Leading vendors are offering enterprise-level programs for these businesses at cost-effective prices while remaining scalable to gain more global corporate wellness market share during the forecast period.
APAC to grow at a considerable CAGR in the global corporate wellness market during the forecast period
The global corporate wellness market by geography is segmented into North America, Europe, APAC, and ROW. APAC is the fastest growing region in the global market at a CAGR of around 9% during the forecast period. The increase in lifestyle risks such as lack of physical exercise, obesity, stress, poor nutrition, and tobacco use are some of the primary factors driving the need for well-designed wellness programs in the APAC market. Communication, financial management programs, tobacco control, EAPs, and flu vaccination programs are some of the most common programs that have a high demand in the APAC region in the global corporate wellness market. The growing demand for plans that support healthy eating, mental wellbeing, and aiding with managing the snooze hours better will encourage expansion in the APAC market. Organizations are implementing wellness plans that give employees access to quality, healthier spaces that facility performance, engagement, and wellbeing through adjustable furnishings, small cooking spaces, baths, and bike racks. Such benefits will augment the development of the global corporate wellness market.
The other prominent players in the global corporate wellness market are Active Wellness, Aquila, BaySport, Beacon Health Options, Ceridian, Corporate Fitness Works, HealthFitness, Healthtrax, Health Systems Group, Integrated Wellness Partners, Kinema Fitness, LifeStart, LIVunLtd, Professional Fitness Management, Power Wellness, Reach Fitness, Marino Wellness, Midtown Athletic Club, The National Institute for Fitness and Sport (NIFS), OptumHealth, Privia Health,Premise Health, WTS International, Vitality Group, Wellsource, WISDOM WORKS GROUP, and WORKSTRIDE.
The complete overview of the latest market research report onthe global corporate wellness market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.
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