Kenneth Research recently added a report on ‘Corporate Wellness Market’ in its database of market research reports which provides its readers an in-depth analysis on the latest trends, growth opportunities and growth drivers that are associated with the growth of the market. The report additionally shares critical insights on the COVID-19 impacts on the Corporate Wellness Market, along with the compound growth rate (CAGR) of the market for a projected period between 2022 and 2031. The report also includes analysis of the market by utilizing different analytical tools, such as PESTEL analysis and Porter’s five forces analysis. These tools also provide an in-depth analysis on the micro and macro-environmental factors that are associated with the growth of the market during the forecast period.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Corporate Wellness Market products.
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Kenneth Research has recently added a report titled Corporate Wellness Market in its storehouse of market research reports. The report provides a detailed insight into the market scenario on the basis of the market size and volume for the forecast period, i.e., 2021 2025. Factors such as the growing advancements in the development of novel drugs, coupled with the growing health infrastructure in several nations worldwide are anticipated to drive the growth of the market in the coming years. Moreover, increasing expenditure on healthcare, backed by the need amongst individuals for quality healthcare services, is also anticipated to contribute to the market growth. According to the statistics by the World Bank, the current health expenditure (% of GDP) around the world increased from 9.08% in 2001 to 9.84% in 2018. Additionally, the current health expenditure per capita (current US$) increased from USD 492.99 in 2001 to USD 1110.84 in 2018. Moreover, growing concern for deaths caused due to various diseases and the need for treatment that can lower the crude death rate, which in the year 2019 recorded close to 7% (per 1000 people), are also anticipated to drive the market growth during the forecast period.
Global Corporate Wellness Market is majorly driven by the small and medium scale enterprises (SMEs), and large-scale organizations who are concerned towards the health and fitness aspect of their employees. Corporate wellness is a growing concern in the offices and corporate environments, which is also known as workplace wellness program.
Prolonged sitting for long hour is one of the major factors to boost the corporate wellness programs, which leads to numerous health conditions such as weight gain, high blood pressure, diabetes, and chronic illness such as cardiovascular diseases among others.
“The Final Report will cover the impact analysis of COVID-19 on this industry.”
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The body also suffers with various neck, shoulder, and back pain which tends to effect the work productivity and performance. Workplace wellness programs provides an universal approach towards the wellbeing of its employees by creating a healthy organizational culture which develops healthy outcomes, increase in productivity, optimization of human resource and increase employee engagement in the corporate world.
The corporate wellness programs are majorly driven by the various programs and promotions such as increasing awareness on health related topics, incorporating corporate policies that provides provision for health related goals of its employees, promoting smoking cessation and avoidance, food selection process among others are some of the major factors to boost the corporate wellness market share during the forecast period.
According to South Asian Society on Atherosclerosis and Thrombosis (SASAT), worksite health programs helps to reduce 45 percent in absenteeism and other healthcare cost which are provided by the organizations.
Corporate wellness programs provide various services which could be utilized by the employees, some of the major wellness services are health screening, which helps to identify health risks factors and implementing health strategies to build a better and healthy lifestyle, stress management, smoking cessation, nutrient management for weight checks and cholesterols, and total body fitness among others.
Owing to these factors major traction is expected for the corporate wellness market size during the forecast period.
North America is expected to lead the corporate wellness market share throughout the forecast period from 2018 to 2025 due to increase in obesity levels in workplace and growing corporate cultures. According to National Center for Biotechnology Information (NCBI), in 2016, in U.S. the total cost of obesity for a worker is almost US$ 48billion per year.
According to the State of Obesity, in 2017, there was an increase of 35 percent in obesity level in five states which are West Virginia, Arkansas, Louisiana, Mississippi, and Alabama, in other states there was an average increase of 28 to 30 percent from 2016.
Thus, obesity among the working class of U.S. coupled with other factors such as hypertension, depression, long night shifts, and adverse working conditions among others is expected to drive the corporate wellness market size during the forecast period.
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Major players operating in the field of corporate wellness market include EXOS, Provant Health, ComPsych Corporation, Wellness Corporate Solutions, Optum, Inc., BupaWellness Pty Ltd, Sodexo, Central Corporate Wellness, JLT Australia, TruworthWellness among others.
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