Corporate Wellness Market to Reach 63.26 Billion USD by 2022 - IndustryARC
HYDERABAD, India and WILMINGTON, Delaware, October 24, 2017 /PRNewswire/ --
The Report "Corporate Wellness Market: By Service (Nutrition and Weight Management, Fitness Services, Stress Management, Smoking Cessation and Others); By Category (Fitness & Nutrition Consultants, Psychological Therapists & Organizations); By End User (Small Scale Organizations, Medium Scale Organizations, Large Scale Organizations) & Geography - Forecast (2016-2022)", published by Industry Arc, estimates the market to reach $63.26 billion by 2022.
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Increasing government initiatives to drive the market globally; estimated to reach $63.26 billion by 2022
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Growing importance of employee welfare in order to increase the return on investment is driving the growth in corporate wellness market. The hectic work pressure, inefficient management of work-life balance and various other concerns are leading to various diseases among the employees including cardiovascular ailments. Organizations today are thus introducing few gaming activities and training sessions in order to tackle this emerging problem. However low participation from the employees is a matter of concern for the employers. Rising industrialization, government initiatives, companies growing investment and awareness among the employees regarding importance of corporate wellness programs are driving the market. Global corporate wellness market is estimated to grow at a CAGR of 5.5% CAGR to reach revenue of $63.26 billion by 2022, as per a recent study from IndustryARC.
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Based on types of services offered, the corporate wellness market is segmented into fitness services, health risk assessments, stress management and more. Health risk assessments and stress management services are dominating the corporate wellness market owing to increasing need to look after employee health and well-being and reduce the absenteeism rate. Furthermore, fitness services are also witnessing fastest growth in order to reduce the healthcare costs for the organizations.
The market of corporate wellness has been segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW) on basis of geography. In 2016, North America was the prominent region for corporate wellness market and is estimated to grow with CAGR of 4.8% during the forecast period. The growth in North America region is attributed to the increasing government initiatives to improve employee health and prosperity. However, considerable corporate wellness demand in Europe along with Asia-Pacific countries is likely to boost the overall market.
Key players in this corporate wellness market include: -
- Marino Wellness (U.S.)
- EXOS (U.S.)
- Wellness Corporate Solutions (U.S.)
- ComPsych Corporation (U.S.)
- OptumHealth Inc (U.S.)
Global Corporate wellness market is quite consolidated with the key players having significant presence globally. Frequent business acquisitions, collaborations and partnerships are few of the growth strategies adopted by the key players in the industry striving to increase their market share.
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