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The corporate wellness market was valued at USD 59.67 billion in 2021 and is expected to reach USD 89.26 billion in 2032, registering a CAGR of 7.63% during the forecast period.
Numerous businesses and enterprises across various industry verticals have begun implementing employee health programs. This has helped increase market demand. Companies can increase productivity and reduce operational costs by implementing workplace wellness programs. The market for corporate wellness is expected to grow as more people become aware of the importance of employee health and well-being.
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The COVID-19 epidemic severely impacts employees’ mental health. It caused the transition to work-from-home, which led to a lot of stress for employees because of the isolation. The pandemic also caused a financial crisis and affected many people’s mental health. Wellness service providers have begun to use virtual methods to offer services, such as meeting with psychologists or health coaches.
Policies, programs, benefits, and programs that address multiple risk factors and conditions are part of corporate wellness programs. They can be used to influence both employees and the company. The National Center for Chronic Disease Prevention and Health Promotion (NCCDPHP) states that corporate programs that promote well-being and health and provide disease prevention plans to employees can significantly impact healthcare costs.
Employers are encouraged to lead a healthier lifestyle. This will help them improve productivity and lower costs. In the next few years, lost productivity from illness absenteeism is expected to reach USD 148 billion. Employers will be burdened financially by the increase in obesity and overweight.
Market drivers
Two benefits are a long work week and a higher life expectancy.
Many factors influence the market and drive the growth of the corporate wellness industry. These factors are essential for a holistic approach, allowing employers and employees to achieve the best output and preserve the work civilization. Employees must work longer hours to keep up with the corporate world and increase competition. This results in a longer life expectancy and healthier lives. The company has a variety of wellness policies and programs that help to maintain efficiency and well-being.
Increased awareness of stress and the majority of chronic diseases
Working-class people have become addicted to work and overworked, becoming overwhelmed and having trouble managing their lives. This negatively affects their mental and physical health. Employees’ mental and behavioral health management is critical to the increased stress and depression. This has led to a rise in demand for health programs. This helps to drive market growth and fulfills the crucial purpose of the need for health products.
A Major Change in Well-Being Attitudes
New opportunities is opening up for a current sense of belonging and fitness, which is highly valued in our society today. Customers seek ways to get out of the digital rut and return to personal growth, balance, and fitness. As a result, globalization is driving global market expansion. Many practices can improve the immune system and boost health and fitness. The market is driven by a growing concern about health and a changing attitude towards health.
Restraining Factors
There is a shortage of skilled and qualified professionals
The Health Resources and Services Administration predicts that the US will see a drop in adult psychiatrists by 22% by 2031. This is due to a decrease in the number of professionals entering this field. The shortage of skilled professionals for corporate wellness programs and mental health specialists is more evident in emerging countries. There are only 0.76 psychiatrists for every 100,000 people in India. This hinders the ability of companies to create and manage holistic wellness programs that are effective, particularly in developing countries.
High costs involved
Occupational health guideline scans be very expensive for many health programs and policies. Companies may set up gyms that need regular maintenance. They also pay trainers fees, increasing the company’s operational costs. This increases the company’s overall cost and, most importantly, it means that the company must pay the significant workplace cost. This is a major factor in limiting the growth of corporate wellness programs.
Stringent regulatory requirements
Many countries have established strict regulations regarding commercial and sale services. Employees with multiple business locations may be subject to different regulations from the government or organization. This could impact the standardization and quality of services. The market’s growth is also slowed by operational obstacles posed by the service sector and the many employees.
Market Trends
New products were launched to grow the market
Certintell Inc. chose Wellsource, Inc. in July 2020 as the trusted vendor to provide a Medicare-related health risk assessment (HRA). The Wellsource HRA is vital to the telehealth provider’s focus on chronic care management and care management solutions.
Vitality Group, an innovative health tech company, introduced the Gateway Program in February 2018. It connects employees to meaningful resources that can improve their health. This program was created by many companies, including Vida Health (Happiness Health), Vida Health (Vida Health), Zipongo, and Wellness Corporate Solutions.
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