07 June 2020
Visiongain has launched a new pharma report Corporate Wellness Market Report 2020-2030: Forecasts by Type (Services, Technology), Service (Fitness, Health Risk Assessment, Health Screening, Nutrition & Weight Management, Smoking Cessation, Stress Management, Others), Category (Fitness & Nutrition Consultants, Psychological Therapists, Organizations/Employers), Delivery Model (Onsite, Offsite), End User (Small Scale Organizations, Medium Scale Organizations, Large Scale Organizations), and Geography (North America, Latin America, Europe, Asia Pacific, MEA).
The global corporate wellness market is anticipated to grow at a lucrative CAGR of xyz% and anticipated to reach USD xyz billion by 2020 owing to growing concerns to cut down healthcare costs to the company.
Most businesses and organizations in various vertical markets have started to introduce wellness services for their workers, which would also fuel business growth. Corporate wellness services at the workplace help businesses maximize efficiency and at the same time reducing overall operating costs. Increased understanding of employee safety and well-being is expected to drive the sector.
Employers can achieve higher benefits by aligning workplace wellness services with their company's mission. Health and wellness services are deemed important by workers in the choice of employer or organization. Corporate well-being initiatives have a positive effect on the overall corporate culture. Workers prefer incentive-based fitness programs over rewards that play a major role in empowering workers.
A significant rise in the prevalence of chronic diseases worldwide and the acceptance of sedentary lifestyles are the major factors driving the development of the global corporate wellness market. Also, the economic benefits provided by these programs and the increased recognition and adoption of wellness services by employers further fuel the development of the wellness sector in the workplace. However, it is expected that huge costs for companies to adopt occupational wellness plans will hinder the market growth. Furthermore, the public and private sectors of developed economies are projected to concentrate substantially on improving the health of their workers shortly, generating lucrative opportunities.
North America dominated the global corporate wellness market in the year 2019. According to the RAND employer survey, approximately 50% of the employers in the U.S. offer wellness programs to their employees. Larger employers offer more complex wellness initiatives. Asia Pacific region is expected to experience the highest growth in terms of CAGR over the forecast period owing to growing awareness among companies regarding the health management of employees. Additionally, unmet needs of patients and untapped nations in this region have been attracting investments by global players and this is expected to boost the corporate wellness market growth over the forecast period.
Currently, key players are forming various strategies such as acquisitions, mergers, partnerships, collaborations, and launching new products to strengthen their position in the global corporate wellness market. Companies are also expanding their R&D, distribution, and management facilities to expand their business and to hold a competitive edge in the corporate wellness market.
The comprehensive market report features companies such as Abbott Laboratories, Amway, Archer Daniels Midland Company, Central Corporate Wellness, ComPsych, EXOS, Glanbia PLC, GNC Holdings Inc., Herbalife Ltd., Marino Wellness, Nbty, Inc., Nestlé S.A., NU Skin Enterprises, Inc., Otsuka Holdings Co. Ltd., Privia Health, Provant Health Solutions, SOL Wellness, Truworth Wellness, Virgin Pulse, Vitality Group among other prominent players. Also the research study offers market estimation and forecast for the period ranging 2020-2030 for global markets such as North America, Latin America, Europe, Asia Pacific and MEA along with regional sub-markets as U.S., Canada, Brazil, Mexico, Germany, UK, France, Italy, Spain, Russia, India, Japan, China, Australia, ASEAN, GCC and South Africa.
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