The global corporate wellness market size is projected to reach USD 90.7 billion by 2026 expanding at a CAGR of 6.8%. Rising cases of obesity increase insurance costs, which accounts for the financial burden on the employers. Corporate wellness initiatives target particular health risk factors, such as stress, obesity, smoking, poor diet, and lack of exercise. Employers have started offering some kind of wellness program for disease prevention and improved productivity. According to a study conducted by Harvard economists, absenteeism costs fall by USD 2.73 for every dollar spent on wellness programs. Therefore, employees need to be encouraged to adopt a healthier lifestyle to improve their performance.
Employers providing such programs have noticed a significant rise in productivity. In addition, companies in U.K. initiated the Fit for Work service, which offers a tax benefit of USD 663.3 per year. Organizations are providing wearables, such as Fitbit, Apple watch, and Google watches, to employees to help them keep track of health parameters, such as heart rate and blood pressure. North America led the overall market, in terms of revenue share, in 2018. According to a survey by Benefits Canada conducted on 1300 employers, North America had the highest number of corporate wellness programs. More than 80% of the employers in the region offer such services to their employees.
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Further key findings from the study suggest:
• Health risk assessment segment led the market in 2018. Stress management will be the fastest-growing segment from 2019 to 2026 due to rising preference for on-site yoga and meditation services
• Large-scale organization is likely to be the dominant end use segment in the corporate wellness market in 2018 as infrastructure in these companies makes conducting wellness services easier and convenient
• Wellness services providing organizations led the market in 2018 and fitness & nutrition consultants segment is anticipated to witness the fastest growth over the forecast period
• Some of the key companies in the market are ComPsych; Wellness Corporate Solutions; Virgin Pulse; Provant Health Solutions; EXOS; Marino Wellness; Privia Health; Vitality Group; Wellsource, Inc.; Central Corporate Wellness; Truworth Wellness; and SOL Wellness
Table of Contents:
Chapter 1 Methodology and Scope
1.1 Market Segmentation & Scope
1.1.1 Service
1.1.2 End Use
1.1.3 Category
1.1.4 Regional Scope
1.1.5 Estimates and Forecast Timeline
1.2 Research Methodology
1.3 Information procurement
1.3.1 Purchased Database
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Chapter 2 Executive Summary
2.1 Market Outlook
2.2 Segment Outlook
2.2.1 Service
2.2.2 End Use
2.2.3 Category
2.2.4 Region
2.3 Competitive Insights
Chapter 3 Market Variables, Trends & Scope
3.1 Market Segmentation
3.2 Penetration & Growth Prospect Mapping
3.2.1 Penetration Analysis
3.2.2 Market Driver Analysis
3.2.2.1 Reduction in employee Healthcare costs
Continued…
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