Axiom MRC has updated all it's market research reports with the Economic Impact Analysis of COVID19 Pandemic on the market. Our team of analyst are following Comprehensive Three Dimensional (3D) Research Methodology along with large number primary interviews with key industry participants to bring insightful market reports to meet the current market requirements.
Employee wellness programs, also referred to as worksite wellness programs commonly is a collection of initiatives within an organization to promote healthy lifestyles among employees. There are numerous types of initiatives that, if implemented, would qualify as an employee wellness program. These initiatives address different areas, or dimensions, or well-being. Employees are invaluable assets of any company, and ensuring their excellent mental and physical health sets them up to perform well. The health and wellness of its employees usually have a direct effect on the productivity and profits of a company. Creating the wellness programs help in solving various workplace health risks arising from the consumption of unhealthy food and drinks, stress, lack of physical activity and more.
Europe holds the second largest market share for corporate wellness solutions. The access to the workspace wellness programs for most of the employees in the region is driving the market in the region. Moreover, the increasing healthcare expenditure is adding fuel to the market. Also, the growing awareness for healthy eating habits and exercise, and the reduction of insurance and healthcare costs. Increasing focus on work-life balance and the implementation of company-sponsored employee-centric healthcare campaigns that offer lifestyle coaching are providing growth opportunities in coming years.
During to the pandemic, the integration of wellness programs in the workplace has become a bigger priority. The virtual care and consultations, especially for chronic disease management, on-demand online fitness programs, nutrition and weight management programs, mental/behavioral health programs, and substance abuse counseling services by text, audio, and video mode were rolled out by corporate wellness solutions provider. The overall effect of the COVID-19 pandemic on the corporate wellness solutions market appears to be positive, especially in developed markets like Europe. As economic recovery occurs, further utilization of these corporate wellness solutions may be expected as organizations transition employees back to work in the coming months.
In Europe, the market for corporate wellness solution is segmented based upon the service offering; category, delivery mode, and end users.
On the basis of service offering, the corporate wellness solutions market is segmented into health risk assessment, nutrition and weight management, smoking cessation, fitness services, biometric screening, alcohol/substance abuse services, mental/behavioral health management, virtual consultation/virtual care, employee assistance programs, and health benefits programs. Among these, the health risk assessment segment holds the highest market share owing to the favorable policies in certain countries mandating health risk assessment and screening. Also, the use of this service for early identification and mitigation health risks in employees, to reduce absenteeism due to health conditions, and lower healthcare costs is adding fuel to the market.
On the basis of different categories, the organizations dominate the market. The increased adoption of different wellness programs and solution to maintain a healthy lifestyle of the employees owe to the market growth.
On the basis of different delivery mode, the onsite delivery mode witnessed the highest revenue share and is projected to encounter the fastest growth over the forecast period. The onsite mode offers a personal touch to the employee’s wellbeing along with the facility to exercise under the guidance of trained coaches and fitness consultants to meet their personal health requirement.
On the basis of different end-users, the large scale organizations dominated the market and accounted for the largest revenue owing to the increasing investment in the health screening services and adoption of employee wellness activities. However, the small organizations segment is anticipated to grow at the highest CAGR during the forecast period.
The different countries studied in European region are UK, Germany, France, Spain, Italy and rest of the European countries. Germany holds the significant share of the European corporate wellness market, owing to the high acceptance of newer programs to increase employee productivity and minimize health risks coupled with rising lifestyle-related disorders.
The various key players acting in the market are Centene Corporation, ComPsych, CVS health Corporation, LifeWorks, Inc., United Health Group, ADURO Inc., Anthem Inc., etc.
Employee wellness programs, also referred to as worksite wellness programs commonly is a collection of initiatives within an organization to promote healthy lifestyles among employees. There are numerous types of initiatives that, if implemented, would qualify as an employee wellness program. These initiatives address different areas, or dimensions, or well-being. Europe holds the second largest market share for corporate wellness solutions. The access to the workspace wellness programs for most of the employees in the region is driving the market in the region
In Europe, the market is segmented into four depending upon the service offering, category, delivery mode, and end users. The different service offerings are the corporate wellness solutions market is segmented into health risk assessment, nutrition and weight management, smoking cessation, fitness services, biometric screening, alcohol/substance abuse services, mental/behavioral health management, virtual consultation/virtual care, employee assistance programs, and health benefits programs. Among these, the health risk assessment dominates the market. The different categories include fitness and nutrition consultant, organizations/employers, psychological therapist. The onsite and offsite modes are the different delivery mode of the wellness programs while the end users are large organizations, medium sized organizations, small organizations, and others.
The various key players are involved in order to capitalize the market. Some of the key players are Centene Corporation, ComPsych, CVS health Corporation, LifeWorks, Inc., United Health Group, ADURO Inc., Anthem Inc., These key players adopt different strategies and follows mergers and acquisition to develop the market.
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