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.
Corporate wellness programs are designed to support and encourage a holistic approach to employee wellbeing by creating an organizational culture of health. The offered corporate wellness solution which extends beyond traditional wellness programs cultivates the healthy habits among the employees and improves health outcomes. It also increases productivity, optimizes human resource investments and boosts employee engagement. The implementation of a holistic approach to corporate wellness programs is an influential way to educate employees on the importance of creating healthy habits and the benefits of sticking to wellness goals. Moreover, with corporations extending working hours and dealing with never ending stress, it only makes sense for an organization to offer wellness strategies for retaining staff and motivating them to keep performing their best.
Employees spend a lot of time in the workplace therefore having a corporate wellness program is imperative to the foundation of the business. The rising awareness regarding the employee’s health and wellbeing is expected to drive the market for corporate wellness. The increasing prevalence of chronic disease in the region, mental health issues and increasing obesity among the population is driving the growth of the market. Moreover, the increasing adoption of the wellness solutions in corporates, and presence of the major players is boosting the market growth.
The outburst of COVID led to the worldwide lockdown. This increased the demand for wellness solutions in order to maintain healthy lifestyle and mental state. The integration of wellness programs in the workplace become a bigger priority, especially as a way to make employees feel like they're still connected while working at home. 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 providers. The overall effect of the COVID-19 pandemic on the corporate wellness solutions market appears to be positive, especially in developed markets like North America.
The market in North America 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 utility of this service for early identification and mitigation health risks in employees, to reduce absenteeism due to health conditions, and lower healthcare costs. However, the stress management services segment is anticipated to grow at the fastest rate during the forecast period due to increasing stress among the population.
On the basis of different categories, the organizations dominated the market and accounted for the largest revenue share in 2020 owing to increased adoption of different wellness programs and solution to maintain a healthy lifestyle of the employee’s. The increasing stress, anxiety and other lifestyle associated disease is making the organizations adopt wellness program, thus flourishing the market.
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 owing to a personal touch offered 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 share in 2020 owing to the increasing investment in the health screening services. However, the small organizations segment is anticipated to grow at the highest CAGR during the forecast period. Growth in this segment is largely driven by the growing use of corporate wellness programs by these organizations due to the rising affordability and favorable payment models for small businesses.
In North America the different countries studied are U.S., Canada, Mexico and rest of the North America. Among these, the U.S. dominated the regional corporate wellness market. The steady rise in investments, adoption of corporate wellness services, escalating healthcare costs is driving the market in the region. Moreover, the rising incidence of chronic diseases and higher adoption of newly introduced corporate wellness plans for fitness, weight management, and nutrition is boosting the market growth. In Canada, the companies operating in the corporate wellness services industry are creating and implementing workplace programs that offer educational, organizational and environmental activities designed to support the health of employees and their families which eventually leads to the market growth.
The various key players acting in the market are Centene Corporation, ComPsych, CVS health Corporation, LifeWorks, Inc., United Health Group, Virgin Group Ltd. ADURO Inc., Anthem Inc., Beacon Health Options, Central Corporate Wellness, Cerner Corporation, Cleveland Clinic, EXOS, Fitbit Inc., Marino Wellness, Privia Health, Provant Health Solutions, SOL Wellness, TELUS, Trueworth Wellness, Virgin Pulse, Vitality Group, Well Nation, Wellness Corporate Solution, Glisbar, MedCan Clinic.
A corporate wellness program is an employer’s approach towards achieving a healthy workplace by incorporating various health activities within the daily work schedule to promote their employees' wellbeing. This basically is a holistic approach towards the health of employees by creating a supervisory health culture. 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.
In North America, 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 and stress management segment is anticipated to grow at fastest rate due to increasing stress, anxiety among the employee’s. 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 by adopting organic strategies such as product launches, mergers and acquisitions, etc. Some of the key players are Centene Corporation, ComPsych, CVS health Corporation, LifeWorks, Inc., United Health Group, Virgin Group Ltd. ADURO Inc., Anthem Inc., Beacon Health Options, Central Corporate Wellness, Cerner Corporation, Cleveland Clinic, EXOS, Fitbit Inc.
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