NEW YORK, June 29, 2021 /PRNewswire/ — The increasing urbanization rate, growing incidence of chronic diseases, and surging popularity of sedentary jobs are some of the major factors driving the expansion of the global corporate wellness market. As a result, the market value is expected to rise above $100 billion by 2030, says P&S Intelligence.
The outbreak of the COVID-19 infection has made many organizations adopt the work-from-home policy as this policy allows them to maintain business productivity as well as protect their employees from the disease. Moreover, the imposition of strict social distancing protocols and countrywide lockdowns by the governments of several countries further boosted the popularity of the remote working policy across the world. As a result, corporate wellness programs at workplaces came to a halt, impeding the growth of the corporate wellness market. However, the surging incidence of mental health conditions among employees, due to social isolation and the lack of work-life balance, is making many companies focus heavily on corporate wellness programs. This factor is predicted to fuel the expansion of the market in the future.
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Depending on service type, the corporate wellness market is classified into smoking cessation, health risk assessment, fitness, health screening, stress management, and nutrition & weight management. Out of these, the health risk assessment category contributed the highest revenue to the market in 2020. Health risk assessment, which is also known as wellbeing assessment or health risk appraisal, is a typical screening tool. It is generally used during the first stage of multi-component health promotion programs at workplaces.
Browse detailed report with COVID-19 impact analysis on Corporate Wellness Market Research Report: By Type (Health Risk Assessment, Fitness, Smoking Cessation, Health Screening, Nutrition & Weight Management, Stress Management), End User (Small-Scale Organizations, Medium-Scale Organizations, Large-Scale Organizations) – Global Industry Revenue Estimation Demand Forecast to 2030 @ https://www.psmarketresearch.com/market-analysis/corporate-wellness-market-outlook
Globally, North America dominated the corporate wellness market in 2020, primarily because of the high incidence of cardiovascular diseases, on account of the poor dietary habits and sedentary lifestyles of people in the region. Many businesses based in North America are also rapidly becoming aware of the rising prevalence of such diseases among their employees and are, therefore, launching wellness programs to fight it.
Many players operating in the corporate wellness industry have announced partnerships with each other over the last decade. For example, Accenture PLC launched a partnership with Thrive Global and Stanford Medicine in October 2020 for developing the Thriving Mind program for its employees. This program is basically a self-directed learning experience that prioritizes the mental wellbeing of employees.
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ComPsych Corporation, SOL Wellness LLC, Athletes’ Performance Inc., Wellness Corporate Solutions, Truworth Health Technologies Pvt. Ltd., Virgin Pulse Inc., Wellsource Inc., Beacon Health Options Inc., Fitbit Inc., Provant Health Solutions LLC, Well Nation, Marino Wellness LLC, Aduro Inc., Privia Medical Group, Central Corporate Wellness, and Vitality Group Inc. are some of the major corporate wellness industry players.
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SOURCE P&S Intelligence