Corporate wellness programs are a coordinated set of health promotion initiatives implemented at workplaces that include policies and community benefits aimed at improving employee health and safety. Employee wellness programs are gaining popularity in many companies as a way to keep staff productive and reduce attrition. Weight management & fitness services, nutrition & dietary programs, stress management services, health screening & evaluation, and smoking cessation are included in the corporate wellness market.
Wellness programs target specific policies and interferences that address a variety of risk factors and health issues, as well as methods that can affect several levels of the company, such as individual employee behavior change, organizational culture, and worksite environment. Corporate wellness programs are a critical component of any organization or firm that combines individual and organizational-level strategies and treatments to improve health.
COVID-19 Impact analysis
- Employees' mental health has been badly impacted by the COVID-19 pandemic. Following its inception, the pandemic resulted in the transition to working from home, which caused a significant deal of stress. Furthermore, the pandemic caused havoc on the economy, causing a financial crisis that had a negative impact on mental health. Wellness service providers are using virtual ways to give services such as sessions with psychologists and health coaches to combat the problem.
- Businesses have discovered strategies to protect and priorities their employees physically as a result of the COVID-19 epidemic by giving tech assistance to promote social distancing in the adoption of new leave rules. Employers' priorities have switched to preventive and constructive management, which includes assisting employees in adapting to new requirements. The downscaling of personnel in many firms has had a significant negative effect on the corporate wellness market growth.
Top Impacting Factors
Significant increase in the prevalence of chronic diseases across the globe and the adoption of a sedentary lifestyle are the major factors that drive the growth of the corporate wellness market.
In addition, the economic benefits offered by these programs and the rise in awareness and implementation of wellness programs by employers further propel the corporate wellness market growth.
Evolving industrialization in growing economies reduces the incidences such as, hypertension and other diseases like diabetes with diabetes management which is projected to propel the market growth.
Increase in government initiatives such as health screening programs for employees which are predicted to lead the corporate wellness market as companies are set to take advantage of the opportunity.
However, huge costs levied to the respective companies impede the growth to a certain extent.
New product launches to flourish the market
- In July 2020, Wellsource, Inc., was chosen as the trusted vendor by Certintell Inc. to provide a health risk assessment (HRA) solution for their clients serving a Medicare patient population. The telehealth provider focuses on solutions for care management and chronic care management services and views the Wellsource HRA as a critical component in improving outcomes and reducing costs associated with chronic conditions.
- In February 2018, Vitality Group, a health tech company, announced Gateway Program developed to integrate strategic partners across the health ecosystem to connect employees to meaningful resources that will improve their health due to this program many health companies such as Headspace, Happify Health, Vida Health, Zipongo, eHealthScreenings, and Wellness Corporate Solutions collaborated with Vitality Group.
Key Benefits of the Report
- This study presents the analytical depiction of the Corporate Wellness along with the current trends and future estimations to determine the imminent investment pockets.
- The report presents information related to key drivers, restraints, and opportunities along with detailed analysis of the Corporate Wellness market share.
- The current market is quantitatively analyzed to highlight the Corporate Wellness market growth scenario.
- Porter’s five forces analysis illustrates the potency of buyers & suppliers in the market.
- The report provides a detailed Corporate Wellness market analysis based on competitive intensity and how the competition will take shape in coming years.
Questions answered in the Corporate Wellness Report
- Who are the leading market players active in the Corporate Wellness market?
- What current trends will influence the market in the next few years?
- What are the driving factors, restraints, and opportunities in the market?
- What future projections would help in taking further strategic steps?
- What is "Corporate Wellness"?
- What is "Corporate Wellness" Market prediction in the future?
- Who are the leading global players in the "Corporate Wellness" Market?
- What are the current trends and predicted trends?
- What are the key benefits of the "Corporate Wellness" Market report?
Corporate Wellness Market Report Highlights
By End User
Key Market Players
Wellsource, Inc, Central Corporate Wellness, EXOS, Fitbit, Inc., ComPsych, ADURO, INC., Virgin Pulse, Beacon Health Options, Provant Health Solutions, Well Nation, Privia Health, Marino Wellness, Truworth Wellness and SOL Wellness, Wellness Corporate Solutions, Vitality Group