According to a new report published by Allied Market Research, titled, Workplace Stress Management Market by Service, Delivery Mode, and End User: Global Opportunity Analysis and Industry Forecast, 2020–2027.
The global workplace stress management market was valued at $8,211.15 million in 2019, and is projected to reach $11,490.84 million by 2027, registering a CAGR of 5.90% from 2020 to 2027.
The employees work under a lot of pressure to meet the excessive demands owing to rise in competition. Hence, stress is an adverse reaction which disturbs the equilibrium of work-life balance for the employees. There is an increase in the awareness about stress management owing to the initiatives taken up by employers across the world. Stress management programs are anticipated to be a crucial part of employee management processes in the coming years.
The workplace stress management market growth is attributed to rise in competition between the wellness program providers and increase in awareness of stress management among the end users. However, lack of skilled counsellors and limited awareness toward workplace stress management in the developing countries limit the market growth. On the contrary, surge in emphasis on health and safety regulations and increase in popularity of yoga and other health related practices propel the market growth during the forecast period.
The workplace stress management market is segmented on the basis of service, delivery mode, end user, and region. By service, it is divided into stress assessment, yoga & meditation, resilience training, progress tracking metrics, and others. By delivery mode, it is categorized into individual counselors, personal fitness trainers, meditation specialists, and others. By end user, it is divided into large private organizations, mid-sized private organizations, small private organizations, NGO and public sector. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of service, the market is segmented into stress assessment, yoga & meditation, resilience training, progress tracking metrics, and others. The yoga & meditation segment is estimated to grow at the fastest rate during the forecast period due to its effectiveness and popularity among the end users. Many studies have confirmed that Yoga and meditation reduce the inner stress and relieve the end user effectively from stress when compared with other methods.
By delivery mode, the personal fitness trainers segment dominated the overall market in terms of revenue share in 2019. On the other hand, the meditation specialists’ segment is anticipated to grow at the fastest growth rate during the forecast period. The growth is attributed to the rise in popularity for yoga and meditation programs coupled with the need for such personalized programs.
By end user, the market is categorized into large private organizations, mid-sized private organizations, small private organizations, NGO and public sector. Mid-sized private organizations accounted for the majority of the market share in 2019, and is anticipated to maintain dominance during the forecast period. The growth is attributed to the rise in the inclusion of workplace stress management programs by employers in their wellness programs and higher number of workforce present in such organizations.
By region, the workplace stress management market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America dominated the market in 2019 attributed to presence of service providers and large sized private & med-sized private organizations in the region. Further, Asia-Pacific is expected to register highest CAGR, during the forecast period owing to rise in medical expenditure for workplace stress management programs along with rise in awareness toward workplace wellbeing. In addition, rise in number of working individuals in this region along with the inclusion of workplace stress management programs in the curriculum from major employers in the region are the factors expected to propel the market growth.
Market players are adopting growth strategies such as product launches, mergers and acquisitions (M&As), product developments, and partnerships & collaborations to gain competitive advantage in the market.
Prominent players operating in the global workplace stress management market include CVS Health Corporation (ActiveHealth Management, Inc.), Fitbit, Inc., Asset Health Inc., ComPsych Corporation, CuraLinc Healthcare LLC, Marino Wellness LLC, Wellness Corporate Solutions LLC, Wellsource, Inc., Sol Wellness, and Central Corporate Wellness Pte. Ltd.
Key Findings Of The Study
- By service, the stress assessment segment dominated the market in 2019.
- By end user, the mid-sized private organization segment held the largest market share in 2019.
- By region, North America occupied substantial revenue share of the workplace stress management market in 2019, whereas Asia-Pacific is anticipated to grow with the highest CAGR during the forecast period.