Increase in prevalence of chronic diseases and rise in awareness and implementation of wellness programs by employers drive the growth of the North America workplace wellness market. On the other hand, the huge cost that’s levied to companies impede the growth to some extent. However, significant growth potential in tele-health and telemedicine services is expected to pave the way for multiple opportunities in the industry.
According to the report published by Allied Market Research, the North America Workplace Wellness Market was pegged at $15.75 billion in 2020 and is estimated to hit $24.29 billion by 2030, registering a CAGR of 5.9% from 2020 to 2030. The report provides a detailed analysis of changing market dynamics, top segments, value chain, key investment pockets, regional scenario, and competitive landscape.
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COVID-19 scenario-
- Laying off employees in the form of cost cutting has reduced workplace wellness employee enrollments in North America, which in turn has impacted the workplace wellness market negatively.
- However, factors such as increasing modification in the workplace wellness schemes and surge in work-related stress due to work from home obligations since, employees are finding it difficult to maintain the work-life balance are expected to help the market revive soon.
Onkar Sumant, a Manager, Healthcare at Allied Market Research, stated, the workplace wellness market is anticipated to witness a significant growth in the future. The most adopted type of workplace wellness programs include health screening & assessments including standard tests such as total cholesterol, LDL (low-density lipoproteins), HDL (high-density lipoproteins), triglycerides, glucose, and body composition (BMI, waist circumference, and body fat percentage). Moreover, there is a steady increase in such programs in developing economies, which further propels the market growth. Further, North America dominated the global market, owing to increase in adoption of wellness programs by companies, presence of more large-scale organizations, and awareness among employers toward maintenance of the wellbeing of their employees.
Significant increase in prevalence of chronic diseases across the globe and adoption of sedentary lifestyle are the major factors that drive growth of the workplace wellness market. In addition, economic benefits offered by these programs and rise in awareness and implementation of wellness programs by employers further propel the workplace wellness market growth.
The leading market players analyzed in the North America workplace wellness market report include Alphabet Inc., Healthy Contributions LLC., Novant Health, Marino Wellness, LLC., Compsych Corporation, Marlin Equity Partners, LLC (Virgin Pulse, Inc.), Modern Life, Inc. (Modern Health), Wellable Inc., Concierge Health, and Virtual Health Partners Inc. These market players have adopted different strategies including partnership, expansion, collaboration, joint ventures, and others to reinforce their status in the industry.
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