The Workplace Wellness Market refers to the products, services, and programs that are designed to promote the health and well-being of employees in the workplace. The market includes a range of products and services, such as ergonomic products, healthy food and snacks, fitness equipment, stress management programs, and health screenings.Workplace wellness programs have become increasingly popular in recent years as employers seek to improve the health and productivity of their employees. A healthy workplace can help to reduce absenteeism, increase employee engagement, and improve overall productivity.
The workplace wellness market is a rapidly growing industry, driven by increasing awareness of the importance of workplace health and the growing demand for wellness programs. The market is expected to continue to grow in the coming years as more employers recognize the benefits of investing in the health and well-being of their employees.
The global workplace wellness market size was valued at $49.81 billion in 2019, and is projected to reach $66.20 billion by 2027, registering a CAGR of 5.9% from 2020 to 2027.
The workplace wellness market is highly competitive, with a range of companies offering a variety of products and services. Some of the key players in the market include Johnson & Johnson, Humana, and Optum. These companies offer a range of products and services, from ergonomic products to comprehensive wellness programs.
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Increase in incidence of chronic diseases and surge in awareness and implementation of wellness programs by employers are the major factors driving the growth of the global workplace/corporate wellness market. However, huge costs levied to the respective companies impede the growth to certain extent. Moreover, untapped developing economies are projected to usher a number of opportunities for the market players.
Covid-19 scenario-
The downscaling of the employees in many organizations has immensely impacted the workplace wellness market growth negatively.
On the other hand, the trend of remote working system has further affected the market, thereby declining the demand for workplace wellness programs.
The global workplace/corporate wellness market is categorized on the basis of type, end user, and region.
Based on type, the market is divided into weight management & fitness services, nutrition & dietary plan, stress management services, health screening & assessment, and smoking cessation. The health screening and assessment segment held largest market share, contributing to more than one-fourth of the global workplace wellness market share in 2019, and is expected to dominate throughout the forecast period. At the same time, the stress management services segment would showcase the fastest CAGR of 6.6% during the forecast period.
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Based on end-user, the market is segmented on the basis of large organizations, mid-size private organizations, small-size private organizations, public sector, and NGO. The large organization segment accounted for more than two-fifths of the global corporate wellness market revenue in 2019, and is projected to lead the trail by the end of 2027. In addition, the same segment is anticipated to manifest the fastest CAGR of 6.3% during the forecast period.
Based on geography, the market is analyzed across Asia-Pacific, Europe, LAMEA, and North America. The North America region held the highest share in 2019, accounting for more than one-third of the global market. At the same time, the market across LAMEA region is anticipated to portray the fastest CAGR of 7.3% in between 2020 to 2027.
Key Findings Of The Study
By type, the health screening & assessment segment dominated the workplace wellness market in 2019. This is attributed to increase in adoption of these health screening & assessment programs by most of employers worldwide to improve health fitness of their employees. However, the stress management services segment is anticipated to grow at the fastest growth rate during the forecast period.
By end user, the large-size organizations segment dominated the market in 2019, and is anticipated to maintain its dominance during the forecast period.
This is attributed to the fact that large-size organizations have more workforce strength. This segment is anticipated to grow at the fastest growth rate during the forecast period
North America accounted for the largest share in the global workplace wellness market.
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