The workplace wellness market refers to the industry that provides products and services to support employee health and wellbeing in the workplace. This includes programs and services such as health screenings, stress management, fitness programs, mental health support, nutrition education, and smoking cessation.
The workplace wellness market has been growing steadily in recent years as employers recognize the benefits of investing in their employees’ health and wellbeing. Some of the benefits of workplace wellness programs include increased employee engagement and productivity, reduced absenteeism, and lower healthcare costs.
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.
There are a variety of companies and organizations operating in the workplace wellness market, including wellness program providers, health insurers, fitness and nutrition companies, and employee assistance program providers. As the market continues to grow, we can expect to see increased competition and innovation in this space.
Drivers, restraints and opportunities-
Rise in incidence of chronic diseases, and increase in awareness and implementation of wellness programs by employers are the prime factors fueling the growth of the global workplace wellness market. On the other hand, huge costs levied to the respective companies curb the growth to some extent. Nevertheless, untapped developing economies are expected to create a plethora of opportunities in the near future.
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The health screening and assessment segment to lead the trail by 2026-
Based on type, the health screening and assessment segment, contributed to more than one-fourth of the global workplace wellness market share in 2018, and is expected to dominate throughout the forecast period. This is attributed to the fact that most of the companies are focusing toward health screening and assessment programs. On the other hand, the weight management and fitness services segment would showcase the fastest CAGR of 7.4% during 2019-2026. This is due to increase in incidence of obesity across the globe.
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The large-size companies segment to dominate during the estimated period-
Based on end-user, the large-size companies segment accounted for more than one-fourth of the global workplace wellness market revenue in 2018, and is projected to lead the trail by the end of 2026. The fact that large size companies have more budget to spend on workplace wellness programs has boosted the segment growth. Simultaneously, the mid-size companies’ segment is anticipated to register the fastest CAGR of 7.0% during the study period. Increased adoption of wellness programs by mid-size companies has driven the growth.
North America to rule the roost-
Based on geography, North America held the major share in 2018, generating nearly two-fifths of the global workplace wellness market, owing to the presence of major workplace wellness service providers and better healthcare and medical infrastructure in the region. The same region would also cite the fastest CAGR of 6.5% till 2026.
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Frontrunners in the industry-
ComPsych
HealthifyMe
Privia HealthWellsource
FitLinxx
Truworth Wellness
Wellness Workplace Solutions
Central Workplace Wellness
Marino Wellness
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