“Workplace
Wellness Market by Type and End User:
Opportunity Analysis and Industry Forecast, 2020–2027,” 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.
Workplace wellness programs are a harmonized set of health
promotion strategies that are executed at worksites and include programs,
policies, and certain benefits to the community designed to encourage health
and safety of employees.
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Wellness programs approach certain policies and interferences that
address multiple risk factors and health conditions and plan strategies that
may influence multiple organization levels, including individual employee
behavior change, organizational culture, and worksite environment. Workplace
wellness programs are considered as an important integral part of an
organization or a company, which combines individual and organizational level
strategies and interventions to influence health.
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.
COVID-19 Impact Analysis:
Coronavirus (COVID-19) was discovered in late December in Hubei
province of Wuhan city in China. The disease is caused by a virus, namely,
severe acute respiratory syndrome coronavirus 2 (SARS-CoV-2), which is
transmitted from humans to humans. Almost every nation is dealing with the
outbreak and the disease has rapidly spread to other parts of the globe. Most
of the markets are witnessing decking growth, as the COVID-19 outbreak has affected
various healthcare-related markets, one of them being the workplace wellness
market. The workplace wellness market is impacted by the pandemic as most
countries adopted lockdown to combat the pandemic. This pandemic has disrupted
growth in many economies across various domains.
The
COVID-19 outbreak will impact the market in the initial phase of the forecast
period. The COVID-19 impact has resulted in downsizing of employees in many
organizations. Companies are laying off employees in an effort to cut costs.
Laying off employees in the form of cost cutting has reduced workplace wellness
cost, which is anticipated to create a negative impact on the workplace
wellness market.
The report provides an extensive competitive analysis and profiles of
the key market players such as Fitbit, Novant Health, EXOS, Virgin Pulse,
Vitality Health, ComPsych, HealthifyMe, MDVIP, Marino Wellness, WorkStride.
Some of the others players considered are FitLinxx, Truworth Wellness, Central
Workplace Wellness Workplace Solutions, Privia Health, and Wellsource.
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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