Corporate Wellness Solutions are designed to assist and motivate a holistic method to employee wellbeing by generating an organization culture of health. Proposing a corporate wellness solution that enlarges beyond the traditional wellness programs cultivates profitable habits amongst the workforce populace and advanced the health outcomes, all while growing productivity, optimizing the human resource contributions and booming the employee engagement.
In addition, corporate wellness is becoming an important portion of an organization due to the increasing incidents of depression, hypertension, and several other chronic diseases amongst employees. The physical, mental, and financial health of the employees can be advanced through corporate wellness programs. Healthy employees will take fewer sick days which provides more productive output. The augment in the countless initiatives taken by the Government such as health screening programs for employees is projected to lead the corporate wellness market growth.
According to the report analysis, ‘Corporate Wellness Solution Market: Current Analysis and Forecast (2021-2027)’ states that the requirement for Corporate Wellness solutions is majorly growing on account of the enhanced uptake of technology-powered corporate wellness solutions, growing implementation of corporate wellness programs by employers, and the proficient burden of mental health and chronic lifestyle syndromes in the organizations. For instance, as per the World Health Organization (2020), Depression is the leading cause of disability around the world, and more than 264 million individuals suffer from depression around the globe.
Based on Service offerings, the market is classified into Health Risk Assessment, Fitness, Smoking Cessation, Health Screening, Nutrition & Weight Management, Stress Management, and several others. Health Risk Assessment controls the largest share during 2020 and is predicted to show lucrative growth during the upcoming period due to the efficacy of this service for timely identification and mitigation of health risks in employees, to reduce the habitual pattern of absence due to health issues. A health risk assessment consists of questions on lifestyle and medical history and is designed for the identification of a person’s health risks.
Based on End-user, the market is segmented into Small Scale Organizations, Medium Scale Organizations, Large Scale Organizations, and several others. The large-scale organizations registered the end-use sector in 2020 and are projected to account the greatest CAGR during the upcoming period. The growth in the pervasiveness of cigarette smoking is causing a burden on the health of employees functioning in any organization, and as per the American Lung Association, cigarette smoking kills more than 480,000 Americans each year. Countless smoking cessation programs have been improved to make the employees quit smoking.
For instance, American Lung Association’s greatly effective smoking cessation program is utilized by employers, hospitals, health plans, and several other organizations to support individuals quit smoking. When collective with smoking cessation medications, up to xx% of participants report resigning smoking by the end of the program. Not only has this, the growth in the corporate wellness solutions market is propelled by increasing implementation of corporate wellness programs by employers, augmented uptake of technology-powered corporate wellness solution and considerable burden of the chronic lifestyle syndromes and mental health in organizations. Therefore, in the near years, it is predicted that the market of corporate wellness solutions will increase around the globe more actively over the near future.
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Global Corporate Wellness Solution Market
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