A $90.4 Billion Global Opportunity for Corporate Wellness by 2026 – New Research from StrategyR – Yahoo Finance

SAN FRANCISCO, March 10, 2022 /PRNewswire/ — A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Corporate Wellness – Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
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Edition: 7; Released: February 2022
Executive Pool: 379
Companies: 164 – Players covered include ADURO, INC.; Beacon Health Options, Inc.; Bupa Wellness Pty Ltd; Central Corporate Wellness; ComPsych Corporation; EXOS; Fitbit Health Solutions; HealthifyMe Wellness Products and Services PVT. LTD.; Marino Wellness; Morneau Shepell Ltd.; Privia Health, LLC; Sodexo Group; The Vitality Group, Inc.; Truworth Health Technologies Pvt. Ltd; Virgin Pulse, Inc.; Well Nation; Wellness Corporate Solutions; Wellsource, Inc. and Others.
Coverage: All major geographies and key segments
Segments: Service (Health Risk Assessment, Fitness, Smoking Cessation, Health Screening, Nutrition & Weight Management, Stress Management, Other Services); Organization Size (Small, Medium, Large)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.
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ABSTRACT-
Global Corporate Wellness Market to Reach US$90.4 Billion by the Year 2026
Workplace stress is an often neglected, silent factor that holds negative implications for worker productivity and health. Job stress has rapidly emerged as a major public health crisis and formidable threat for worker health, with detrimental effects on organizations. Workplace stress has increased gradually over the last several decades and represents the primary source of stress in adults. Workplace stress bears a close correlation with worker health and organizational performance. High level of workplace stress in the US claims 120,000 lives and leads to a staggering healthcare burden of $190 billion per year, representing around 5-8% of the national healthcare spending. Health issues related to workplace stress account for higher deaths than diabetes or Alzheimer's. Increased job stress with little control and high demands are related to high risk of disorders such as hypertension and heart attack. Excessive workplace stress increases depression and inflammation, impacts immune system and tends to damage the brain circuitry and structures. There is an increasing availability of scientific evidence suggesting the link between job stress and the risk of developing diabetes. The stress also leads to immune-deficiency disorders, gastrointestinal disorders like irritable bowel syndrome, and musculoskeletal disorders such as chronic back pain. Workplace stress adversely affects mental health and increases the risk of burnout, anxiety, substance use disorders and depression. Medical conditions associated with workplace stress coerce companies to bear huge healthcare costs, which eventually erode profitability.
Corporate or employee wellness is an essential ingredient of the strategy to ensure organizational success owing to its direct impact on workplace culture, resources, productivity and bottom line. Corporate wellness encompasses metal and physical wellness of employees, the cornerstone for business strength, stability, sustainability and growth. Common programs include exercises for stress reduction, weight loss, smoking cessation, assessment of health risks, exercise activities and programs, health screenings, vaccination clinics, and nutrition education. Unhealthy lifestyles and associated chronic diseases coerce corporate offices to bear a loss of one trillion dollars in terms of lost productivity. These issues are prompting various organizations to focus on corporate wellness to promote healthy behaviors among employees. The quest to add value to employees and provide them with a positive culture for physical and mental wellbeing is driving organizations to invest in corporate wellness programs that hold numerous benefits for companies. By promoting healthier attitudes and lifestyles, these programs reduce employee absenteeism along with lost productivity associated with illness. Corporate wellness programs lead to a highly engaged and focused workforce and also benefit employee careers.
Amid the COVID-19 crisis, the global market for Corporate Wellness estimated at US$70.1 Billion in the year 2022, is projected to reach a revised size of US$90.4 Billion by 2026, growing at a CAGR of 6.8% over the analysis period. Health Risk Assessment, one of the segments analyzed in the report, is projected to grow at a 6.5% CAGR to reach US$20.9 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Fitness segment is readjusted to a revised 6% CAGR for the next 7-year period. This segment currently accounts for a 12.9% share of the global Corporate Wellness market.
The U.S. Market is Estimated at $27.2 Billion in 2022, While China is Forecast to Reach $6 Billion by 2026
The Corporate Wellness market in the U.S. is estimated at US$27.2 Billion in the year 2022. The country currently accounts for a 38.79% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$6 Billion in the year 2026 trailing a CAGR of 8.2% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.8% and 7.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 6.5% CAGR while Rest of European market (as defined in the study) will reach US$10.2 Billion by the end of the analysis period.
Smoking Cessation Segment to Reach $14.9 Billion by 2026
Cigarette addiction worldwide is expected to increase despite organizations and governments across the globe trying to spread awareness over the harmful effects of tobacco, imposition of high taxes on various tobacco products with an aim to reduce their usage, and approving tobacco products that are less harmful and innovative as a suitable substitute to traditional cigarettes. Millions of people worldwide are suffering from various diseases and ailments caused due to smoking with COPD being the chief killer disease. With many of the younger workforce vulnerable, the scenario is throwing the spotlight on the importance of workplace smoking cessation programs. In the recent years, an increasing number of organizations have started focusing on smoking cessation programs at workplaces for assisting employees in improving their health and eventually boosting the bottom line by pushing productivity and saving on healthcare costs. Smoking cessation programs assist smokers in selecting and receiving the right medication such as lozenge, gum or patches to reduce craving and mitigate withdrawal symptoms. In the global Smoking Cessation segment, USA, Canada, Japan, China and Europe will drive the 5.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$9.1 Billion will reach a projected size of US$13.5 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.1 Billion by the year 2026.
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About Global Industry Analysts, Inc. & StrategyR™
Global Industry Analysts, Inc., (www.strategyr.com) is a renowned market research publisher the world's only influencer driven market research company. Proudly serving more than 42,000 clients from 36 countries, GIA is recognized for accurate forecasting of markets and industries for over 33 years.
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Zak Ali
Director, Corporate Communications
Global Industry Analysts, Inc.
Phone: 1-408-528-9966
www.StrategyR.com
Email: [email protected]
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