COMPANIES HAVE BEEN SHOWING TREND FOR CORPORATE WELLNESS AWARENESS
Chronic illness incidences are steadily increasing throughout the world, which is likely to the demand for corporate wellness.
Transparency Market Research, a global market intelligence company that provides global business information reports and services, reported that the global corporate wellness market was around US$ 40.2 Bn in 2020. The global market is estimated to further develop at 8.2% during the forecast period, from 2021 to 2028.
The global market is expanding due to the increasing utilization of advanced corporate wellness programs in several developing countries. Due to the high rate of chronic diseases throughout the world, the global corporate wellness market is predicted to rise at a rapid pace.
The increasing number of health issues among employees necessitates the implementation of health assessment programs in the workplace and has been proven to be very beneficial in enhancing employee productivity at work. Additionally, the market is being driven by the increasing adoption of such programs to monitor employee health concerns.
What is corporate wellness?
Corporate wellness initiatives are in place to ensure that staff is aware of the numerous health hazards they could face. The growing prevalence of cardiovascular illnesses, for instance, is expected to further drive the global corporate wellness market.
Many businesses are developing corporate wellness programs to encourage healthy behavior at work and increase productivity. Corporate wellness initiatives assist workers in gaining a better understanding of the health hazards they face while also lowering healthcare costs.
Workplace stress, lack of physical activity, and obesity are major workplace health issues with serious occupational health implications. Moreover, full-time employees are more likely to have other severe medical conditions, which is expected to fuel market expansion. The burden of severe illnesses at work raises employers' healthcare costs and reduces employee performance.
The rise in health awareness among the people of the Asia Pacific and North America has raised an understanding of the advantages of leading a healthy lifestyle. It is expected that engagement in health, fitness, and diet regimens will grow as a result of this. Popular types of service include Health Risk Assessment, Fitness, Smoking Cessation, Health Screening, Weight Management, and Nutrition.
By 2028, the health risk assessment category is predicted to account for a significant share of the global market. During the forecast period, the category is expected to grow at a rapid pace.
A health risk assessment is a rapid and easy tool to provide employees feedback on their health and point them in the right direction for improvement. Employees' physical conditions are evaluated, illness risks are assessed, and general fitness and health levels are analyzed in health risk assessments.
The corporate wellness market is expected to surpass the mark of US$ 74.5 Bn by 2028. Firms in the global corporate wellness market are emphasizing high-quality services to improve employees' general wellbeing and health.
Many firms in developing countries are implementing these services in order to enhance their employees' health and quality of life. This has resulted in a huge drop in overall healthcare spending, as well as an increase in employee productivity on a global level.
North America led the global market due to high knowledge, considerable wellness spending on the national employer healthcare budget, and better adoption of corporate wellness services throughout the region.
The majority of companies are looking for long-term solutions to manage rising costs and support their wider consumer base approach of putting greater responsibility for healthcare costs on their employees. Wellness programs are being used by employers to promote employee lifestyle behavior and minimize the occurrence of chronic diseases.
In addition, beauty and personal care trends such as sustainability and hand care premiumization are translating into revenue opportunities for companies in the health and wellness market. The COVID-19 pandemic has fanned the flames and accelerated the relevance of sustainability in personal care products. Personal care brands are placing emphasis on sustainability by ensuring the eco-friendliness of pop-up store designs and kiosks.#THE S MEDIA #Media Milenial