29th March 2023
An employer's strategy for creating a healthy work environment is to implement a corporate wellness program. In order to enhance the well-being of its employees, it includes wellness practices in daily life. Comparatively, adopting a holistic strategy to improving workplace culture. These health-related activities include just about anything and everything. Well, if it means encouraging the workers to keep up a healthy lifestyle.
Corporate wellness initiatives provide larger benefits such as the reduction of numerous occupational health concerns that result in developing bad habits, stress, insufficient exercise, etc., providing significance in establishing a workplace that is linked to employee recruitment and retention, managing the workplace variables like workforce size, climate, and schedule all that could affect employee wellness.
According to the report given by Economics Times, 72% of the employees are affected with cardiovascular diseases, the ComPsych published a report that indicates 29% of workers exercise for 0-1 day per week, and based on analysis of the major health concerns that contributes to high rate of prescription drug use for blood pressure, cholesterol, gastrointestinal disease, and diabetes. All these suggest the state of well-being of every employee working for a different organization. It is high time that each organization looks forward to bringing various wellness initiative programs to enrich the physical and mental well-being of employees.
As a part of an organization, it is evident that a healthy body and a stable mindset are essential for the significant growth of the organization. This encouraged various companies to look for solutions and programs that could manage their employees’ physical activity and provide the best counseling for mental health concerns. These developed the market of various corporate wellness programs.
The Corporate Wellness Solutions Market has reached a value of $66.95 billion in 2022. This market is projected to grow from $73.24 billion in 2023 to $137.37 billion in 2030 with a CAGR of 9.4% in the forecast period of 2023-2030. This market is estimated based on different key pointers that attribute to the growth which are service types including Health Risk Assessment, Nutrition and Weight Management, Stress Management, Smoking Cessation, and others, and end-user such as the Public sector, Private sector & others. The market leaders such as Wellness Corporate Solutions LLC, EXOS, ComPsych corporation, Virgin Pulse Inc., and Quest Diagnostics Incorporated are constantly focused on building well-established wellness solutions for their employees.
According to the type of service, stress management holds a significant market share in the growth of corporate wellness solutions. The increase in the number of working hours, workloads, and work stress-associated problems all contribute to the developing physical and mental pressure among employees that creates hypertension, heart attacks, and mental disorders. Furthermore, the employees were subjected to work under pressure and extensive demand in a fast pace and competitive environment that eventually, or in a long run disrupted the work-life balance of an employee. It is anticipated that excessive workplace stress will raise demand, and necessitate the organization of stress management activities or sessions. This impacts the growth of the corporate wellness solutions market in the upcoming years.
The increase in the need for corporate stress management solutions and larger programs organized to handle stressful situations in the region of North America led this area to hold a major position in the corporate wellness solution market. All the leading companies provide solutions to corporate wellness for employees present in different organization sizes through their strategic initiatives & wellness programs. They expand their network base by organizing various launching programs to include new users along with exciting offers in membership. All these elevate the market of corporate wellness as predicted during the forecast period.
The companies will reap a benefit from choosing great wellness programs for their employees. It includes creating superior teams, highly engaged individuals, and managing the work-life balance among employees. The overall productivity is restrained by poor mental well-being which rise the need for effective wellness solution providers.
Various sizes of companies will attract to these wellness programs depending on their allotted budget aligns with the program cost, and other initiative offers. This creates an opportunity for leading wellness service companies that focus on implementing new challenges and activities which are existing and offering subsidiaries. Further, the growing need for physical and mental well-being solutions drives the overall market of corporate wellness solutions in the upcoming years.