Portland, OR, February 15, 2021 (GLOBE NEWSWIRE) – Allied Market Research published a report entitled “Workplace Wellness Market by Type (Weight Management and Fitness Services, Nutrition and Diet Plan, Stress Management Services, Health Examination and Assessment and smoking cessation) and the end user (large organizations, medium-sized, small organizations, public sector and NGOs): Global analysis of industry opportunities and forecasts, 2020 – 2027. “According to the report, the global workplace wellness industry generated 2019. 49.81 billion dollars, and is expected to earn 66.20 billion dollars by 2027, witnessing a CAGR of 5.9% from 2020 to 2027.
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Increasing the prevalence of chronic diseases and increasing awareness and implementation of wellness programs by employers are driving the growth of the global workplace wellness market. However, huge costs for companies hinder market growth. On the other hand, the untapped potential in developing countries provides new opportunities in the coming years.
- To adapt to the situation caused by the pandemic and budget allocations for reforms to survive economic turbulence, some companies are reducing the costs allocated to wellness in the workplace.
- In addition to the pandemic outlining the importance of health, many organizations are reforming physical and mental health policies to prioritize employee health.
- As companies have adopted “work from home” policies, there has been an increase in the use of telemedicine by employees to maintain health.
Based on type, the health review and assessment segment had the largest market share in 2019, contributing more than a quarter of the global workplace wellness market, and is projected to continue its leading status over the forecast period. This is attributed to employers ’focus on maintaining employee health and conducting standard tests such as total cholesterol, HDL (high-density lipoprotein), LDL (low-density lipoprotein), triglycerides, glucose, and body composition. However, the stress management services segment is projected to have the highest CAGR of 6.6% from 2020 to 2027, due to an increase in office workload, resulting in excess stress, anxiety, depression and headaches.
Based on end users, the large organizations segment accounted for the largest market share, contributing more than two-fifths of the global workplace wellness market in 2019, and is expected to maintain a leading role throughout the forecast period. Moreover, this segment is projected to grow at the fastest CAGR of 6.3% from 2020 to 2027. This is due to the presence of a huge number of workers in such organizations and the availability of budgets for spending on wellness programs of employees. The report also analyzes segments, including medium-sized organizations, small organizations, NGOs, and the public sector.
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Based on the region, North America had the largest market share with more than one-third of the global workplace wellness market in 2019, and is expected to retain its dominant revenue share by 2027. This is attributed to the presence of major service providers along with improved health and medical infrastructure. Moreover, the increase in the number of cancer cases and chronic diseases factors are responsible for the largest revenue generation. However, LAMEA is projected to record the highest CAGR of 7.3% over the forecast period. This is due to increased awareness among people about wellness programs in the workplace and increased health care expenditures in the region.
Key players operating in the global workplace / corporate wellness market include Fitbit, Novant Health, EXOS, Virgin Pulse, Vitality Health, ComPsych, HealthifyMe, MDVIP, Marino Wellness, WorkStride. Some of the other players considered are FitLinxx, Truworth Wellness, Central Workplace Wellness Workplace Solutions, Privia Health and Wellsource.
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Allied Market Research (AMR) is the market research and business consulting arm of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global companies, as well as small and medium-sized enterprises, with the unsurpassed quality of “Market Research Reports” and “Business Intelligence Solutions”. AMR has a targeted view of providing business insights and consulting to help its clients make strategic business decisions and achieve sustainable growth in their market.
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