Rising health care costs, profits, and a focus on employee retention is driving the growth of the global corporate wellness market.
According to a Transparency Market Research report, the market for corporate wellness services across the world is projected to grow at an annual compound growth rate of 9 percent, to $61.69 million between 2018 and 2026.
Corporate wellness programs are defined by the market intelligence company as those consisting of health risk assessments, fitness, health screening, weight management, smoking cessation, and nutrition education. Each of those programs is meant to minimize the cost of hospitalization, surgeries, and visits to health care specialists.
"Moreover, corporate wellness programs increase productivity, decrease absenteeism and improve quality of life of employees," the authors write. "Promotion of health and well-being of employees through prevention of non-communicable diseases, increase in the number of white-collar employees, and rise in awareness regarding health and wellness in organizations are the major factors driving the growth of the corporate wellness market."
According to the report, the two most rapidly growing portions of the market are health risk assessments and weight management programs. More than 75 percent of employers seek health risk assessment programs in the U.S. alone.
"Growing awareness about corporate wellness programs and rise in expenditure on health care are driving the corporate wellness market in the region," the authors write. "However, lack of availability for corporate wellness services and low penetration of health care facilities are restraining the corporate wellness market in the developing and undeveloped regions, such as the Middle East & Africa and Latin America."
Key players in the corporate wellness market are
- ProvantHealth (Hooper Holmes Inc.)
- Wellness Corporate Solutions
- ComPsych Corporation
- Optum Inc. (United Health Group)
- Sodexo, BupaWellness Pty Ltd. (BupaGroup)
- JLT Australia (RecovreGroup)
- Central Corporate Wellness
- CXA Group Pte. Ltd.
- SOL Wellness
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