US Corporate Wellness Market Worth $84.9B by 2025 | CAGR 6.8%: Grand View Research, Inc.
December 3rd, 2018
SAN FRANCISCO, August 21, 2018 /PRNewswire/ --
The global corporate wellness market size is expected to reach USD
84.9 billion by 2025, according to a new report by Grand View
Research, Inc. The market is estimated to expand at a CAGR of 6.8%
during the forecast period. Rising demand for corporate wellness
activities due to increased insurance costs that result in financial
burden on employers is driving the market.The corporate wellness
initiatives target particular health risk factors such as stress, obesity,
smoking, diet, lack of exercise, etc.
Various companies across the globe have started initiating wellness
programs for disease prevention and productivity improvement.
According to a study conducted by Harvard economists,
absenteeism costs fall by USD 2.73 for every dollar spent on wellness
programs. Therefore, the employees need to be encouraged to adopt
Further Key Findings From the Report Suggest:
- Corporate wellness programs are aiming at the improvement of employee well-being, to reduce absenteeism costs, which account for a huge productivity and monetary loss
- In addition, employers have to pay the mandated health insurance costs, which increases their economic burden
- Health risk assessment segment led the overall market, in terms of revenue share, in 2017. The health screening activities enable the employers to implement strategic initiatives to deal with the identified health risks
- Stress management segment is likely to witness the fastest growth rate over the forecast period (from 2018 to 2025), owing to rising preference for on-site yoga and meditation services
- Large-scale organizations dominated the end-use segment in 2017. Implementation of wellness services is easier and convenient in the large-scale companies due to their advanced infrastructure
- Medium-scale organizations are likely to experience the fastest growth over the forecast period, due to increasing adoption of health screening services
- Wellness service providers dominated the market in 2017. The fitness & nutrition consultants segment is anticipated to witness the fastest growth from 2018 to 2025
- North America was the dominant regional market in 2017, in terms of revenue share
- Asia Pacific is likely to have an impressive growth rate over the forecast period on account of rapidly growing number of working individuals
- Some of the key players in this market are ComPsych Corporation; Virgin Pulse, Inc.; Provant Health Solutions LLC; EXOS, Vitality Group, Inc.; Interactive Health, Inc.; Sodexo, FitLinxx, Inc
