Workplace Wellness Market is expected to reach $74 billion by 2026, registering a CAGR of 6.1% from 2019 to 2026, in terms of value.
Workplace wellness includes employer's approach toward improving its employee health such as company-sponsored exercise programs, weight-loss plans, educational seminars, smoking-cessation programs, and health screenings. These plans are designed to help employees to maintain a healthy lifestyle, lose weight, and improve overall physical health. Wellness programs also involve financial incentives for employees, such as lower health insurance premiums or gift cards.
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Surge in incidence of chronic diseases and optimum return on investments are the major factors that drive the market growth for workplace wellness market. In addition, rise in awareness toward maintaining a balanced work life and implementation of wellness programs by employers propel the workplace wellness market growth.
However, huge cost to companies to adopt workplace wellness plans is anticipated to hamper the market growth. Moreover, significant focus by the public and private sector to develop economies toward improvement in health of their employees is predicted to create lucrative opportunities in the near future.
Comprehensive competitive analysis and profiles of major market players such as Wellness Workplace Solutions, ComPsych, FitLinxx, HealthifyMe, Truworth Wellness, Central Workplace Wellness, Marino Wellness, Privia Health, and Wellsource are provided in this report. Other key players not included in the report are Sonic Boom Wellness, Zeel, WellSteps, Kinema Fitness, Premise Health, TotalWellness Health among others.
The workplace wellness is segmented on the basis of type and end user. By type, it is divided into weight management and fitness services, nutrition and dietary plan, stress management services, health screening and assessment, and smoking cessation. On the basis of end user, it is categorized into small-size private organizations, mid-size private organizations, large-size private organizations, public sector, and NGO. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
By type, the health screening and assessment segment dominated the workplace wellness market in 2018 and is anticipated to maintain its dominance during the forecast period. This is attributed to the increased adoption of these health screening and assessment programs by most of the employers worldwide to improve health fitness of their employees. However, the stress management services segment is anticipated to grow at the fastest growth rate during the forecast period.
By end user, the large-size private organizations segment dominated the market in 2018 and is anticipated to maintain its dominance during the forecast period. This is attributed to the fact that large-size private organizations have more workforce strength. This segment is anticipated to grow at the fastest growth rate during the forecast period.
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Key Findings of the Study:
o By type, the health screening & assessment segment accounted for the highest market share of 31% in 2018.
o By type, the stress management segment is anticipated to grow at the fastest growth rate during the forecast period.
o By region, North America was the major shareholder and accounted for the highest share of 48% in 2018.
o By region, the Asia-Pacific segment is expected to grow at a CAGR of 8.2% during the forecast period.
o By end user, the large-size private organizations segment dominated the market in 2018 and is anticipated to maintain its dominance during the forecast period.