- Increase in prevalence of chronic diseases, and surge in awareness and implementation of wellness programs by employers drive the growth of the global workplace wellness market
PORTLAND, Oregon, Jan. 28, 2020 /PRNewswire/ -- Allied Market Research published a report, titled, "Workplace Wellness Market by Type (Weight Management & Fitness Services, Smoking Cessation Nutrition and Dietary Plan, Stress Management Services, and Health Screening), End User (Small-Size Private Organizations, Mid-Size Private Organizations, Large-Size Private Organizations, Public Sector, and Non-Governmental Organizations): Global Opportunity Analysis and Industry Forecast, 2019–2026." According to the report, the global workplace wellness industry was estimated at $46.08 billion in 2018 and is expected to hit $74.00 billion by 2026, registering a CAGR of 6.1% from 2019 to 2026.
Drivers, restraints and opportunities-
Rise in incidence of chronic diseases, and increase in awareness and implementation of wellness programs by employers are the prime factors fueling the growth of the global workplace wellness market. On the other hand, huge costs levied to the respective companies curb the growth to some extent. Nevertheless, untapped developing economies are expected to create a plethora of opportunities in the near future.
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The health screening and assessment segment to lead the trail by 2026-
Based on type, the health screening and assessment segment, contributed to more than one-fourth of the global workplace wellness market share in 2018, and is expected to dominate throughout the forecast period. This is attributed to the fact that most of the companies are focusing toward health screening and assessment programs. On the other hand, the weight management and fitness services segment would showcase the fastest CAGR of 7.4% during 2019–2026. This is due to increase in incidence of obesity across the globe.
The large-size companies segment to dominate during the estimated period-
Based on end-user, the large-size companies segment accounted for more than one-fourth of the global workplace wellness market revenue in 2018, and is projected to lead the trail by the end of 2026. The fact that large size companies have more budget to spend on workplace wellness programs has boosted the segment growth. Simultaneously, the mid-size companies' segment is anticipated to register the fastest CAGR of 7.0% during the study period. Increased adoption of wellness programs by mid-size companies has driven the growth.
North America to rule the roost-
Based on geography, North America held the major share in 2018, generating nearly two-fifths of the global workplace wellness market, owing to the presence of major workplace wellness service providers and better healthcare and medical infrastructure in the region. The same region would also cite the fastest CAGR of 6.5% till 2026.
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Frontrunners in the industry-
- Privia Health
- Truworth Wellness
- Wellness Workplace Solutions
- Central Workplace Wellness
- Marino Wellness
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