Employer Awareness of Employee Health Risks Dominates Corporate Wellness Market
Nearly 80% of employers that provide employee well-being programs prefer to evaluate their employees' health risks
WELLESLEY, Mass., June 17, 2021 (Newswire.com) - The workplace is not perfect, but few would disagree that it has steadily been improving for the last century or so, according to a recent report by BCC Research Corporate Wellness: Global Markets. For an idea of how hazardous a lot of work was, one need only look at old, grainy pictures of coal miners, farmhands, fishermen or those famous photos of steelworkers having lunch, completely untethered, hundreds of feet above the streets of Manhattan on the ribs of a new skyscraper.
We've come a long way. The modern practice of corporate wellness is supported by convincing data. Extensive studies in medicine, public health and health policy indicate that the costs of corporate wellness services are dwarfed by savings in premiums and absenteeism. Not only does the workplace affect the well-being of the worker, but the health of the worker affects the success of the organization.
Rising awareness regarding employee health and wellbeing is expected to drive the market for corporate wellness. Screening activities to identify health risks and the implementation of effective interventions to encourage a healthier lifestyle among employees are the stalwarts of corporate wellness programs. In fact, in 2020, the health risk assessment segment dominated the corporate wellness market, accounting for 24% of overall revenue.
- The global corporate wellness market size was valued at $53.2 billion in 2020 and is expected to grow at a compound annual growth rate (CAGR) of 6.4%.
- Many businesses and enterprises in various industries have started implementing health programs for their employees, which will also boost market demand. Workplace wellness programs help companies to augment productivity and to simultaneously reduce overall operational costs.
- Key market players: ComPsych, Wellness Corporate Solutions, Optum Inc., Virgin Pulse and Provant Health Solutions.
Explore the full report here: https://www.bccresearch.com/market-research/healthcare/corporate-wellness-market.html
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Source: BCC Research