The latest report published by Transparency Market Research (TMR) titled “Corporate Wellness Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2015 – 2023,” offers an in-depth analysis of the global corporate wellness market. According to TMR, the global corporate wellness market is witnessing the growth due to the presence of the both local and global companies. There has also been a steady growth in the number of MNCs in emerging countries, boosting the demand for corporate wellness. Some of the key market players in the global corporate wellness market are adopting various strategies such as product portfolio expansion, expanding geographically, increasing investment in extensive wellness programs, mergers and acquisitions, etc.
Profits of companies are negatively affected by declining productivity due to absenteeism. Hence, increasing number of companies are investing in corporate wellness initiatives to maintain and improve the health of employees. Companies are also adopting regular fitness activities. Along with the wellness programs companies have also started offering flexible workplace environment, teleworking, flexible schedules, practicing mindfulness is also becoming the part of wellness programs. There has also been an increased demand for corporate wellness services, owing to the increase in healthcare cost and discounts offered to the employees participating in wellness programs.
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Rising adoption of corporate wellness is also creating an opportunity for nutrition consultants, fitness consultants, psychological therapists and the companies that offer all these facilities under one roof.
Asia-Pacific to Emerge as the Biggest Market for Corporate Wellness
Corporate wellness is already being practiced in developed regions such as Europe and North America. However, the corporate wellness market holds a great potential in Asia-Pacific region. As a developing market, MNCs and other global companies are focusing setting their footprints in various countries in Asia-Pacific. Hence, the scope of corporate wellness programs will increase with the growth in industrialization. Key market players are also looking forward to expanding their product portfolio by entering into mergers and acquisitions, some of the leading market players are Trotter Wellness, Corporate Wellness Solutions, FitLinxx, GCC Group, Provant Health Solutions and others. Fitbit is also planning to expand its business operations to offer corporate wellness solutions.
Initiatives by the government that require companies and organizations to provide corporate wellness programs for employees is also driving the growth of corporate wellness market in Asia-Pacific. Various reforms are also being introduced globally, for instance, new reforms in the Affordable Care Act in the U.S. raised the capital on incentives offered to employees participating in wellness programs, and it has been raised from 20% to 30%. Introduction of more such reforms will lead to the increasing participation of employees in wellness programs.
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Companies across the globe are also facing the problem of employee retention, thus the implementation of corporate wellness can also result in holding human resource, as the wellness program can motivate employees to perform better, thereby increasing productivity.
Along with the established companies, small organizations are also expected to adopt corporate wellness programs. Rising industrialization in emerging nations is also expected to boost the growth of the global corporate wellness market. Companies have also started providing various services such as biometric screening, lifestyle coaching, free subscriptions on fitness bands as well as discounts at various fitness centers and gyms. However, the inefficient planning for corporate wellness programs, leading to the increased cost for organizations is one of the biggest challenges. The report by TMR provides all the macro and micro factors essential for the leading market players and new entrants or start-ups.
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