The rising adoption of corporate wellness programs by employers increased uptake of technology-powered corporate wellness solutions, and the growing prevalence of chronic diseases across the globe is boosting the Corporate Wellness Solutions Market
JERSEY CITY, N.J., Jan. 19, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Corporate Wellness Solutions Market" By Product (Cloud-Based, On-Premises), By End User (Large Enterprises, Small And Medium Size Enterprises), and By Geography. According to Verified Market Research, the Global Corporate Wellness Solutions Market size was valued at USD 58.24 Billion in 2020 and is projected to reach USD 110.09 Billion by 2028, growing at a CAGR of 8.29% from 2021 to 2028.
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Global Corporate Wellness Solutions Market Overview
Increasing adoption of corporate wellness programs across organizations is one of the key factors driving the growth of the market during the forecast period. Employers can gain higher benefits by aligning corporate wellness programs in their company's mission health and wellness programs are considered important by employees while choosing an employer or an organization. Corporate wellness programs have a positive effect on the overall organizational culture. Employees prefer incentive-based wellness programs as incentives play a significant role in the motivation of employees.
In addition, the growing prevalence of chronic diseases across the globe is boosting the overall Corporate Wellness Solutions Market growth. According to the National Center for Chronic Disease Prevention and Health Promotion (NCCDPHP), corporate wellness and health initiatives, as well as disease prevention plans, have the potential to influence more than 150 million employees in the United States, lowering healthcare costs significantly. Employers are also focusing on establishing wellness programs that target chronic conditions that are easily addressable in order to cut costs.
Furthermore, the market is likely to be driven by increased awareness of employee health and well-being. Employees are encouraged to live a healthy lifestyle, which helps businesses increase productivity and cut costs by boosting employee wellness. In the future years, the overall costs of lost productivity owing to illness-related absenteeism are predicted to exceed USD 150 billion. Increased insurance costs result from the rise in obese and overweight people, putting financial pressure on employers.
However, a few of the main reasons why employees are pushing against such programs are a lack of confidence in the employer's ability to run an effective program, doubt about the programs being helpful, and privacy concerns. These factors are leading to the slow adoption of corporate wellness software, which is expected to restrain the overall growth of the market
The major players in the market are CoreHealth Technologies, MediKeeper, Wellness Layers, Alyfe Wellbeing Strategies, BSDI, Ceridian Lifeworks, Corporate Health Partners, Infinite Wellness Solutions, Sprout, and Burner Fitness.
Verified Market Research has segmented the Global Corporate Wellness Solutions Market On the basis of Product, End User, and Geography.
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