North America Corporate Wellness Solution Market: Key Players, Share, And Forecast Report To 2028
Corporate wellness programs are designed to support and encourage a holistic approach to employee wellbeing by creating an organizational culture of health. The offered corporate wellness solution which extends beyond traditional wellness programs cultivates the healthy habits among the employees and improves health outcomes. It also increases productivity, optimizes human resource investments and boosts employee engagement. The implementation of a holistic approach to corporate wellness programs is an influential way to educate employees on the importance of creating healthy habits and the benefits of sticking to wellness goals. Moreover, with corporations extending working hours and dealing with never ending stress, it only makes sense for an organization to offer wellness strategies for retaining staff and motivating them to keep performing their best.
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Employees spend a lot of time in the workplace therefore having a corporate wellness program is imperative to the foundation of the business. The rising awareness regarding the employee’s health and wellbeing is expected to drive the market for corporate wellness. The increasing prevalence of chronic disease in the region, mental health issues and increasing obesity among the population is driving the growth of the market. Moreover, the increasing adoption of the wellness solutions in corporates, and presence of the major players is boosting the market growth.
COVID IMPACT ON NORTH AMERICA CORPORATE WELLNESS SOLUTION MARKET
The outburst of COVID led to the worldwide lockdown. This increased the demand for wellness solutions in order to maintain healthy lifestyle and mental state. The integration of wellness programs in the workplace become a bigger priority, especially as a way to make employees feel like they're still connected while working at home. The virtual care and consultations, especially for chronic disease management, on-demand online fitness programs, nutrition and weight management programs, mental/behavioral health programs, and substance abuse counseling services by text, audio, and video mode were rolled out by corporate wellness solutions providers. The overall effect of the COVID-19 pandemic on the corporate wellness solutions market appears to be positive, especially in developed markets like North America.
NORTH AMERICA CORPORATE WELLNESS SOLUTION SEGMENTAL OVERVIEW
The market in North America for corporate wellness solution is segmented based upon the service offering; category, delivery mode, and end users.
NORTH AMERICA CORPORATE WELLNESS SOLUTION MARKET BASED UPON SERVICE OFFERINGS
On the basis of service offering, the corporate wellness solutions market is segmented into health risk assessment, nutrition and weight management, smoking cessation, fitness services, biometric screening, alcohol/substance abuse services, mental/behavioral health management, virtual consultation/virtual care, employee assistance programs, and health benefits programs. Among these, the health risk assessment segment holds the highest market share owing to the utility of this service for early identification and mitigation health risks in employees, to reduce absenteeism due to health conditions, and lower healthcare costs. However, the stress management services segment is anticipated to grow at the fastest rate during the forecast period due to increasing stress among the population.
NORTH AMERICA CORPORATE WELLNESS SOLUTION MARKET BASED UPON CATEGORY
On the basis of different categories, the organizations dominated the market and accounted for the largest revenue share in 2020 owing to increased adoption of different wellness programs and solution to maintain a healthy lifestyle of the employee’s. The increasing stress, anxiety and other lifestyle associated disease is making the organizations adopt wellness program, thus flourishing the market.
NORTH AMERICA CORPORATE WELLNESS SOLUTION MARKET BASED UPON DELIVERY MODE
On the basis of different delivery mode, the onsite delivery mode witnessed the highest revenue share and is projected to encounter the fastest growth over the forecast period owing to a personal touch offered to the employee’s wellbeing along with the facility to exercise under the guidance of trained coaches and fitness consultants to meet their personal health requirement.
NORTH AMERICA CORPORATE WELLNESS SOLUTION MARKET BASED UPON END USER
On the basis of different end-users, the large scale organizations dominated the market and accounted for the largest revenue share in 2020 owing to the increasing investment in the health screening services. However, the small organizations segment is anticipated to grow at the highest CAGR during the forecast period. Growth in this segment is largely driven by the growing use of corporate wellness programs by...
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