The research study covers the present scenario and growth prospects of the global corporate wellness market for 2017-2021. Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources.
The global corporate wellness market has grown over the past few years. This was due to several companies adopting corporate wellness programs to reduce healthcare costs. Companies have adopted disease screening and intervention services, which promotes a healthy lifestyle and reduces health risks. The growing prevalence of obesity increases the cost of employer-mandated health insurance. Hence, companies have implemented biometric screening services.
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Technavio analysts highlight the following three factors that are contributing to the growth of the global corporate wellness market:
- Increase in human lifespan and longer working hours
- Growing awareness about stress
- Favorable regulatory scenario
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Increase in human lifespan and longer working hours
Older people emphasize non-financial factors such as flexible work and work from home when compared with monetary benefits. Employers are implementing stay at work programs as they provide flexibility to support various non-conventional working patterns. Employee contracts are no longer specified by the number of hours.
Amber Chourasia, a lead health and wellness research analyst at Technavio, says, “Businesses are starting to concentrate on running dispersed project teams that work in different locations and different time zones as management skills and competencies change. Hence, the increase in human lifespan and longer working hours will drive the growth of the market during the forecast period.”
Growing awareness about stress
Stress is experienced by most people during work. It is a major cause of burnout and depression. Growing work pressure and busy schedules have contributed to unhealthy eating habits such as meals-on-the-go and fast food. The urban lifestyle has become hectic, which has led to a decrease in consumption of home-cooked meals due to lack of time. Most food served at home is also pre-prepared.
“Companies are taking initiatives to reduce employee stress. Companies such as Wisdom Works and Virgin Pulse are trying to understand what employees require to change unhealthy behavior and habits. Some companies are taking steps to counter stress. For instance, Volkswagen’s email amnesty limits access to work devices after core business hours for most of its staff,” adds Amber.
Favorable regulatory scenario
The global corporate wellness industry is not highly regulated due to the lack of certification and accreditation programs. However, there are some accreditation programs. In 2009, the National Committee for Quality Assurance (NCQA) launched its Wellness & Health Promotion (WHP) Accreditation program. The program assesses companies that offer wellness programs.
These accreditation programs promote healthcare quality through accreditation and education. The standards used to evaluate wellness programs include risk reduction and individual health improvement. The standards are required to evaluate the core mechanisms of wellness programs such as planning and compatibility with existing programs, use of risk assessments, and progress and financial return evaluation.
- Well Nation
- Virgin Pulse
- Provant Health Solutions
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