Employee welfare is
gaining center-stage as across countries, governments demand it and companies
witness benefits accrue on account of better employee well-being. Not only do
such programs and initiatives help improve emotional and physical health of a large
segment of population but also they help in improving work performance. As per
Transparency Market Research, “The global corporate
wellness market is on an upward
curve and a number of interesting growth opportunities are anticipated to
emerge over the forecast period particularly for large MNCs and corporate
houses that are already involved in such initiatives. It is expected that areas
such as healthcare, individual needs, and insurance will be hotbeds.”
One of the most
significant areas that are expected to drive the market on to a higher growth
trajectory over the forecast period is health risk assessment. It holds a
special place in the overall growth story owing to being one of the most needed
elements in terms of well-being. Besides, it allows for better work output if
the employees are in the best of their health. A number of schemes that are
seeing an increase in implementation are smoking cessation, nutritional advice,
fitness drills, health screening, and weight management. Governments across the
globe have been quite emphatic in their push towards improvement in health and
wellness. They have also pushed for better safety and hygiene of employees.
Transparency Market
Research states that the over the forecast period global corporate wellness
market would grow by a rate of 8.8%, compounded annually over the period 2018
to 2026. A number of companies are working towards improving their performance
index by improving work and efforts directed towards such corporate wellness
programs, driving the market forward by a substantial value. It is also worth
noting that the North America would hold a prominent place in the regional
charts with a sizeable revenue accounted for by the region.
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Asia Pacific Region to Chart Notable Growth in the Global Corporate
Wellness Market over the Forecast Period
A number of companies in
the global corporate wellness market are now eyeing the Asia Pacific (APAC)
region owing to factors such as anticipation regarding higher growth rate, leading
to a number of untapped growth opportunities. In order to understand what is
driving the region o remarkable growth, it is significant to understand that a
lot of Foreign Direct Investment is pouring in the region. Intellectual
resources are also making their way in the market. Thus one notes an increase
in training modules, welfare schemes and healthcare guidelines. Besides, there
is push from employees and the government to put such safeguards in place.
It is also worth noting
here that a sizeable share of revenue will be accounted for by regions such as
North America and Europe, which are developed, and implemented such schemes way
back, and are now ready to capitalize upon that move. Presence of strong
players in the two regions is also a significant factor, propelling growth in
the market.
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Fragmented and
Competitive – Vendor Landscape of Global Corporate Wellness Explained
The global corporate
wellness market is fragmented and leading players include ComPsych Corporation,
Central Corporate Wellness, Optum, Inc., Truworth Wellness, SOL Wellness, JLT
Australia (Recovre Group), Sodexo, and ConneXions Asia.Market players are
contributing positively to the growth of global corporate wellness market by
their proactive and creative measures taken up at regular intervals. To
consolidate market position and penetrate new markets, players often deploy
strategies such as alliances – mergers and acquisitions, and partnerships and
collaborations. As per Transparency Market Research, “These allow players to
combine know-how, resources, and technology improvement. Besides, a firm grasp
on the market can be achieved via strategic alliances based on mutual
synergies.
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