Employers are implementing corporate wellness programs that focus on the improvement of the mental and physical health of their employees. These programs aid organizations in many ways in increasing productivity and reducing attrition rate. A market research report by Transparency Market Research, titled “Corporate Wellness Market – Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2015 – 2023,” focuses on the key trends pertaining to corporate wellness programs at organizational, regional, and global levels.
The report presents a comprehensive overview of the drivers and restraints and their impact on the global corporate wellness market. Government initiatives play a key role in the growth of this market. For instance, in the U.S., the Affordable Care Act with its reform has increased the cap on perks offered to employees for participating in health-related wellness. Also, several governments worldwide have mandated the implementation of wellness programs across medium and large organizations. Moreover, increasing industrialization has also played a vital role in the growth of the global corporate wellness market. The effectivity of these programs in retaining valuable human resource has increased its adoption in large as well as small organizations.
On the flip side, the success of corporate wellness programs depends on active participation of the employees. Currently, inefficient execution of these programs owing to low awareness and lack of participation are acting as key restraint in the growth of the global corporate wellness market. However, the rising adoption of reward-based approach has stirred up the active participation of employees. Moreover, improvements in wellness programs are likely to present notable opportunities to the service providers catering this market.
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Geographically, the global corporate wellness market is segmented into North America, Asia Pacific, Latin America, Europe, and the Middle East and Africa. The inception of corporate wellness programs in North America and Europe happened many years ago and these are well rooted in these regions. However, Asia Pacific holds immense potential for service providers in the corporate wellness market. Rapid industrialization, increasing governments’ initiatives and improving economic conditions increase the scope for corporate wellness programs in this region.
The report provides insights into the competitive landscape of the global corporate wellness market. It also mentions profiles of the key players including their market share, revenue and cost structure, product specification, capacity, latest development, and contact information. It also offers a list of recommendations for the new market entrants. The key players in the global corporate wellness market are Corporate Wellness Solutions, FitLinxx, GCC Group, Provant Health Solutions, and Trotter Wellness. Also, Fitbit, an activity monitor manufacturer is expanding its business by offering corporate wellness solutions.