The corporate wellness market is expected to grow by USD 25.42 billion during 2020-2024. The report also provides the market impact and new opportunities created due to the COVID-19 pandemic. We expect the impact to be significant in the first quarter but gradually lessen in subsequent quarters with a limited impact on the full-year economic growth.
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Technavio has announced its latest market research report titled Global Corporate Wellness Market 2020-2024 (Graphic: Business Wire).
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Healthcare costs are generally split by employers and employees based on the size of the organization and the type of coverage. Organizations provide such benefits to employees to improve their health and have a productive workforce. However, the rising prevalence of various chronic diseases and obesity is increasing medical costs for treating such conditions. This is increasing the cost-to-company and adversely affecting productivity. Hence, organizations are increasingly adopting corporate wellness programs to help their employees develop healthy habits. These programs use stress mapping techniques that help human resource managers identify stress-indicating factors in the workplace and take necessary actions. This results in better productivity and reduced healthcare costs for organizations. Many such benefits are driving the growth of the global corporate wellness market.
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As per Technavio, the increasing product offerings will have a positive impact on the market and contribute to its growth significantly over the forecast period. This research report also analyzes other significant trends and market drivers that will influence market growth over 2020-2024.
Corporate Wellness Market: Increasing Product Offerings
Vendors in the market are offering new corporate wellness programs that can be extended to employees' families to develop the culture of well-being at home. Such wellness programs inculcate better lifestyle habits, thus facilitating overall growth. For instance, apart from providing wellness services, Fit Athletic also offers amenities such as cross-training studio and group exercise room outside the workplace to help employees reach their fitness goals. Such innovative product offerings are positively influencing the growth of the global corporate wellness market.
"Adoption of wearable technology and the need for improved employee productivity will further boost market growth during the forecast period," says a senior analyst at Technavio.
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Corporate Wellness Market: Segmentation Analysis
This market research report segments the corporate wellness market by Application (Health assessments and screenings, Nutrition and fitness, and Others) and Geography (North America, Europe, APAC, South America, and MEA).
The North America region led the corporate wellness market in 2019, followed by Europe, APAC, South America, and MEA respectively. During the forecast period, North America is expected to register the highest incremental growth due to the presence of several corporate wellness providers in the region.
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Some of the key topics covered in the report include:
Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
About Technavio
Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.
With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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