Global corporate wellness market to reach $87.3 BN by 2026
A new market study published by Global Industry Analysts Inc., (GIA) has released its report titled "Corporate Wellness - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.
Amid the COVID-19 crisis, the global market for Corporate Wellness estimated at US$56.7 BN in the year 2020, is projected to reach a revised size of US$87.3 BN by 2026, growing at a CAGR of 7.3% over the analysis period.
Health Risk Assessment, one of the segments analyzed in the report, is projected to record a 6.2% CAGR and reach US$20.7 BN by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Fitness segment is readjusted to a revised 6.9% CAGR for the next 7-year period. Given the rising susceptibility to chronic diseases such as cancer, respiratory diseases, diabetes etc. even in younger age groups, there is increased focus on inclusion of health risk assessment plans in wellness programs. Apart from helping companies reduce employee healthcare expenditure, health risk assessment enables employees to identify possible future health future and establish wellness goals. Health risk assessment begins with analyzing employee medical history, health status, and lifestyle.
The Corporate Wellness market in the U.S. is estimated at US$20.4 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$7.3 Billion by the year 2026 trailing a CAGR of 8.6% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.4% and 7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 6.8% CAGR. The US represents a key market. In the United States, the Affordable Care Act allows employers to increase the size of their financial incentives for completing wellness programs. Under new rules, firms can penalize non participating employees by increasing their premium contribution up to 30% of the cost of the plan for not completing or engaging with corporate wellness programs.