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Corporate Wellness - Global Market Trajectory & Analytics

  • ID: 5028029
  • Report
  • September 2020
  • Region: Global
  • 340 pages
  • Global Industry Analysts, Inc
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Happy Employees Are Productive Employees & Productive Employees Help Organizations Thrive. Corporate Wellness is Poised to Emerge Into a US$92.6 Billion Global Opportunity

The global market for Corporate Wellness is projected to reach US$92.6 billion by the year 2027, trailing a post COVID-19 CAGR of 7.3% over the analysis period 2020 through 2027. Workplace stress is the silently emerging public health crisis and the biggest threat to employee health in the 21st century. Workload arising out of mismatch between skill & task and expectations & available resources is a major cause of workplace stress. COVID-19 has induced unprecedented changes across the world, affecting all aspects of life. The pandemic has caused widespread disruption to everyday life and normal routines. While closure and suspension of businesses resulted in millions of workers losing their jobs, those retaining their jobs have been jolted out of their regular routines. Employees who have to report to work physically are affected by personal responsibilities such as care giving for dependents such as children and elderly at home. On the other hand, employees who are required to work remotely from their home are being stressed out by the blurring lines between work time and personal time. In addition, the stress of not being able to interact with co-workers is also affecting the morale and mental well-being of remote workers. In addition, lack of access to tools and equipment for completing work efficiently is affecting the productivity of employees and is leading to added stress on workers.

Companies around the world are adjusting their corporate wellness plans to match the current public health crisis and given the devastating magnitude of the pandemic, the impact has been fairly positive. Integration of wellness programs in the workplace, be it physical or virtual, has becomes the biggest priority for companies worldwide. Standing testimony to the flexible, agile and prompt adaptation of wellness programs to meet current challenges is the growing popularity of corporate strategies revolving around utilizing videoconferencing tools like zoom to host social events and group workouts. Although lockdowns, restrictions, and office closures have resulted in a major portion of the workforce excluding essential services workers, migrating to WFM models, it still remains important to ensure that employees are able to access and continue utilizing workplace wellness programs. As a result, most wellness programs which until now were focused on employees being present in the physical office are now undergoing sea changes in the way these programs are being built and delivered to employees. For instance, wellness programs today are offering access to online workouts and fitness apps so employees can exercise while working from home in isolation. Also, being provided as art of the program is access to online counselling services for mental health, financial distress, relationship problems. Other new features and functionalities being added into wellness programs include allowances for purchasing simple pieces of fitness equipment such as dumbbells or resistance bands to help employees work out at home; invitations to attend webinars on a range of topics ranging from healthy eating to stress management; special reimbursements for purchasing WFM equipment such as computer tables, chairs, monitors based on findings acquired through virtual ergonomic and workplace safety assessments for remote employees; provide nutrition and healthy eating information; creating special spaces on the company intranet for employees to form groups, discuss health and fitness goals, and engage in virtual fitness challenges; among others.

Companies have also stepped up and increased compensation offered for gym memberships. As COVID-19 infections continue to rise and spread, visits to gyms have and will continue to decline in the year 2020 and in the year 2021 also until the arrival of a vaccine. However, the increased compensation provided by employers for gym fees is helping employees enroll for online video conferencing based workout classes and sessions. With increased money at their disposal, employees are also in a better position to buy yoga mats, resistance bands, and other basic workout equipment for at-home exercises. The decision to continue providing reimbursement for gym memberships and workout classes is a major benefit for employees and their long-term health who otherwise given the pandemic's negative financial impact might affect ability to spend on fitness & exercise. Wellness programs can therefore encourage high levels of participation even when employees are working from home (WF), especially at a time when there has been robust media coverage on the importance of maintaining health and wellness amidst the pandemic to boost immunity, prevent illnesses and reduce absenteeism. Employee absenteeism is a major pain point for employers as it weighs heavily on the workflow, performance and productivity of an organization. Defined as unscheduled absences or pattern of regular absence at workplace without legitimate reason, employee absenteeism is detrimental to overall health of an organization. The impact of absenteeism is far-reaching and affects morale, profitability and business objectives. Employee absenteeism is the biggest corporate bottom line killer costing companies $4,100 per year for each hourly worker & $3,460 each year for salaried employees, in additional expenditure. Sick employees increase the healthcare expenditure of companies a time when healthcare costs are spiraling & business conditions are becoming tougher. Corporate Wellness Programs are no longer an option for companies but a necessity & a part of maintaining human assets in an organization.

Competitors identified in this market include, among others:
  • Bupa Wellness Pty Ltd.
  • Central Corporate Wellness
  • ComPsych Corporation
  • CXA Group Pte. Ltd.
  • EXOS
  • Jardine Lloyd Thompson Pty Ltd.
  • Optum, Inc.
  • Sodexo Onsite Services Pvt. Ltd.
  • SOL Wellness
  • Truworth Health Technologies Pvt. Ltd.
  • Wellness Corporate Solutions

The global analysis and forecast periods covered within the report are 2020-2027 (Current & Future Analysis) and 2012-2019 (Historic Review). Research estimates are provided for 2020, while research projections cover the period 2021-2027.
Note: Product cover images may vary from those shown
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I. INTRODUCTION, METHODOLOGY & REPORT SCOPE

II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW
  • Workplace Stress: The Silently Emerging Public Health Crisis & the Biggest Threat for Employee Health in the 21st Century
  • Health & Economic Consequences of Workplace Stress
  • EXHIBIT 1: Major Causes of Stress in the Workplace
  • How Corporate Wellness Programs Can Help?
  • COVID-19 Pandemic Amplifies Work Related Stress Making Corporate Wellness More Important Now Than Ever
  • EXHIBIT 2: Employee Absenteeism Increases During the Pandemic Highlighting the Growing Levels of Stress & Frequency of Sickness: Average Weekly Absenteeism in EU for the Months Nov-19, Dec-19 & Jan-20 to Aug-20(In Million People)
  • Wellness Becomes a Bigger Priority for Companies Amid the Pandemic
  • Here’s Why Exercise & Fitness Amid the Pandemic Should Take Precedence in Corporate Wellness Programs
  • Recent Market Activity
  • Innovations
  • World Brands
2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS
  • Healthcare Costs Continue to Spiral, Growing Much Faster Than National GDP
  • EXHIBIT 3: Rising Healthcare Costs Outstripping Global GDP Growth Means Companies Need to Rein-in Healthcare Costs to Prevent Profitability From Taking a Hit: Healthcare Costs as a % of GDP by Country for the Years 2020 & 2023
  • Rising Employers' Health Costs Underlines the Importance of Well Drafted & Managed Wellness Programs
  • The Pandemic Pushes Up Healthcare Costs Even Higher Forcing Companies to Strategize on Wellness Programs to Contain Costs
  • EXHIBIT 4: Given that Sick Employees Can be Bottom Line Killers, Wellness Programs Join the League of Strategies Vital for Business Continuity & Preparedness: Average Worker & Employer Health Premium Contributionin the U.S. for the Years 2010, 2015 & 2020 (In US$)
  • EXHIBIT 5: Companies Adopting Wellness Programs Increases Underlining Growing Awareness Among Employers of the Many Benefits Offered: % of Companies Offering Health Benefits in the U.S. for the Years 2000, 2010, 2015 and 2020
  • Negative Impact of Employee Absenteeism on Corporate Balance Sheet Drives the Focus Squarely on Wellness Programs
  • EXHIBIT 6: The Sizeable Impact of Employee Absenteeism on Productivity & Revenue Means Companies Need to Step-Up Their Wellness Programs: Direct Costs of Worker Absence as a Percentage of Payroll Expenditure
  • EXHIBIT 7: An Attempt to Measure the Productivity Loss Suffered Due to Absent Employees Reveals Why Companies Need to Prioritize Wellness Programs & Strategies: Total Cost of Productivity Loss as a Percentage of Payroll Expenditure
  • EXHIBIT 8: High Cost of Unplanned Absence Along with the Fact that Sickness is Cited as the Most Common Cause of Unplanned Absence, Health of Employees Should Take Center Stage if Companies Plan to Be Successful: Impact of Unplanned Absence (% Disruption Caused)
  • EXHIBIT 9: The Industry With the Highest Absenteeism Rates Will Be Key Revenue Spinners & Attractive Customers for Wellness Program Service Providers: Absenteeism by Industry (In %) Taking the U.S. as a Case-In-Point
  • Widely Prevalent Nicotine Addiction & Abuse Encourages Companies to Implement Innovative Smoking Cessation Programs
  • EXHIBIT 10: With 15% of the World Population Addicted to Smoking, Wellness Programs Can No Longer Ignore the Need to Help Employees With Tobacco De-Addiction: Global Number of Tobacco Smokers (In Million)
  • Rise in Chronic Diseases Makes Health Risk Assessment, Fitness & Health Screening Important Aspects of An Effective Wellness Program
  • EXHIBIT 11: Rising Prevalence of Chronic Diseases Amplifies the Need for Addressing Management of These Diseases in Wellness Programs: Global Cost of Chronic Diseases (In US$ Billion) for the Years 2018 and 2030
  • EXHIBIT 12: Companies Transforming Workplace Health & Happiness Have a Higher Chance of Business Success: Percentage of Firms in the U.S Offering Different Types of Health Support & Care as Part of Their Wellness Programs for the Year 2020
  • COVID-19 Experience Will Drive Increased Adoption of New Infectious Disease Testing, Tracking & Employee Health Screening Tools
  • EXHIBIT 13: Growing Frequency & Severity of Newly Emerging & Re-Emerging Infections Brings the Importance of Infectious Disease Testing in Wellness Programs Into the Spotlight: Fatality Rate of Major Virus Outbreaks Over the Last 50 Years
  • EXHIBIT 14: High Human-to-Human Transmissibility of Infectious Diseases Means Companies Need to Protect the Sanctity of the Workplace & Prevent Spread of Infections Among Employees: RO Values of Well Known Infectious Diseases
  • COVID-19 Accelerates Telemedicine’s Natural Fit into Corporate Wellness Strategies
  • EXHIBIT 15: Telemedicine is a Massive Cost Saver as Compared to Other Modes of Orchestrating Employee Healthcare Services: % of Hospitals & Organizations in the U.S. Reporting Various Levels of Cost Reductions from the Use of Telemedicine
  • EXHIBIT 16: Increase in Number of Hospitals Offering Telemedicine Services Means Telemedicine Can Easily & Effectively Integrated into Corporate Wellness Programs: % of Hospitals in the U.S. Fully or Partially Implementing Telehealth Services
  • Globesity: The Global Epidemic of Obesity Forces Companies to Include Nutrition & Weight Management as Part of Wellness Programs
  • EXHIBIT 17: Wellness Programs Need to Address Obesity as Incidence Rates Increase Underlining the Need to Help Employees With Lifestyle Management for the Right Work & Health Balance: Prevalence of Obesity as a % of Adult Population by Country
  • Workplace Fitness Center & Onsite Gyms Grow in Popularity
  • Cafeterias Wellness Programs: A Vital Part of Obesity Management at the Workplace
  • Mental Health As Part of Corporate Wellness Programs Gains Sudden Popularity Amid the COVID-19 Pandemic
  • Mental Health Apps As Part of Corporate Wellness Programs Grow in Popularity
  • EXHIBIT 18: Stress Amid the Pandemic Takes Its Toll On Mental Well-Being, Forcing Employers to Emphasize on Mental Health in Corporate Wellness Programs: % of Adults Experiencing Anxiety & Depression During the Pandemic Period February to September 2020
4. GLOBAL MARKET PERSPECTIVE

III. MARKET ANALYSIS
  • GEOGRAPHIC MARKET ANALYSIS
  • UNITED STATES
  • CANADA
  • JAPAN
  • CHINA
  • EUROPE
  • FRANCE
  • GERMANY
  • ITALY
  • UNITED KINGDOM
  • REST OF EUROPE
  • ASIA-PACIFIC
  • REST OF WORLD
IV. COMPETITION
  • Total Companies Profiled: 152
Note: Product cover images may vary from those shown
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