The global corporate wellness market size is expected to reach USD 97.4 billion by 2027, expanding at a CAGR of 6.9%, according to a new report by Grand View Research, Inc. Rising lifestyle related disorders lead to rise in financial burden on the employers due to associated insurance costs. The corporate wellness initiatives target specific health risk factors including stress, obesity, smoking, poor eating, and lack of exercise to improve employee productivity.
Organizations have initiated the implementation of wellness programs to improve business profits by reducing employee healthcare related costs. According to a study conducted by Harvard economists, absenteeism costs fall by USD 2.73 for every dollar spent on the programs. Therefore, employees need to be encouraged to adopt a healthier lifestyle to improve their performance.
Various employers collaborate with gyms and sports centers to establish pricing strategies. Employees receive discounts and membership benefits if they opt for gym memberships via their employers. Organizations are providing wearable devices such as Fitbit health bands, Apple watches, and Google watches, which helps in keeping track of parameters such as heart rate and blood pressure.
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Further key findings from the report suggest:
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Grand View Research has segmented the global corporate wellness market based on service, end use, category, type, delivery model, and region:
Corporate Wellness Service Outlook (Revenue, USD Million, 2016 – 2027)
Corporate Wellness End-Use Outlook (Revenue, USD Million, 2016 – 2027)
Corporate Wellness Category Outlook (Revenue, USD Million, 2016 – 2027)
Corporate Wellness Type Outlook (Revenue, USD Million, 2016 – 2027)
Corporate Wellness Delivery Model Outlook (Revenue, USD Million, 2016 – 2027)
Corporate Wellness Regional Outlook (Revenue, USD Million, 2016 – 2027)
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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