Workplace Wellness Market to Grow at CAGR of 5.9% from 2022 to 2028 – EIN News
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Workplace Wellness Market T
North America workplace wellness market was valued at $15,755.33 Mn in 2020, and is projected to reach $24,298.52 million by 2028, registering a CAGR of 5.9%.
PORTLAND, OREGON, UNITED STATES, September 1, 2022 /EINPresswire.com/ — The North America workplace wellness market was valued at $15,755.33 million in 2020, and is projected to reach $24,298.52 million by 2028, registering a CAGR of 5.9%
What comes under wellness industry?
The Indian wellness industry flourished by banking on the demand for alternative healing practices like the Ayurveda, yoga, naturopathy, etc., and then slowly expanded to include nutrition, fitness, preventive healthcare, and health tourism.
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Increase in prevalence of chronic diseases and rise in awareness and implementation of wellness programs by employers drive the growth of the North America workplace wellness market. On the other hand, the huge cost that’s levied to companies impede the growth to some extent. However, significant growth potential in tele-health and telemedicine services is expected to pave the way for multiple opportunities in the industry.
Laying off employees in the form of cost cutting has reduced workplace wellness employee enrollments in North America, which in turn has impacted the workplace wellness market negatively.
However, factors such as increasing modification in the workplace wellness schemes and surge in work-related stress due to work from home obligations since, employees are finding it difficult to maintain the work-life balance are expected to help the market revive soon.
The North America workplace wellness market is analyzed across type, end user, and country. Based on type, the health screening and assessment segment contributed to more than one-fourth of the total market share in 2020, and is expected to lead the trail by 2030. The stress management services segment, on the other hand, would cite the fastest CAGR of 6.60% from 2020 to 2030.
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Based on end-user, the large size organization segment accounted for more than two-fifths of the total market revenue in share in 2020, and is anticipated to rule the roost by 2030. The same segment would also grow at the fastest CAGR of 6.40% from 2020 to 2030.
Based on country, the U.S held the major share in 2020, generating more than four-fifths of the North America workplace wellness market. At the same time, the market across Canada would cite the fastest CAGR of 6.60% during the forecast period.
The leading market players analyzed in the North America workplace wellness market report include Alphabet Inc., Healthy Contributions LLC., Novant Health, Marino Wellness, LLC., Compsych Corporation, Marlin Equity Partners, LLC (Virgin Pulse, Inc.), Modern Life, Inc. (Modern Health), Wellable Inc., Concierge Health, and Virtual Health Partners Inc. These market players have adopted different strategies including partnership, expansion, collaboration, joint ventures, and others to reinforce their status in the industry.
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