It is estimated that the North American workplace wellness market was worth $15,755.33 million in 2020 and is expected to grow to $24,298.52 million in 2028. This will be an increase of 5.9 percent from 2021 until 2028. The workplace wellness program is a coordinated system of health promotion strategies implemented at workplaces. It comprises policies, programs, and benefits for the community designed to promote employees’ security and health. Many companies’ wellness programs are becoming standard to help employees stay active and reduce employee turnover. The report discusses different wellness programs for workplaces, including fitness and weight management such as nutrition and dietary plans, stress management, health screening and assessment, and smoking elimination. Wellness programs are designed to address specific policies and interventions that target various health and risk factors and devise strategies that could affect multiple levels of the organization as well as individual employee behavior changes, the culture of the organization, and the workplace setting. Workplace wellness programs are an essential part of an organization or business, combining personal and organizational level methods and strategies to impact health.
The COVID-19 outbreak has had a significant impact on the market during the initial period of forecast. The epidemic has led to cutting down on the number of employees employed in various companies. Many companies are laying off workers to reduce the overall cost. Eliminating employees due to cutting costs has led to a decrease in the number of employees enrolled in workplace wellness and is expected to harm the overall market for wellness in the workplace. However, this pandemic has increased the use of telehealth options and significantly boosted the use of virtual health in the wellness market for the workplace.
Additionally, the COVID-19 pandemic has highlighted the necessity of prioritizing well-being and health, both mentally and physically. Significant companies have adopted various strategies in conjunction with government-friendly efforts to better understand COVID-19’s effect on workplace wellness in the North American workplace wellness industry. The effect of COVID-19 on the North American workplace wellness market is expected to be modest. Market participants are currently having issues due to fewer employees participating in the plans and schemes. However, this adverse effect is expected to be compensated with a more significant modification to the programs for wellness at work for employees, as well as a rise in stress-related to work because of work-from-home obligations as employees find it is challenging to find a balance in their lives and this causes physical and mental stress. These developments shortly will likely be beneficial to the development of the North American workplace wellness market.
Type Segment Review
The wellness market in the workplace, according to Type, is divided into fitness and weight management services, nutrition and dietary plan and stress management services, assessments and health screening, and smoking quitting. The health screen and assessment sector was the most expanding segment in 2020 and will remain dominant throughout the forecast. This is due to the increased attention from employers to ensuring their employees’ health to increase productivity and reduce losses. Health screening and assessment include standard tests like total cholesterol, lower-density lipoproteins (LDL), and high-density Lipoproteins (HDL), as well as triglycerides, glucose, and the body’s composition.
Final User Segment Reviews
The end-user segment is divided into small-sized private organizations, mid-sized private companies, large-sized private companies, public sector organizations, and NGOs. In the year 2020, large-sized private companies accounted for the most significant market share, and the trend is expected to continue for the duration of the forecast. This is because large-scale companies employ a significant amount of employees. Additionally, companies with many employees are more likely to have more money to fund employee wellness initiatives.
Country segment review
This North American workplace wellness market is examined in three countries, precisely three countries: the U.S., Mexico, and Canada. The U.S.’s wellness market experienced a notable expansion due to the rapid implementation of numerous workplace wellness programs like nutrition balance, weight management, smoking cessation classes, fitness programs, and many more by employers. Numerous companies have special programs for managing stress because the long work hours and feelings of loneliness harm their physical well-being. According to an investigation carried out by the American Institute of Stress (AIS), 40percent of workers said their jobs were extremely or very stressful, and 25% consider their work the primary stressor. In light of this, many organizations all over the U.S. are undertaking workplace wellness programs to benefit their workers. The programs aim to promote healthy habits, reduce medical expenses, increase employees’ productivity, and boost overall health. They have made these programs available for pandemics and virtual solutions in telehealth. In addition, according to the American Lung Association, smoking-related illnesses are a significant cause of death in the U.S., costing more than $300 billion annually; smoking cigarettes kills 480,000 Americans yearly. So, smoking cessation programs are vital for employers to improve the effectiveness of their workers. In addition, the rising instances of chronic diseases and cancer like diabetes and obesity are the main reason for the growth in this area.
The U.S. was holding a leading position in 2020 and was expected to lead the way throughout the course.
Principal Benefits for Stakeholders
- This report gives a comprehensive quantitative analysis of the present North American workplace wellness market trends and forecasts for 2020 until 2028. This helps identify the most lucrative market opportunities.
- A thorough market analysis will include an analysis of the various regions. It is expected to provide an in-depth analysis of the trends in the market to help stakeholders develop plans specific to regions.
- A thorough analysis of the forces that influence and hinder the development of the market in the region is offered.
- The forecasts in this report are derived by analyzing the present trends and the future market potential for 2021-2028.
- A thorough analysis of the various regions will provide information that will likely assist companies in effectively planning their business strategies.
- The key market players in the North American workplace wellness market are highlighted in this report. Their strategies are thoroughly analyzed to help understand how competitive this North American workplace wellness market is.
|North America Workplace Wellness Market Report Scope and Segmentation|
|UNIT||Value (USD Million/Billion)|
|BY REGION||North America, Europe, Asia Pacific, Latin America, Middle East and Africa|
The Key Market Segments
- It is a Weight Management & Fitness Services
- Diet & Dietary Plan
- Stress Management Services
- Assessment of Health Screening & Assessment
- Smoking Cessation
by the End-User
- Large-sized companies
- Mid-sized organizations
- Small-sized companies
- Public sector
- Non-Governmental Organizations
- North America
- The Netherlands
- Czech Republic
- Rest of Europe
- Asia Pacific
- South Korea
- Australia & New Zealand
- Rest of Asia Pacific
- South America
- Rest of South America
- The Middle East & Africa
- Saudi Arabia
- South Africa
- Northern Africa
- Rest of MEA
KEY MARKET PLAYERS
- Alphabet Inc.
- Compsych Corporation
- Concierge Health
- Healthy Contributions LLC
- Marino Wellness, LLC
- Marlin Equity Partners, LLC (Virgin Pulse, Inc.)
- Modern Life, Inc. (Modern Health)
- SYNERGY HomeCare
- Novant Health
- Virtual Health Partners Inc.
- Wellable Inc.