LOS AN GE ELES, May 04, 2021 (GLOBE NEWSWIRE) – The: Global corporate health market It is expected to grow by about 8.5% CAGR in 2020-2027, reaching a market value of more than $ 84.5 billion by 2027.
North America dominates the global corporate health market
The United States has the largest market share in the North American region, as stress is a major health concern affecting the US population. According to Gallup Emotions for 2019, more than half of the American population is experiencing stress during the day, which is 20% more than the global average of 35%. As a result, a significant portion of the U.S. population is experiencing work-related stress, which is expected to boost the corporate health market in the foreseeable future.
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Stress management is an opportunity for profitable growth in the global corporate healthcare market
Employees experience physical and mental effects due to the high prevalence of long working hours, overwork, and problems with work pressure, such as hypertension, heart attacks, and insecurity. According to the American Institute for Stress, in 2019, 94% of the workforce was stressed at work. As a result, the stress management program is expected to become an important part of employee management processes in the coming years. Incorporating anti-stress programs such as yoga, therapy, EAPs, social activities, childcare initiatives, work-from-home options, flexible planning, and focus training accelerates the growth of the corporate health market. Various employers also provide classes (for example, meditation / thinking, time management, stress management, etc.), counseling or bonuses, as well as on-site amenities (such as day care, rest rooms, free massage, wards, games / activities). As a result, all of these actions help relieve employee stress.
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The prevalence and early onset of chronic diseases, as well as the reduction in staff health costs, are driving market growth. In today’s work culture, most people do not have enough time after work or free time to do certain activities, which leads to health problems. As a result, many chronic diseases grow. However, these diseases are preventable, so a comprehensive approach to corporate health planning is now required to educate employees about the benefits of developing healthy habits and the benefits of staying healthy. Health programs not only benefit employees’ health, but also reduce absenteeism, leading to more energetic, productive employees and, as a result, higher company productivity. As a result, it becomes easier for people to adopt and maintain healthy behavior. This benefit is expected to help corporate employees reduce their risk of disease. As a result, as the incidence of chronic diseases increases, so will the demand for these programs.
The global corporate healthcare market is divided into end-use based on service, category, delivery model. According to the service, the market is divided into health risk assessment, fitness, smoking cessation, health research, nutrition, weight management, stress management, etc. By category, the market is divided based on fitness և nutrition consultants, psychotherapists և organizations / employers. With the delivery model, the market is classified locally: abroad. By end-use, the market is divided into small, medium and large organizations
Leading competitors include ComPsych Corporation, Wellness Corporate Solutions, Virgin Pulse, Provant Health Solutions, EXOS (Performed Athletes), Marino Wellness, Privia Health, Vitality Group International, Inc., Wellsource, Inc., etc.
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Some key considerations for the corporate health industry include:
- In May 2020, EXOS announced a partnership with Hyperice, a brand of recovery technology that specializes in vibration, compression and percussion instruments. This partnership will bring Hyperice recovery products, products based on և health և fitness technology and additional offerings to EXOS workplace, physical therapy որտ sports clients around the world.
- In July 2020, Wellsource, Inc. was selected as a trusted vendor by Certintell Inc. to provide a Health Risk Assessment (HRA) solution for their Medicare patient population. Telecommunications provider focuses on care management և chronic care management solutions և Wellsource HRA is seen as a key component in improving outcomes նվազ reducing costs associated with chronic illness.
- In March 2017, Provant Health Solutions announced its acquisition with Hooper Holmes Inc. The joint organization will offer biometric research, health education services, assessments և data analysis. The joint venture will maintain its headquarters in Olate, խոշոր one major location in East Greenwich, RI Hooper Holmes և Provant has no customer overlap, և both companies are targeting growing segments of the healthcare market.
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