Corporate Health and Wellness Management
Employee assistance and employee wellness programs are benefits provided by employers to their employees to identify and guide employees to resolve their mental, emotional, and physical health. Employers integrate EAP and employee wellness programs to improve employeesâ€™ overall health, well being, and increase productivity.
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Corporate Health and Wellness Management Industry Benchmarks
The average annual savings achieved in Corporate Health and Wellness Management category is 6.40%
The industry average payment terms in Corporate Health and Wellness Management category for the current quarter is 55.0 days
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Corporate Health and Wellness Management Suppliers
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Corporate Health and Wellness Management market report transcript
Corporate Health and Wellness Management Global Industry Outlook
The global corporate wellness market is estimated to grow to $64 billion in 2023 and is forecasted to grow to above $85 billion by 2028, especially post-pandemic and due to Hybrid Work Culture. Health apps and wearable technology has led to an increase in Corporate Wellness
The global corporate wellness market is expected to grow at a CAGR of around 6.8 percent during 2023–2028.
The US has the highest market maturity, followed by Europe
APAC and parts of Western Europe are expected to be the future growth-driving markets for corporate wellness services
Health and Wellness Management Global Market Maturity
Around 70 percent of the employees in North America and 40 percent in Europe have access to workplace wellness programs
APAC and Latin America are witnessing an increase in adoption, due to efforts by large global buyers to consolidate supply base. In the APAC region, corporate wellness is growing due to rising working population and increased awareness of Employee wellbeing
Among all the end users, large-scale organization segment has the highest market share in the global corporate wellness market
Health and Wellness Management Global Industry Trends
Increasing levels of employee wellness across the globe signal the increasing buyer maturity and willingness to partner with suppliers
Suppliers are also improving their supply capability by providing health screenings, lifestyle management and disease management programs
Fortune 500 companies are also focusing on employee assistance programs to increase the employee productivity and reduce absenteeism. In 2022, average spending on wellbeing benefits had been increased.
Multinational firms in the Middle East, Africa and APAC are now focusing on improving working conditions and offering annual health, eye and dental checks
Health and wellness factors are increasingly influencing real estate decisions across Asia Pacific. More companies across Asia Pacific are now investing in physical infrastructure and wellness programs to enhance their employees’ health and wellbeing as demographic, social and technological developments continue to change the workplace regionally
Health and Wellness Management Technology Trends
- Buyers spend about 10–20 percent of their total workplace wellness expenditure on technology to yield higher employee engagement and higher participation, thus, leading to increased cost savings and effectiveness of wellness initiatives
Offering free online office ergonomics software support, telehealth solution for work-related injuries and illnesses are gaining importance
Employee engagement software supplier Limeade has released software modules to help large enterprises diversify their workforces and better track engagement and communicate with workers.
Companies are using technology suppliers (virtual and augmented reality) to help solve mental health issues. E.g., Psious (Spain), Clevr