Market Trends of Corporate Wellness Industry
Stress Management Shows Lucrative Growth Opportunity in the Global Corporate Wellness Market
The stress management segment is anticipated to witness significant growth during the forecast period.
The factors contributing to the market's growth are the high prevalence of extended work hours, heavy workloads, and work pressure-related issues that create physical and mental repercussions, such as hypertension, heart attacks, and a feeling of instability among the employees.
With rising competition, employees work under pressure and excessive demands. As a result, stress disturbs the equilibrium of the work-life balance for employees.
According to the American Psychological Association's Work and Well-being Survey of 1,501 United States adult workers, it was observed that 79% of employees experienced work-related stress in the previous month. As per the same source, almost 3 out of 5 workers cited the negative effects of work-related stress. Also, 26% of the employees reported a loss of enthusiasm or energy to do work, and 19% reported a lack of effort at work. Such undue pressure at the workplace is expected to increase demand and the need to organize stress management activities or sessions, which is anticipated to fuel the market's growth over the forecast period.
Similarly, as per the survey conducted by the American Institute of Stress, it was observed that 65% of 1,000 adults in the United States were more stressed due to the COVID-19 pandemic. In addition, as per the same source, the four main symptoms reported by 1,000 survey participants were chest discomfort (15%), dizziness (15%), increased blood pressure (15%), and shortness of breath (18%). Therefore, stress management programs are anticipated to be crucial in employee management processes in the coming years.
Moreover, according to the statistics published by the Work-related Stress, Depression, or Anxiety Statistics in Great Britain, it was found that 822,000 workers were suffering from work-related stress, depression, or anxiety (new or long-standing). This increased the need for stress-buster sessions and programs for corporate employees, propelling the market's growth.
Hence, the increasing cases of depression and stress enhanced the requirement for behavioral/mental health management, leading to the market's growth.
North America Dominates the Global Corporate Wellness Market During the Forecast Period
North America is expected to dominate the corporate wellness market over the forecast period due to rising corporate stress among the population and increasing initiatives to manage stressful situations.
In the North American region, the United States accounted for the largest market share as stress is a leading health concern affecting the population. For instance, according to the data published by the APA, since the COVID-19 pandemic began, essential employees were twice more likely to be diagnosed with a mental health issue, and they received treatment from a mental health professional (34% vs. 12%). This highlighted the need for wellness programs in the workplace, thereby driving the market's growth.
Furthermore, several market players are engaged in implementing strategic initiatives, thereby contributing to the market's growth. For instance, Peloton Interactive Inc., based in the United States, launched a corporate wellness program to reach new users and grow its membership base. Wayfair, Samsung, SAP, and Sky are among the first businesses to join the program.
Moreover, TRX, the global leader in functional training products and world-class training content, launched TRX for Employee Wellbeing. This program expands TRXs' footprint into the corporate wellness market, allowing companies of all sizes to provide their employees with subsidized membership to the TRX Training Club, which includes access to hundreds of virtual fitness classes and a TRX Suspension Trainer for each employee at a low monthly fee.
Hence, the above factors are anticipated to drive the corporate wellness market during the forecast period.
