Why Are Businesses Introducing Corporate Wellness Programs at Workplaces?
The World Health Organization (WHO) stated that over 1.9 billion adults across the world were overweight in 2016. Of these, more than 650 million adults were obese. Furthermore, the International Diabetes Federation (IDF) estimates that around 700 million adults within the age group of 20–79 years will be living with diabetes by 2045. The increasing prevalence of such lifestyle-associated diseases can be attributed to the changing forms of transformation, accelerating urbanization rate, and surging shift toward sedentary lifestyle.
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Thus, the rising incidence of lifestyle-related ailments and chronic diseases will boost the corporate wellness market growth during 2021–2030. According to P&S Intelligence, the market was valued at around $51 billion in 2020 and it is expected to generate about $100 billion revenue by 2030. For instance, the WHO estimates that around 17.9 million deaths occur due to cardiovascular diseases (CVDs) each year, globally. The number of cases of CVDs is increasing due to the unhealthy diet, tobacco consumption, excessive alcohol consumption, and physical inactivity.
Currently, corporate wellness service providers are focusing on launching new products and programs to offer better wellness solutions to enterprises. For instance, in January 2021, HopeQure introduced Employee Assistance, an online corporate employee mental health and wellness program. This program aids employees in adopting healthy work practices by offering a wholesome solution to support them through their work-life stress. The program helps in assessing the impact of mental health concerns on productivity and offers an accessible platform for improving the mental wellbeing of working professionals.
Geographically, North America led the corporate wellness market in the preceding years, due to the surging incidence of CVDs, owing to poor nutrition and sedentary lifestyle, in the region. For instance, according to the Centers for Disease Control and Prevention (CDC), one person dies every 36 seconds in the U.S. from CVD. As per the CDC, approximately 655,000 fatalities in the U.S. occur due to heart disease each year. Employers are aware of this issue, owing to which they are implementing employee wellness programs in their organizations.
Thus, the growing prevalence of chronic and lifestyle-related diseases and the increasing implementation of wellness programs in enterprises will fuel the need for corporate wellness services, worldwide.