LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global corporate wellness market to grow at a CAGR of around 5% during the forecast period, according to their latest market research report.
The adoption of wearable technology is one of the major trends being witnessed in the global corporate wellness market 2018-2022. Wearable technology is an electronic system that can be worn on the body as an accessory or as a part of the material used in clothing. The most popular devices in wearable technology are activity trackers and smartwatches. Some of the other devices in wearable technology are Bluetooth headsets, smartwatches, and web-enabled glasses that allow employees to access data hands-free from Wi-Fi networks during activities.
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According to Technavio analysts, one of the key factors contributing to the growth of the global corporate wellness market is the increasing need to combat rising healthcare costs.
Global corporate wellness market: Increasing need to combat rising healthcare costs
Organizations provide healthcare benefits to employees to improve their health and have a productive workforce. Some instances of healthcare benefits are prescription drug subsidies, health insurance, and compensation or premiums. Such healthcare costs are generally split by the employers and employees depending on the business size of the companies and type of insurance coverage.
According to a senior analyst at Technavio for research on health and wellness, “Bank of America, for instance, incorporates corporate wellness programs for its employees. Corporate wellness programs use stress mapping techniques that can assist human resource managers to determine stress initiating factors in the workspace and take appropriate actions to reduce the stress levels.”
Global corporate wellness market: Segmentation analysis
The global corporate wellness market research report provides market segmentation by its applications (health assessments and screenings and nutrition and fitness), and by region (the Americas, EMEA, and APAC). It provides an in-depth analysis of the prominent factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Of the two major applications, the health assessments and screenings segment held the largest market share in 2017, contributing to over 41% of the market. The growth of this application segment is because the corporate wellness programs involve health tests and screenings for early detection and prevention of chronic diseases among employees.
The Americas held the largest share of the market in 2017, accounting for more than 46% share. It was followed by EMEA and APAC respectively. The growth in the Americas can be due to the significant presence of vendors in the region.
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