ALBANY, New York, Aug. 5, 2019 /PRNewswire/ -- According to a latest report by Transparency Market Research on global corporate wellness market, the said is expected to rise substantially in the forecast period from 2018 to 2026. The report states that the market is growing as a result of rising demand for better employee welfare programs in various business organizations. As per the report, there are other factors that promote the growth of the market. For example, vaccination and blood donation camps play an important role in the growth of global corporate wellness market in the forecast period from 2018 to 2026.
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Market to Exhibit 9% CAGR during the Forecast Period
According to the analysis by experts at Transparency Market Research, the market is expected to exhibit the robust growth of 9% CAGR during the forecast period of 2018 to 2026. This growth of the market is majorly attributed to the rising employee safety initiatives by various business organizations across the globe.
The report predicts that the global corporate wellness market is expected to reach to a staggering value of US$ 61,690.9 Mn by 2026. This revenue generation is the result of various initiatives such as supply of first aids kits in workplaces and flexible health insurance for the employees of business organizations.
The historical analysis of the global corporate wellness market shows that the market stood at US$ US$ 29,266.9 Mn at the end of 2017.
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The report provides actionable insights to the players that can be beneficial to them during decision making. With these insights, the players can strategize their operations for better growth and greater profit generation. Moreover, these insights can help the players to understand the changing dynamics of the market, which can be a plus when competing against large number of rivals in the global corporate wellness market.
North America to Emerge as a Leading Region in the Market
Geographically, North America is expected to emerge as the dominating region in the market over the forecast period. The dominance of the market is the result of heavy investments for employee's health and adoption of various corporate wellness service by corporates in the U.S. and Canada.
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Increasing cases of chronic diseases in the region is another factor that is supporting North America to dominate the global corporate wellness market during the forecast.
Growing adoption of various corporate wellness programs to keep employees healthy is yet another factor that supports the growth of North America in global corporate wellness market.
Adoption of Various Employee Welfare Policies to Propel Growth of the Market
As the corporate work culture is changing the lifestyle of employees, they are getting majorly prone to chronic diseases and health conditions. As a result of this, the productivity of a business gets heavily affected. It is because of this reason, various organizations are implementing several employee welfare policies into their process. This in turn has surged the demand for paramedics, first-aid kits etc. for businesses. This rising demand of wellness items is the key reason responsible for the growth of global corporate wellness program.
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It is very important for businesses to have healthy and sound employees. In order to cater to the need of stress management, disease protection, and proper nutrition for the employees, businesses are vying have to incorporate wellness program into everyday work routine. This allows the businesses to improve the performance of their employees. The implementation of various wellness programs to improve the productivity of an employee is another factor that is responsible for the growth of global corporate wellness market in the forecast of 2018 to 2026.
The study presented here is based on a report by Transparency Market Research (TMR), titled, "Corporate Wellness Market (Service Type - Health Risk Assessment, Fitness, Smoking Cessation, Health Screening, Weight Management, Nutrition, Others (Stress Management, Disease Management, Vaccination, etc.)) - Global Industry Analysis, Size, Share, Growth, Trends, & Forecast 2018 - 2026."
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