It is expected that the market for organizational wellness will grow by 5 per cent each year. This growth is expected to be driven by both wearable technology and the rising costs of health care.
The market research company Technavio has released a new report that analyzes the trends that are expected to occur in the worldwide corporate wellness industry from 2018–2022. In this context, “worksite health promotion” refers to any action or policy meant to encourage healthy behaviours among employees while they are at work. It may include anything from educating people about their health to providing on-site exercise programs or amenities. At the moment, the health exams and screenings sector control the largest market share in the industry, contributing to more than 41 per cent of its total revenue.
Even though we are still in the initial phases, there has already been a tremendous increase in the number of workplace health initiatives, especially in industrialized countries. This increase has occurred despite the fact that we are still in the early phases. As a part of these activities, an increasing number of businesses are providing their staff members with fitness bands and smartwatches from manufacturers such as Fitbit, Apple, and Garmin.
This is a tremendously lucrative market, and businesses that specialize in wearable technology are eager to secure a piece of the action. There is no indication that wearable technology such as activity trackers, watches, Bluetooth headsets, and smart glasses will become obsolete very soon. These are gadgets that monitor a variety of things, including steps, distance travelled, calories burned, stress levels, and sleep. Technavio anticipates that they will continue to be a factor that contributes to the expansion of this industry in the years to come.
As per a Senior Analyst at Technavio for studies on fitness and health, “Workplace health initiatives are something that Bank of America, for example, adopts for its workers.”
“Workplace health programs include stress imaging techniques,” which “may aid human resource management in determining stress initiating causes in the workforce and taking necessary activities to minimize the stress levels,” according to the article.
In addition to this, there is an increasing requirement to tackle the rising cost of healthcare. Based on the scale of the company and the type of insurance coverage, these are often shared between employers and employees.
In recent years, annual spending on healthcare in the United States has surpassed $3 trillion. Because of this, the healthcare industry is now one of the largest industries in the country.
The problem of ever-increasing prices has gotten to be such a burden for customers that some of them now fear medical expenses more than they do their actual health conditions. Some people are even choosing to avoid going to the doctor as a means of coping with this. And despite the fact that doing so could cut expenses in the immediate future, in the long run, doing so would be detrimental to both one’s health and one’s financial situation. Because of this, it is even more important for businesses to offer their employees well-rounded health programs.
The market is broken down into its many geographical components in the research as well. It should come as no surprise that the Americas had the largest share, accounting for 46 per cent. After that, the EMEA and APAC regions took precedence, respectively.
Visit technavio.com for further details if you are interested.