Corporate wellness is the need of the hour

Corporate wellness programmes are a collection of policies, programmes, and rewards that target a variety of risk factors and conditions, influencing both employees and the organisation as a whole. According to the National Centre for Chronic Disease Prevention and Health Promotion (NCCDPHP), in the United States, corporate programmes promoting well-being and health, as well as disease prevention plans, have the potential to influence more than 150 million employees while significantly lowering healthcare costs. Employees are urged to live a healthy lifestyle, which helps organisations increase productivity and cut costs by boosting employee well-being. The entire expenses of missed productivity owing to illness-related absenteeism are likely to exceed USD 150 billion in the future years.

Market Drivers

• Longer working hours and a longer lifespan

There are numerous important elements that influence the industry and contribute to the growth of the corporate wellness market. They are important for a holistic approach, which implies that employees and employers can achieve maximum production while maintaining the well-being of the work culture. To compete and survive in the corporate sector, people must work longer hours, requiring them to be healthy and have a longer life expectancy. To maintain staff productivity and well-being, the firm implements numerous wellness programmes and policies, which ultimately benefit the corporate wellness market.

• Rising stress awareness and the frequency of chronic disorders

The working-class population has grown so workaholic and preoccupied that they take stress and fail to manage their lives, which has a negative impact on their physical and mental health. Because of the growing sadness and stress, there is a greater need for behavioural and mental health management of employees, which has resulted in a demand for wellness programmes by firms for their staff. As a result, this pushes market expansion and serves as the primary reason for the need for health products and services.

• A Significant Improvement in Well-Being Attitudes

A modern sense of belonging tied to fitness, which is highly valued in today's culture, is opening up new possibilities. Customers are looking for ways to detox from their digital frenzy and reclaim time for personal growth, harmony, and wellness as a result of digitalization, which is driving global market expansion. The target population follows various practises such as meditation, yoga, stress-relieving programmes, and detoxifying challenges to enhance immunity for fitness and health difficulties. As a result, the industry is being driven by a growing concern for health and a shifting attitude towards health.

• Artificial Intelligence's growing domination

The emergence of a new era of personalised education and solutions that cater to each employee's individualised well-being via AI will change the worldwide corporate wellness market. Several businesses are looking to artificial intelligence to sustain employee contact between human touchpoints, generate a more thorough profile of their employees in real time, and assist them in scaling up their wellness initiatives without relying largely on human resources. AI-enabled systems recognise trends, forecast how real-world health problems or statistics will unfold in the future, and design a plan to keep illnesses and other health and well-being difficulties at bay. As a result, it is an important component in market growth.

Recent Developments

In August 2022, mHealth, a community-based wellness platform, will introduce a one-of-a-kind holistic wellness community designed for the C-suite. Tasks for fitness, daily nutrition and food, mental well-being, and chronic care are prioritised by the corporate wellness market. To give comprehensive solutions to CXOs and their families, mHealth aims to improve the community's physical, mental, and emotional wellness.

In February 2022, Quantum CorpHealth Pvt. Ltd, a health tech business, built three new offices in India (Pune, Bengaluru, and Hyderabad) to address the country's rapidly expanding need for health and wellness services for corporate employees and their dependents.

Market Opportunities

An increase in the prevalence and early onset of chronic diseases, as well as a drop in employee healthcare expenses, are driving market expansion. Because of today's work culture, the majority of people do not have enough time to engage in mental and physical activities after work or in their spare time, resulting in health problems. Chronic diseases pose a serious global danger, since the prevalence of many of these ailments continues to climb. For example, the World Health Organisation (WHO) predicts that cancer will claim the lives of approximately 10 million people by 2020. Furthermore, according to American Cancer Society figures for 2021, the worldwide cancer burden is expected to climb to 16.3 million cancer deaths and 27.5 million new cases by 2040. Similarly, obesity, heart disease, and diabetes are examples of chronic diseases that have afflicted many countries worldwide as a result of an unhealthy and sedentary lifestyle, including many industrialised nations. As a result, the prevalence of a variety of chronic diseases is rising. These disorders, on the other hand, can be avoided. As a result, holistic approaches to workplace wellness programmes that teach employees about the necessity of developing healthy habits and the benefits of sticking to exercise objectives are in high demand.

Conclusion

Factors such as rising prevalence and early onset of chronic diseases, as well as lower employee healthcare expenditures, are driving market expansion. The increased prevalence of chronic diseases including cancer, diabetes, and others is driving market expansion. In today's work culture, the majority of individuals do not have enough time to engage in mental and physical activities after work or in their spare time, which leads to health problems. According to the American Cancer Society's 2021 statistics, the global burden of cancer is anticipated to rise to 27.5 million new cases and 16.3 million cancer deaths by 2040.

Factors such as rising prevalence and early onset of chronic diseases, as well as lower employee healthcare expenditures, are driving market expansion. The increased prevalence of chronic diseases including cancer, diabetes, and others is driving market expansion. In today's work culture, the majority of individuals do not have enough time to engage in mental and physical activities after work or in their spare time, which leads to health problems. According to the American Cancer Society's 2021 statistics, the global burden of cancer is anticipated to rise to 27.5 million new cases and 16.3 million cancer deaths by 2040.

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