Corporate wellness market is the sector that deals with promotion and support of healthy workplace behaviour. The wider spectrum covers a number of fields like fitness activities and facilities and even health education.
The growth of this market is projected at a rate of 5% in the upcoming 5 years and the growth is expected to be underpinned by multiple wearable technologies. Though it’s a relatively new approach, many developed countries are adopting corporate wellness programs in various ways. Giving the employee’s activity trackers and smartwatches from Fitbit, Garmin, Apple etc is acting as a part of these initiatives.
Technavio is the name that expects wearable technology will dive deeper into this lucrative market and earn themselves name as well as money in a good fashion. As devices like smartwatches, fitness trackers and Bluetooth headsets are here to stay, they will keep growing in the coming years.
Also rising healthcare costs are growing as a worrying factor and both the employees along with the employer gets affected at large owing to various insurance policies that come into play while providing healthcare support.
The practice of visiting physicians on a regular basis is slowly eradicating primarily because of the huge costs that are involved, thereby making this a troubling factor in the long run both in terms of health and finances. The best way of tackling this issue is through rewarding the employees with a better coverage of wellness programs from the organization’s end.
Detailed reports from Technavio.com on market’s regional breakdown showed how Americans hold the largest share at 46%. It was followed on by EMEA & APAC respectively.