Pune: Corporate wellness market analyst says the latest trend gaining momentum in the market is rising government support. Government support for corporate wellness programs has been growing due to the increasing health concerns among the global population. This is due to the growing number of people with chronic conditions such as obesity and diabetes. There is a growing number of healthcare initiatives that are encouraging companies to provide corporate wellness programs to improve the standard of work conditions for employees and their wellbeing.
According to the 2017 corporate wellness market report, one of the major drivers for this market is increase in human lifespan and longer working hours. The growth of the aging population is due to advances in medicine. These advances help people live longer. Countries such as Japan, South Korea, China, Germany, Israel and the US have a significant number of people who are above the age of 65. The number of people living over the age of 60 is expected to double in the near future.
Since 2005, the average life expectancy of both men and women has improved by almost two years. Most people who prefer to work beyond the retirement age are either taking up supplementary careers or working longer because they are ready for a change. Many countries are increasing the age of retirement to reduce pension and healthcare expenses.
The following companies as the key players in the global corporate wellness market: Well Nation, Virgin Pulse, Provant Health Solutions, and ComPsych. Other prominent vendors in the market are: EXOS, Kinema Fitness, Karelia Health, Marino Wellness, Premise Health, Wellness Corporate Solutions, WorkStride, Wellsource, and Wisdom Works Group.
Global Corporate Wellness Market 2017-2021, has been prepared based on an in-depth market analysis with inputs from industry experts. The report covers the market landscape and its growth prospects over the coming years. The report also includes a discussion of the Key vendors operating in this market. The report covers the present scenario and the growth prospects of the global corporate wellness market for 2017-2021. To calculate the market size, the report considers the sales and services market.
Further, the report states that one of the major factors hindering the growth of this market is revenue volatility. The global corporate wellness market has exhibited a low level of revenue volatility. A higher level of revenue volatility points toward greater industry risk. Volatility can negatively impact long-term strategic decisions such as the time frame for capital investment. When a company makes poor investment decisions, it may face underutilized capacity if the demand suddenly falls or capacity constraints rise quickly. Over a period of time, industry revenue has been fluctuating in line with corporate profits.
Another related report is Global Long-Term Care Market 2017-2021, the analysts forecast global long-term care market to grow at a CAGR of 6.18% during the period 2017-2021. The following companies as the key players in the global long-term care market EXTENDICARE, Atria Senior Living, Sunrise Senior Living, and Kindred Healthcare. The other prominent vendors in the market are Brookdale Senior Living Solutions, Emeritus, Genesis HealthCare, Health PEI, Home Instead, Revera, and Senior Care Centers of America.
The vendors in the market are focusing on targeting potential user groups for older men and women residents to maximize the occupancy of their facilities. Also, various associations and organizations are creating awareness through various online channels.