The Canada corporate wellness market size is expected to reach USD 4.7 billion in 2027, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 6.8% during the forecast period. An increase in awareness regarding available employee wellness services and the increasing onset of chronic diseases are some of the factors driving the market growth.
The
increasing awareness regarding the benefits of wellness services in reducing
the cost of absenteeism due to loss of productivity is encouraging employers to
adopt corporate wellness services. According to the Conference Board of Canada
stated that mental health conditions in working Canadians cost around USD 15.5
billion annually to employers from lost productivity, absenteeism, and medical
claims.
The
wellness service providers are engaging in partnerships and mergers and
acquisitions to strengthen their market presence. For instance, in June 2020,
Bridges Health partnered with the Saskatchewan Chamber of Commerce to conduct a
webinar series focusing on maintaining mental health during the time of the
pandemic.
As
the economy is hit by the COVID-19 pandemic, many employees are facing
financial uncertainty affecting their mental health. Moreover, the work from
home is also developing a sense of isolation in the employees. The pandemic has
seen an overall increase in the telehealth services by wellness service
providers
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Canada Corporate
Wellness Market Report Highlights
- The health risk assessment
segment (HRA) dominated the market in terms of revenue share in 2019. The
HRA is a widely adopted service as it conducts overall health analysis of
the employee assisting in determining the further line of treatment
required
- The medium-scale
organizations are adopting the corporate wellness services at an optimum
pace which is expected to contribute to the fastest growth of the
medium-scale organizations segment over the forecast period 2020 to 2027
- In the category segment,
fitness and nutrition consultants are expected to register the fastest
growth over the forecast period. It includes services such as lunch ‘n
learns and workshops and group exercise classes to promote the habit of fitness
and having a nutritious diet
- Onsite corporate wellness
dominated the delivery model segment in 2019. Onsite services have a high
adoption rate since it saves employees time for availing of the service as
compared to offsite services
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Canada Corporate
Wellness Market Segmentation
Grand View Research has segmented
the Canada corporate wellness market based on service, end use, category, and
delivery model:
Canada Corporate
Wellness Service Outlook (Revenue, USD Million, 2016 - 2027)
- Health Risk Assessment
- Fitness
- Smoking Cessation
- Health Screening
- Nutrition & Weight
Management
- Stress Management
- Others
Canada Corporate
Wellness End-use Outlook (Revenue, USD Million, 2016 - 2027)
- Small-scale Organizations
- Medium-scale Organizations
- Large-scale Organizations
Canada Corporate
Wellness Category Outlook (Revenue, USD Million, 2016 - 2027)
- Fitness & Nutrition
Consultants
- Psychological Therapists
- Organizations
Canada Corporate
Wellness Delivery Model Outlook (Revenue, USD Million, 2016 - 2027)
- Onsite
- Offsite
List of Key Players
of the Canada Corporate Wellness Market
- Curtis Health
- Bridges Health
- Pamela Dempster Wellness
Consulting
- Employee Wellness Solutions
Network, Inc.
- INLIV
- Medcan
- Medpoint Health Care Centre
- Preventacare
- Well Street
- ComPsych
About Grand View Research
Grand
View Research, Inc. is a U.S. based market research and consulting company,
registered in the State of California and headquartered in San Francisco. The
company provides syndicated research reports, customized research reports, and
consulting services. To help clients make informed business decisions, we offer
market intelligence studies ensuring relevant and fact-based research across a
range of industries, from technology to chemicals, materials and healthcare.
For more info visit @ https://www.grandviewresearch.com
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