Canada Corporate Wellness Market Growth & Trends
The Canada corporate wellness market size is expected to reach USD 3.5 billion in 2030, expanding at a CAGR of 4.33% during the forecast period, based on a new report by Grand View Research, Inc. An increase in awareness regarding the available employee wellness services and the increasing onset of chronic diseases are some of the factors driving the market growth. In addition, the rising awareness regarding the benefits of these services in reducing the cost of absenteeism due to the loss of productivity is encouraging employers to adopt corporate wellness services. According to the Conference Board of Canada, the mental health conditions of working individuals cost around USD 15.5 billion annually to employers from the loss of productivity, absenteeism, and medical claims.
The key providers are engaging in partnerships and mergers & 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 policy is also developing a sense of isolation in employees. The COVID-19 pandemic caused a change in the process of delivering wellness services.
The pandemic has seen an overall increase in telehealth services by wellness service providers. Although in-person sessions have resumed to some extent, at-risk employees can now access a virtual platform to satisfy their psychological and fitness demands. Initially, the lockdown imposed by the government resulted in the move to a work-from-home policy, which was stressful. A few developments have been seen in the delivery of corporate wellness services, such as the conduct of webinars on contemporary difficulties, such as financial uncertainty and the provision of telehealth facilities, to address employees’ emotional and physical concerns.
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Canada Corporate Wellness Market Report Highlights
In terms of services, the Health Risk Assessment (HRA) segment dominated the market in 2021. HRA is a widely adopted service as it conducts an overall health analysis of the employee assisting in determining the further line of treatment required
The medium-scale organization’s segment is expected to register the fastest CAGR over the forecast years due to the rising adoption of corporate wellness services by such organizations
The fitness & nutrition consultants category segment is expected to register the fastest CAGR over the forecast period
The segment includes services, such as lunch ‘n learns and workshops, and group exercise classes to promote the habit of fitness and having a nutritious diet
The onsite delivery model segment dominated the market in 2021. Onsite services have a high adoption rate as they save employee time when compared to offsite services
Companies are modifying their corporate wellness strategies to meet the emerging public health crisis due to the COVID 19 pandemic. In April 2020, Medcan launched a new service for assisting employers in safeguarding their workplaces and employees
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