Yahoo Finance Australia & New Zealand Corporate Wellness Market Size, Share & Trends Analysis Report By Service, By Delivery Model, By End Use, By Category And Segment Forecasts, 2022 - 2030
Australia & New Zealand Corporate Wellness Market Size, Share & Trends Analysis Report By Service (HRA, Fitness), By Delivery Model (Onsite, Offsite), By End Use, By Category, And Segment Forecasts, 2022 - 2030
New York, May 18, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Australia & New Zealand Corporate Wellness Market Size, Share & Trends Analysis Report By Service, By Delivery Model, By End Use, By Category And Segment Forecasts, 2022 - 2030" - https://www.reportlinker.com/p06278031/?utm_source=GNW
Australia & New Zealand Corporate Wellness Market Growth & Trends
The Australia & New Zealand corporate wellness market size is expected to reach USD 2.2 billion in 2030, expanding at a CAGR of 5.36% during the forecast period. Increased awareness about the available employee wellness services, a significant proportion of absenteeism, and the rising prevalence of stress & chronic diseases are the key factors driving the market growth. Work-related stress in employees is increasing. The COVID-19 pandemic has changed the dynamics of work. The work-from-home structure during the pandemic has resulted in longer working hours & more stress. In Australia, average working hours are higher.
According to the University of Melbourne, 30% of men & 11% of women worked 48 hours a week.According to a report by Beyond Blue, one in five Australians has suffered from stress.
Nearly 21% of Australians have taken time off from work due to stress, anxiety, and other mental health concerns.This is resulting in decreased productivity & increased attrition among employees.
Thus, employers are concentrating on stress management of employees.Around 81% of organizations in Australia have one or more policies to support employee mental health.
The high mental health concerns in the country and increased efforts by employers to reduce workplace stress are driving the market growth.
Furthermore, absenteeism is a direct contributor to monetary loss.Other factors, such as stress, have a negative impact on the productivity of employees.
Between March and May 2020, the Auckland University of Technology (AUT) Business School team surveyed 1,000 employees in New Zealand.The study found that employees in large companies with over 51 employees were 153% more likely to suffer burnout, while those aged 29 years and under were 206% more likely to experience it.
Moreover, these employees were more likely than others to experience despair, anxiety, psychosomatic (such as stomach aches), and psychological (such as sleep difficulties) symptoms. These health issues limit job efficiency.
The increased frequency of stress among workers is projected to fuel market growth as onsite/offsite wellness initiatives for employees help combat these issues.The COVID-19 pandemic has created economic crises and many employees face financial insecurity, which is impacting their mental health.
Moreover, employees who work from home develop a sense of isolation.The pandemic altered the way wellness services are delivered.
As a result, workplace wellness initiatives became a priority for employee safety during the pandemic.In addition, several organizations are introducing fitness programs to help employees maintain a sense of community while working from home.
For instance, Workplace Options launched Revive in April 2021 as a customized service aimed at assisting employees who are at risk of or are experiencing burnout through live counseling and coaching sessions.
Australia & New Zealand Corporate Wellness Market Report Highlights
• In terms of services, the Health Risk Assessment (HRA) segment dominated the market in 2021. Rising health concerns among employees and active government support are propelling the segment growth
• On the basis of end uses, the large-scale organizations segment dominated the market in 2021. A high number of employees and willingness to pay a premium price for employee welfare among large-scale enterprises are driving the segment growth
• Based on category, the organizations/employers segment accounted for a dominating market share in 2021. Employers are adopting wellness programs, cooperating with external wellness service providers, and conducting health exams, stress management campaigns, and fitness seminars
• The onsite delivery model segment dominated the market in 2021. Onsite services have a higher acceptance rate than remote services as they save employees’ time when utilizing the service
Read the full report: https://www.reportlinker.com/p06278031/?utm_source=GNW
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