The Australia Corporate Wellness Market is anticipated to expand at a high CAGR over the forecast period.
Corporate wellness is a program that supports and promotes employee well-being by developing a culture of health within the company. Corporate wellness gives positive results by enhancing productivity and increasing employee engagement.
To ensure that employees feel safe at work, corporate wellness program implementation is very important, which is predicted to boost market development over the forecast period. A lot of companies are introducing fitness initiatives to help staff members feel connected while working from home. The primary driver of market expansion is the increasing prevalence of chronic diseases like cancer, diabetes, and others.
Positive market growth for Australian corporate wellness is due to increasing stress
According to the World Health Organization (WHO), physical, mental, social, and spiritual are the four pillars of corporate wellness. Corporate wellness initiatives are currently implemented by organizations all over the world to encourage employees to lead healthy lifestyles and increase productivity. Chronic diseases such as obesity, diabetes, and heart problems are becoming more common in Australia.
According to the Australian Institute of Health and Welfare (AIHW), 20% of people have problems relating to mental health, and 47% of employees have one or more chronic diseases. Employees suffer from stress mainly due to unhealthy work culture and long working hours, which leads to a number of health problems like fatigue and anxiety. According to the Australian Institute of Health and Welfare (AIHW), employees working for long hours have increased by up to 24%. The Work Health Safety Act (WHS) asks employers to protect their employees' mental, physical, and overall health.
Corporate wellness programs can aid employees in managing the demands of the modern workplace along with their health and well-being. It includes a variety of activities like stress management programs, fitness classes, and health education. The rise in chronic diseases and the drop in employee healthcare costs are both boosting market expansion.
Increasing market players’ engagement will drive the Australian corporate wellness market growth
In order to satisfy the changing demands of employees, corporate wellness programs are continually evolving and improving. To encourage market expansion, many market players are putting their strategic plans into action. In November 2021, PwC Australia introduced the "OneMind" program to provide mindfulness workshops, resilience training, and access to an online mental health platform.
In September 2021, Lendlease launched a program called "Wellness at Work" which includes a range of wellness initiatives such as fitness classes, mental health first aid training, and healthy eating workshops. In August 2021, the "HBF Wellness" program by HBF offered employees access to fitness classes, health coaching, and nutrition advice. This shows that the market's growth will be accelerated by an increase in the number of corporate wellness programme launches in Australia.
May 2021: Bupa Australia launched its "Flourish" program, which provides services for the mental health and welfare of employees.
February 2021: Qantas announced its program, "Heads Up by Qantas" which included mental health support resources and training for managers to support the mental health of their teams.
| Report Metric | Details |
|---|---|
| Forecast Unit | Billion |
| Study Period | 2018 to 2028 |
| Historical Data | 2018 to 2021 |
| Base Year | 2022 |
| Forecast Period | 2023 – 2028 |
| Segmentation | Type, Enterprise Size |
| Companies |
|