Implementing a company wellness program is an employer's strategy for establishing a healthy work environment. It incorporates wellness practices into daily life to support the well-being of its employees. The overall decline in employee healthcare expenditures, as well as the increasing incidence of chronic illnesses, are expected to drive market growth. The modern business world has demonstrated the importance of a healthy staff. Employers who show their employees that they are valued can expect them to work harder. In Canada, psychological issues are the leading source of disability, accounting for one in five cases of disability each year and approximately 60% of employees concur that company wellness initiatives have influenced them to live a healthier lifestyle outside of work.
Rising stress presents a lucrative market growth for Canadian corporate wellness
Workplace stress and mental health problems are becoming common among adults in Canada and have been steadily increasing over the last few decades due to which there is a need for stress management that can help employees to reduce their stress levels. According to the Conference Board of Canada, the mental health of working people costs employers approximately USD 15.5 billion per year in lost output, absenteeism, and medical claims. In June 2021, the Public Health Agency of Canada released two infographics highlighting statistics related to mental health, revealing that 19% of Canadians tested positive for generalized anxiety disorder (GAD) and major depressive disorder (MDD). (MDD). This shows that stress is in huge amounts among the employees in Canada which require stress management which will boost the Canadian corporate wellness market during the forecasted period.
Increasing market player’s engagement will drive the Canadian corporate wellness market growth
Several market participants are implementing strategic initiatives, thereby adding to market development. In January 2020, Pamela Dempster Wellness Consulting joined hands with the faculty at the Atlantic Contemplative Centre (ACC) to provide onsite and online employee wellness and mental health training, as well as the skills needed to develop workplace resilience. In September 2022, Dialogue Health Technologies Inc, Canada's premier virtual care and wellness platform, launched "Wellness," the country's first-ever integrated virtual preventative health initiative that encourages healthier living. The program mainly targets 70% of Canadians who do not get the recommended 150 minutes of physical activity per week, assisting them in developing healthier habits and preventing illness. This shows that increasing corporate wellness program launches in Canada will boost the region’s corporate wellness market growth.
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