Spain's Corporate Wellness Market is projected to grow at a CAGR of 2.69% during the forecast period increasing from US1.316 billion in 2021 to US$1.584 billion by 2028.
Numerous companies and firms across various industrial sectors have begun adopting health programs for their staff, which is anticipated to increase demand in Spain's corporate wellness industry. The country's work ethic, which can be extremely demanding and stressful, is another significant factor in Spain's corporate wellness sector. As more businesses see the value in supporting employee health and well-being, the corporate wellness industry in Spain is anticipated to expand.
Growth in government initiatives
Various initiatives by the Spanish government are further propelling Spain's corporate wellness market. For instance, the prerequisites for businesses interested in applying for the Spanish government's four-day workweek pilot program were outlined. Small and medium-sized industrial enterprises in Spain had access to €9.65 million ($10.56 million) to test the effects of allowing their workers to work fewer hours. To qualify for the subsidies, participating businesses reduced the working hours of at least 25% of their employees by at least 10% during two years. El Pais said that according to government sources, the strategy is, to begin with small industrial companies like shoe, canning, garment, or automotive industries and then utilise the profits to expand to other economic sectors. This initiative was majorly taken to reduce workplace stress and overburn among employees.
Products and services offered by major market players
Increasing workplace stress in the Spanish population
The high incidence of stress among employees and businesses' growing investments in wellness programs to maintain and advance employee health are the key factors influencing the growth of Spain's corporate wellness market. Workplace wellness initiatives concentrate on improving employee health and helping businesses enhance productivity.
Additionally, as per a survey conducted by the National Library of Medicine, on 1,200 Spanish drivers, drivers reported emotional tiredness at work in 41.6% of cases. In addition, 80.2% of the individuals exhibiting significant indicators of work-related stress or weariness had gone through one or more significant stressful life events in the year prior.
Growth in small enterprises and professional tiredness
According to the statistics gathered in the Central Directory of Companies (DIRCE) as of 1 January 2022 and released by the National Statistics Institute (INE), the number of active enterprises increased by 1.9% in 2021, to 3.43 million. Spain's corporate structure, which is made up of many tiny company units, is extremely fragmented in terms of employment. Additionally, the National Institute for Occupational Safety and Health (NIOSH) believes that professional tiredness can impact nearly the whole working population in the occupational environment. In particular, recent research has shown that between 25% and 30% of workers experience significant levels of stress as a result of their occupations.
Rise in mental health initiatives
At a meeting held at Moncloa Palace on World Mental Health Day, Pedro Sánchez, the President of the Government of Spain, and Carolina Darias, the Minister of Health, unveiled the revised 2021–2024 Mental Health and COVID–19 Action Plan. The 2021-2024 Mental Health and COVID-19 Action Plan will now support this strategy because it is being implemented in response to the emergency caused by the impact of the COVID pandemic on Mental Health and in response to the Opinion of the Reconstruction Commission, and it will receive 100 million euros from the Government of Spain.
Furthermore, in February 2023, Dr. Jarbas Barbosa, the director of the Pan American Health Organisation (PAHO), met with Pedro Sánchez, the president of the Spanish government, to explore increased assistance for health initiatives in Latin America and the Caribbean. This will significantly impact the corporate wellness sector in Spain.
Key players focus on promoting employee wellness programs
The companies in the country are actively promoting employee wellness programs as they result in numerous benefits. These include positive mental health for employees as well as ensuring an overall reduction in employee healthcare costs. Furthermore, this results in increasing productivity and contributes to a positive work environment in the Spain market. Moreover, as per OECD data till the year 2019, around 46% of the full-time employees in Spain reported stress conditions. This creates favourable opportunities for the adoption of wellness programs by employers to ensure equal emphasis on both the mental and physical health aspects of employees.
According to estimates from the National Library of Medicine, job stress among the Spanish population is increasing at an alarming rate, with the study showing that 80.2% of workers admitted job stress at the workplace. Moreover, 41.6% of people admitted that they experienced emotional exhaustion at the workplace.
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