Trusted Business Insights answers what are the scenarios for growth and recovery and whether there will be any lasting structural impact from the unfolding crisis for the Workplace Stress Management market.
Trusted Business Insights presents an updated and Latest Study on Workplace Stress Management Market 2019-2026. The report contains market predictions related to market size, revenue, production, CAGR, Consumption, gross margin, price, and other substantial factors. While emphasizing the key driving and restraining forces for this market, the report also offers a complete study of the future trends and developments of the market. The report further elaborates on the micro and macroeconomic aspects including the socio-political landscape that is anticipated to shape the demand of the Workplace Stress Management market during the forecast period (2019-2029).
It also examines the role of the leading market players involved in the industry including their corporate overview, financial summary, and SWOT analysis.
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Industry Insights, Market Size, CAGR, High-Level Analysis: Workplace Stress Management Market
The global workplace stress management market size was valued at USD 7.01 billion in 2018 and is expected to grow at a CAGR of 8.4% over the forecast period. With the rising competition, the employees work under a lot of pressure and excessive demands. Hence, stress us an adverse reaction which disturbs the equilibrium of work life balance for the employees. The awareness about stress management is increasing owing to the initiatives taken up by employers across the world. Stress management programs are anticipated to be a crucial part of employee management processes in the coming years.
Health and safety legislation require employers to assess the risk hazards in the workplace. The employers are responsible for the implementation of practical measures for the risk reduction in the work environment. The risk assessment in the workplace checks whether the already existing control measures prevent harm to employee health. The management standard approach for stress management prevents work related stress.
Small, medium, and large scale organizations need to be prepared for the acknowledgment of work related stress and implement the stress tackling mechanisms. According to the Health & Safety Executive (HSE), over 40% of the work related illnesses were caused due to stress, anxiety, and depression in 2016. This resulted in the loss of productivity of around 12 million working days. In addition, stress can cause a reduction in morale and productivity of the employees, affecting the quality of their overall lifestyle.
Service Insights of Workplace Stress Management Market
Based on the services offered, the workplace stress management market is categorized into stress assessment, yoga & meditation, resilience training, and progress tracking metrics. Of these, the stress management segment dominated the overall market in terms of revenue share in 2018. Yoga & meditation segment is anticipated to witness the fastest growth rate over the forecast period from 2019 to 2026.
According to the 2018 health & wellbeing report published by the Chartered Institute of Personnel and Development (CIPD), stress is one of the biggest factors contributing to long term employee absence. In addition, the report stated that over 37% of the respondents reported an increase in work related stress in one year. Furthermore, based on the research by the Capita Employee Benefits for 2016 to 2017, around 75% of the employees in the UK were stressed in 2016. Around 44% of employees reported knowing colleagues who left their work due to stress.
Delivery Mode Insights
The market is categorized into individual counselors, personal fitness trainers, and meditation specialists. Of these, personal fitness trainers dominated the overall market in terms of revenue share in 2018. On the other hand, the meditation specialists segment is anticipated to grow at the fastest growth rate over the forecast period from 2019 to 2026.
Focusing on employee wellbeing can yield positive results to the businesses. Improvement in working practices, management style, internal communications, and employee benefits can positively impact both employees as well as business profits. Although the identification of stressed employees is easier, offering them the help to tackle the stress becomes difficult as the employees are under no obligation to discuss their personal issues in the workplace. Therefore, the delivery mode of stress coping techniques plays a critical role in stress management programs.
End Use Insights
Large scale organizations held a majority of the revenue share of end use segment in 2018. On the other hand, medium scale organizations are expected to witness the fastest growth over the forecast period from 2019 to 2026. Around 70% of employers invested in health screening services in the last few years. The correctly implemented health programs can increase the profits of the businesses. Large scale organizations can incorporate programs and services into their companys infrastructure; whereas, small scaled firms can benefit from corporate memberships and by outsourcing the services.
Based on the type of activities, the market is categorized into indoor and outdoor activities. Indoor activities dominated the market in terms of revenue share in 2018. Whereas the outdoor activities are expected to grow at the fastest rate in the coming years.
Appster, an app developing agency offers employee perks such as free meals and rides to work to minimize stress at work. The office has a pet husky to accompany employees in their free time for outdoor activities. Moreover, the company arranges outings involving stress busting group activities outside the workplace.
Google offers employee mindfulness classes called Search Inside Yourself, Meditation 101, and Mindfulness Based Stress Reduction. The company created a virtual & in-person community called gPause to promote meditation practice, including assistance such as daily in-person meditation sits, and day meditation retreats.
Regional Insights of Workplace Stress Management Market
North America dominated the overall market, in terms of revenue share, in 2018 and will maintain its position throughout the forecast period from 2019 to 2026. Approximately 50% of the employers in the U.S. offer employee wellness programs. Larger organizations offer more complex initiatives. The Asia Pacific region, on the other hand, is likely to witness the highest growth rate over the forecast period. The rising number of working individuals in this region along with the growing awareness about the health management of employees is expected to increase the demand for stress management programs.
Market Share Insights of Workplace Stress Management Market
Some of the key companies in this market are Fitbit; ActiveHealth Management; ComPsych; Marino Wellness; Truworth Wellness; Wellness Corporate Solutions (WCS); Wellsource, Inc.; CuraLinc Healthcare; Central Corporate Wellness; etc. The growth of the market is driving due to the rising awareness about employee wellness services. More than 550 employers in the U.S. consistently offer wellness services to their employees. Wellness providers are offering direct services to employers as third party vendors.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Workplace Stress Management Market Research Report
This report forecasts revenue growth and provides an analysis on the latest trends in each of the subsegments from 2015 to 2026. For this study, this market research report has segmented the workplace stress management market based on service, delivery mode, end use, activity, and region:
Service Outlook (Revenue, USD Million; 2019 – 2030)
Yoga & Meditation
Progress Tracking Metrics
Delivery Mode Outlook (Revenue, USD Million; 2019 – 2030)
Personal Fitness Trainers
End Use Outlook (Revenue, USD Million; 2019 – 2030)
Small Scale Organizations
Medium Scale Organizations
Large Scale Organizations
Activity Outlook (Revenue, USD Million; 2019 – 2030)
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