– Surge in competition at workplace and rise in awareness of stress management drive the growth of the global workplace stress management market
PORTLAND, Ore., May 31, 2021 /PRNewswire/ — Allied Market Research published a report, titled, “Workplace Stress Management Market by Service (Stress Assessment, Yoga & Meditation, Resilience Training, Progress Tracking Metrics, and Others), Delivery Mode (Individual Counselors, Personal Fitness Trainers, Meditation Specialists, and Others), End User (Large Private Organizations, Mid-sized Private Organizations, Small Private Organizations, NGO, and Public Sector): Global Opportunity Analysis and Industry Forecast, 2020–2027.” According to the report, the global workplace stress management industry generated $8.21 billion in 2019, and is estimated to reach $11.49 billion by 2027, witnessing a CAGR of 5.9% from 2020 to 2027.
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Prime determinants of growth
Surge in competition at workplace and rise in awareness of stress management drive the growth of the global workplace stress management market. However, scarcity of skilled counselors and limited awareness in developing countries hinder the market growth. On the other hand, emphasis on health and safety regulations along with rise in popularity of yoga and other health-related practices would create new opportunities in the coming years.
Covid-19 Scenario
- Many companies have been laying off employees to compensate for the losses that occurred due to lockdown imposed by governments. This reduced the number of stress management programs at the workplace.
- The Covid-19 pandemic aggravated the widespread and unaddressed mental health issues in the workplace. This would be a major factor for increased demand for stress management.
The stress assessment segment to maintain its lead position during the forecast period
Based on service, the stress assessment segment contributed to nearly two-fifths of the global workplace stress management market in 2019, and is estimated to maintain its lead position during the forecast period. This is due to prominence of stress assessment techniques and introduction of stress management programs in organizations. However, the yoga and meditation segment is projected to witness the highest CAGR of 9.1% from 2020 to 2027, owing to its effectiveness in reducing stress and giving peace of mind as compared with other methods.
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The personal fitness trainers segment to maintain its leadership status by 2027
Based on delivery mode, the personal fitness trainers segment accounted for the highest market share in 2019, holding more than two-fifths of the global workplace stress management market in 2019, and is projected to maintain its leadership status by 2027. This is due to increase in preference for personal fitness trainers for employees in the workplace. However, the meditation specialists segment is expected to witness the largest CAGR of 7.2% from 2020 to 2027. This is due to increase in mindfulness at the workplace and utilization of customized mobile meditation applications to help manage stress.
North America to continue its dominant share in terms of revenue by 2027
Based on region, North America accounted for the largest market share in 2019, holding around one-third of the global workplace stress management market, and is expected to continue its dominant share in terms of revenue by 2027. This is due to presence of the number of service providers and large-sized public and private organizations in the region and rise in demand for workplace wellness. However, LAMEA is expected to manifest the fastest CAGR of 7.3% from 2020 to 2027, owing to surge in government initiatives toward employees’ stress management in Brazil and Saudi Arabia.
Leading Market Players
- CVS Health Corporation (ActiveHealth Management, Inc.)
- Fitbit, Inc.
- Asset Health Inc.
- ComPsych Corporation
- CuraLinc Healthcare LLC
- Marino Wellness LLC
- Wellness Corporate Solutions LLC
- Wellsource, Inc.
- Sol Wellness
- Central Corporate Wellness Pte. Ltd.
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