As part of the final report, an analysis will be included to examine the effects of the Russia-Ukraine War and COVID-19 on the India Corporate Wellness industry.
New Industry Report on India Corporate Wellness Market Status and Prospects [2023-2032] has been released. The report is 100 pages long and provides an overview of the business with key types and applications along with the industrial chain structure. It includes information about the global market, such as development trends, competitive landscape analysis, key regions, and their development status. The report also examines advanced approaches and plans, as well as manufacturing processes and cost structures. It analyzes import/export utilities, market figures, cost, price, revenue, and gross productivity of the market. If you are interested in the report, Please Request Free a Sample Copy
The corporate wellness market in India is anticipated to expand at a compound annual growth rate (CAGR) of 5.75 % during the 2020-2025 period to reach a value of INR 21.53 Billion by 2025 from INR 14.59 Billion in 2019.
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Market insights:
Corporate wellness programs have gained much popularity owing to the surge in the number of lifestyle related diseases. The lack of proper diet, exercise and rest, and growing mental and physical stress also provide impetus to such programs.
Impact of COVID-19:
The COVID-19 pandemic has led to an unprecedented economic turmoil all over the world. India’s corporate wellness market is not expected to be resilient to its impact. Organizational management has undergone a drastic change in the wake of the pandemic. With organizations increasingly adopting the remote work structure, most corporate wellness market players have stepped up their game by providing better and more impactful wellness solutions to handle the COVID situation.
Several companies, which were previously at the crossroads about incorporating corporate wellness programs, have taken the big leap. Organizations are focusing more on employees well-being and trying to protect human resources. Overall, the corporate wellness market is on a definite growth curve amid the pandemic.
Market influencers:
Corporate wellness programs have gained momentum in recent times due to the growing culture of prioritizing healthcare and the general wellbeing. Companies have learned that it is essential to invest in human resources for better productivity and work engagement in the workplace the hard way. Further, corporate wellness programs aid in reducing healthcare costs.
Artificial intelligence (AI) and data analytics are being widely adopted by organizations across the country to enhance their employee wellness solutions. The corporate wellness industry is moving towards digitization, coming up with programs that incorporate technological features such as a wearable device or a mobile app for enhanced employee engagement. Moreover, improved awareness regarding mental health has forced organizations to focus on destigmatizing mental health topics among employees.
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Competitive landscape:
The corporate wellness market in India is led by a balanced mix of established players, including mid-level, emerging, and small ones. These players provide a complete range of services and solutions to their vast customer base present across the country. Companies like Apollo Life Care Pvt. Ltd., BetterLYF Wellness Pvt. Ltd. and Workplace Options Pvt. Ltd. are the key market players.
Companies covered:
Apollo Life Care Pvt. Ltd.
Bargain Technologies Pvt. Ltd.
BetterLYF Wellness Pvt. Ltd.
Classhop technologies India Pvt. Ltd.
HealthifyMe Wellness Pvt. Ltd.
Meta Wellness Pvt. Ltd.
Stepathlon Lifestyle Pvt. Ltd.
TFL Continuous Learning Pvt. Ltd.
Truworth Health Technologies Pvt. Ltd
Workplace Options Pvt. Ltd.
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On June 8th, 2022, the Bureau of Economic Analysis and U.S. Census Bureau released a report detailing the recovery of the U.S. market and international trade. The report highlighted the significant growth in exports and imports, with exports reaching $300 billion in April 2022, an increase of $13.4 billion, and imports amounting to $294.5 billion, increasing by $17.4 billion. Despite the impact of COVID-19 on the global economy, the U.S. market is showing signs of recovery.
However, the Healthcare/ICT/Chemical industries are still feeling the effects of the pandemic, which is creating a large market for India Corporate Wellness. As the recovery of the U.S. market continues, there will be a direct impact on these industries, and the demand for India Corporate Wellness is likely to increase. The report highlights the need for businesses to stay informed about market trends and adjust their strategies accordingly to take advantage of emerging opportunities in this evolving landscape.
Regional Analysis
Asia-Pacific market is forecast to emerge as rapidly growing region in global market, owing to governments’ initiatives towards increasing urbanization and growing population leading to increasing demand of energy-based products and services. Also, North America is forecast to grow rapidly because of high energy consumption in the region and technological advancements across the sector. Energy consumption has been increasing in the region, mainly in the US; the primary energy consumption is segmented on the basis of nuclear electric power, petroleum, coal, renewable energy, and natural gas. The petroleum and natural gas segment is dominating the overall sector. In the mix of energy sources, petroleum accounts for around 35% of the overall consumption, whereas natural gas accounts for 34%.
In-depth Analysis of the Russia-Ukraine War Impact:
Global industries were impacted by the Russia-Ukraine War, which started in February 2022. There have been widespread announcements of strict travel restrictions over Ukrainian airspace. The market in 2022 has been damaged by the Russia-Ukraine War.
The conflict between Russia and Ukraine raises defense spending and fortifies NATO nations’ armed forces. Due to Russia’s invasion, the majority of European nations have raised their defense budget. Germany earmarked USD 109 billion, which is more than the whole cost of the military in 2021, increasing its defense spending above 2% of GDP.
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Some Questions Answered in the India Corporate Wellness Market Report:
- What is the projected size of the India Corporate Wellness market in 2030, and what growth rate is expected?
- What are the primary drivers of growth in the India Corporate Wellness industry?
- What are the major market trends that are affecting the expansion of the India Corporate Wellness market?
- What obstacles must be overcome in order to achieve sustained growth in the India Corporate Wellness market?
- What opportunities and threats do vendors in the India Corporate Wellness Market face?
- What are the raw materials and manufacturing equipment used in the production of India Corporate Wellness, and what is the manufacturing process?
- What are the different types and applications of India Corporate Wellness, and what is the market share of each type and application?
- What factors, such as trends, challenges, and risk factors, are currently shaping the growth of the India Corporate Wellness market?
- What factors are driving the growth of the India Corporate Wellness market in the top regions worldwide?
- Who are the major players in the India Corporate Wellness market, and what strategies are they employing to succeed?
- What industrial trends, drivers, and challenges are influencing the expansion of the India Corporate Wellness market?
- What are the main findings of a five forces analysis of the India Corporate Wellness market?
To gain a better understanding of market conditions, a Five Forces analysis is conducted, which includes an assessment of the Bargaining power of buyers, Bargaining power of suppliers, Threat of new entrants, Threat of substitutes, and Threat of rivalry.
Additionally, a PESTLE analysis is performed to evaluate the external factors that may impact the market:
- Political factors: This includes political policies and stability, as well as trade, fiscal, and taxation policies.
- Economic factors: Interest rates, employment or unemployment rates, raw material costs, and foreign exchange rates are all considered under this category.
- Social factors: Changing family demographics, education levels, cultural trends, attitude changes, and changes in lifestyles are taken into account when analyzing the social factors that may affect the market.
- Technological factors: Changes in digital or mobile technology, automation, research, and development are evaluated to determine the potential impact on the market.
- Legal factors: Employment legislation, consumer law, health and safety regulations, and international trade restrictions are among the legal factors that may affect the market.
- Environmental factors: Climate, recycling procedures, carbon footprint, waste disposal, and sustainability are all taken into consideration when assessing the potential impact of environmental factors on the market.
Our India Corporate Wellness Market Report is a comprehensive analysis of the market, providing valuable insights for businesses looking to invest in this industry.
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