The global workplace stress management market size is expected to reach USD 13.38 billion by 2026, expanding at a CAGR of 8.4% during the forecast period, according to a new report by Grand View Research, Inc. rising promotion of employee health and wellbeing is augmenting the market growth. Many enterprises in different industry verticals implement employee health programs boosting market demand for workplace stress management services.
According to the American Psychological Association, 58% of the country’s population claims workplace as a significant source of stress. Occupational stress resulted in a loss of USD 300 billion due to employee illness, absenteeism, and productivity.
In 2018, a survey conducted by Cigna TTK Health Insurance observed that around 89% of the Indian population suffer from stress as compared to the global average of 86%. Work and finances are the major cause of stress. However, over half of the respondents claimed to receive support and involvement in workplace wellness programs.
Workplace stress management can be set up as a brief meeting with HR personnel. The nature of the meeting should be confidential, non-threatening, and open, providing an opportunity to discuss and identify support to help the employee cope with stress. Employers conduct workplace stress management at an organizational level to incorporate a strong working culture, ensure employee retention and gain transparency in everyday business.
Further Key Findings From the Study Suggest:
- Based on service, the workplace stress management is segmented into stress assessment, yoga & meditation, resilience training, progress tracking metrics and others
- Stress assessment dominated the service segment in 2018, while yoga & meditation segment is expected to grow at the fastest rate in the forecast period
- Personal fitness trainers segment led the delivery mode segment market in 2018. Individual counselors are anticipated to be the fastest growing segment from 2019 to 2026
- Large scale organizations dominated the end use segment in 2018 as infrastructure in these organizations helps in conducting suitable stress management programs
- Indoor activity dominated the activity segment market in 2018 while outdoor stress management activity is anticipated to witness the fastest growth in the forecast period
- North America led the overall market, in terms of revenue share, in 2018 due to the presence of high number of large scale companies that offer stress management initiatives
- Some of the key companies in the workplace stress management market are Fitbit; ActiveHealth Management; ComPsych; Marino Wellness; Truworth Wellness; Wellness Corporate Solutions (WCS); Wellsource, Inc.; CuraLinc Healthcare; Central Corporate Wellness; etc.
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