Canada Corporate Wellness Market: Remote Patient Monitoring Devices Is Expected To Drive The Growth

 Canada Corporate Wellness Industry Overview

The Canada corporate wellness market size is expected to reach USD 3.5 billion in 2030, expanding at a CAGR of 4.33% during the forecast period, based on a new report by Grand View Research, Inc. An increase in awareness regarding the available employee wellness services and the increasing onset of chronic diseases are some of the factors driving the market growth. In addition, the rising awareness regarding the benefits of these services in reducing the cost of absenteeism due to the loss of productivity is encouraging employers to adopt corporate wellness services. According to the Conference Board of Canada, the mental health conditions of working individuals cost around USD 15.5 billion annually to employers from the loss of productivity, absenteeism, and medical claims.

The key providers are engaging in partnerships and mergers & acquisitions to strengthen their market presence. For instance, in June 2020, Bridges Health partnered with the Saskatchewan Chamber of Commerce to conduct a webinar series focusing on maintaining mental health during the time of the pandemic. As the economy is hit by the COVID-19 pandemic, many employees are facing financial uncertainty affecting their mental health. Moreover, the work-from-home policy is also developing a sense of isolation in employees. The COVID-19 pandemic caused a change in the process of delivering wellness services.

The pandemic has seen an overall increase in telehealth services by wellness service providers. Although in-person sessions have resumed to some extent, at-risk employees can now access a virtual platform to satisfy their psychological and fitness demands. Initially, the lockdown imposed by the government resulted in the move to a work-from-home policy, which was stressful. A few developments have been seen in the delivery of corporate wellness services, such as the conduct of webinars on contemporary difficulties, such as financial uncertainty and the provision of telehealth facilities, to address employees’ emotional and physical concerns.


Canada Corporate Wellness Market Segmentation

Grand View Research has segmented the Canada corporate wellness market based on service, end use, category, and delivery model:


Based on the Service, the market is segmented into Health Risk Assessment, Fitness, Smoking Cessation, Health Screening, Nutrition & Weight Management, Stress Management, and Others.

  • The health risk assessment segment dominated the market in 2021 with a revenue share of approximately 20.0% owing to the high adoption of health risk assessment services by employers while offering employee health services. Health Risk Assessment (HRA) analyzes information, such as height, weight, level of physical activity, smoking habits, and stress levels, of the employees to derive the risk factors affecting employee health.
  • The stress management segment is likely to witness the fastest CAGR during the forecast period. The rising adoption of remote patient monitoring devices is expected to drive the growth of the fitness segment. High incidences of smoking as well as the rising awareness about the adverse effects are major factors driving the growth of the smoking cessation segment.



Based on the End-use, the market is segmented into Small-scale Organizations, Medium-scale Organizations, and Large-scale Organizations.

  • Large-scale organizations can readily invest in wellness services and can make sufficient space for service providers for onsite wellness services. Large-scale organizations offer various services on their campuses, such as therapists, chiropractors, and physicians. This eventually saves employees time and also contributes to their productivity.
  • The medium-scale organization's end-use segment, on the other hand, is expected to register the fastest growth rate during the forecast period. This growth can be attributed to the quick adoption of corporate wellness services in medium-scale companies. These organizations are generally at a growing stage, which leads to the quick adoption of corporate wellness programs.

 

Based on the Category, the market is segmented into Fitness & Nutrition Consultants, Psychological Therapists, and Organizations/Employers.

  • A rise in the number of personalized health programs along with the expansion of digital wellness and well-being tools is expected to drive the segment growth. The fitness & nutrition consultants segment is anticipated to witness the fastest CAGR over the forecast years due to the increased availability of fitness services, such as yoga, massage, and nutrition consultation.
  • Organizations hire fitness coaches for their employees, where one-on-one coaching is offered. Some employers also provide various activities and gym services. Employers often provide their employees with meditation and yoga sessions for stress release as stress can potentially impact employee performance, thereby affecting the business. Thus, organizations provide art therapy, which is a unique technique for releasing stress.

 

Based on the Delivery Model, the market is segmented into Onsite, and Offsite.

  • In terms of delivery model, the onsite segment dominated the market in 2021 and accounted for the maximum revenue share of more than 55.0%. Service providers are taking initiatives to widen the scope of onsite services made available to the employees, fueling the market growth. 
  • A few service providers have also integrated services, such as an onsite massage along with the required spa equipment in the office, reducing the wastage of employees’ time and money on spa & fitness centers. Offsite programs include one-to-one interaction at different location that helps improve employee health. 


Key Companies & Market Share Insights

The market is characterized by the increased awareness regarding the benefits of corporate wellness and initiatives, such as mergers & acquisitions and partnerships, by service providers to offer improved services and increase their market presence. For instance, in January 2020, Pamela Dempster Wellness Consulting partnered with The Faculty at the Atlantic Contemplative Centre (ACC) to offer an onsite and online employee wellness and mental health programming and skills required to develop resilience at work. Some of the key players operating in the Canada corporate wellness market include:

  • Curtis Health
  • Bridges Health
  • Pamela Dempster Wellness Consulting
  • Employee Wellness Solutions Network, Inc.
  • INLIV
  • Medcan
  • Medpoint Health Care Centre
  • Preventacare
  • Well Street
  • ComPsych

 

Order a free sample PDF of the Canada Corporate Wellness Market Intelligence Study, published by Grand View Research.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James

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Grand View Research, Inc.

Phone: 1-415-349-0058

Toll Free: 1-888-202-9519

Email: sales@grandviewresearch.com

Web: https://www.grandviewresearch.com

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