Germany Corporate Wellness Market Forecast Report 2024-2029, Featuring DB Fitness, Health Atoms, Machtfit, Urban Sports, Workplace Options and Peloton
Dublin, April 22, 2024 (GLOBE NEWSWIRE) -- The "Germany Corporate Wellness Market - Forecasts from 2024 to 2029" report has been added to * ResearchAndMarkets.com's* offering.
Germany's corporate wellness market is expected to experience a CAGR of 7.71% throughout the forecast period, reaching a market size of US$6.53 billion by 2029. This represents a substantial increase from US$4.02 billion recorded in 2022.
The market is propelled by growth in recognition of employee health and the surge in chronic diseases like obesity, diabetes, and heart conditions. The growing realization by businesses of the crucial role that employee well-being plays in organizational success is one of the main drivers. As businesses realize how important a healthy staff is to overall business success, job happiness, and productivity, implementing corporate wellness programs becomes strategically necessary. Another driving factor behind companies' proactive investments in preventative measures to lessen the financial burden of employee healthcare is the increase in healthcare prices. Furthermore, policies, rules, and incentives from the government promote the corporate wellness industry by creating an atmosphere that encourages firms to place a high priority on employee health.
Market participants in the German corporate wellness environment are using a range of approaches to cater to the particular requirements of companies and staff. Customizing wellness programs to address certain health and well-being issues that are common in the German workforce is a major step. This entails providing a wide range of services, including stress management, dietary counseling, mental health assistance, and physical fitness. For instance, in August 2023, Peloton introduced Peloton for Business, an integrated suite of B2B well-being solutions tailored for enterprise clients. Moreover, in June 2021, Peloton introduced Peloton Corporate Wellness, a new way for companies and organizations in the US, UK, Canada, and Germany to access Peloton content or linked fitness devices. Comprehensively, market participants in Germany are focusing on initiating new strategies to support a more productive and healthy workforce as the corporate wellness environment continues to change.
Additionally, Germany's wellness and fitness is anticipated to continue to grow as the union urged the reform of physiotherapy training in September 2023, emphasizing the potential for partial academicization and skill expansion within the profession. Advocating for the preservation of effective training structures, the proposed reform focuses on evolutionary changes rather than a complete system overhaul. The suggested approach supports partial academization, aiming to enhance physiotherapy competencies while maintaining established structures, possibly introducing higher education paths alongside traditional vocational training at an academic level.
*Rising healthcare expenditure is anticipated to boost the market propels the market.*
The corporate wellness sector is predicted to be significantly impacted by Germany's rising healthcare costs. As healthcare expenses rise, businesses are realizing how important it is to change from a reactive to a proactive approach to healthcare. Owing to this, efforts to promote employee well-being and preventative care are given more importance to reduce the rising expenses of treating chronic illnesses. Corporate wellness initiatives are seen by businesses as a strategic investment in worker health as well as a way to save long-term medical costs.
As per the Statistisches Bundesamt, Germany's healthcare expenditure by sources increased from 4,74,134 million euros in 2021 to 4,98,126 million euros in 2022. The Federal Statistical Office (Destatis) also notes that health spending in 2021 was 33.1 billion euros greater than in 2020, the year of the epidemic. The percentage of GDP that was dedicated to health spending in 2021 was 13.2%. Compared to 2020, this percentage was 0.2 percentage points higher.
Furthermore, Germany boasts a robust healthcare system, particularly in terms of hospital beds, infrastructure, and skilled personnel. The healthcare industry employs one in six people in Germany and contributes EUR 775 billion (USD 883 billion), or around 12% of the country's GDP, to the economy as reported by the International Trade Administration. The healthcare sector's gross value added in 2022 was EUR 439.6 billion. This amounts to 12.7% of the gross value added of the German economy as a whole. Approximately 8.1 million workers, or 17.7% of Germany's workforce, worked in the healthcare sector in 2022. The number of workers in the healthcare sector has increased by 1.4 million since 2013.
Additionally, the European Union (EU) and Germany prioritize the Healthcare/Life Sciences (HCT) sector, as evidenced by the cohesion strategy 2021-2027, the European Regional Development Fund (ERDF, or EFRE) program, and the German Lander's execution and bidding of this program. Focusing on health and health-sector-related R&D and innovation, "Horizon Europe" is a European Incentive Programme for Research and Innovation that was approved by the EU Council and Parliament and went into effect retrospectively on January 1, 2021, following final ratification in April 2021. Companies are, however, planning to reduce the cost of healthcare and increase overall productivity by promoting a culture of health and well-being. This change reflects a wider understanding that putting employee well-being first is influential economically given the rising cost of healthcare.*Key Topics Covered:*
*1. INTRODUCTION*
*2. RESEARCH METHODOLOGY*
*3. EXECUTIVE SUMMARY*
3.1. Key Findings
3.2. Analyst View
*4. MARKET DYNAMICS*
4.1. Market Drivers
4.2. Market Restraints
4.3. Porter's Five Forces Analysis
4.4. Industry Value Chain Analysis
4.5. CXO Perspective
*5. GERMANY CORPORATE WELLNESS MARKET BY TYPE*
5.1. Introduction
5.2. Weight Management & Fitness
5.3. Smoking Cessation
5.4. Stress Management
5.5. Others
*6. GERMANY CORPORATE WELLNESS MARKET BY ENTERPRISE SIZE*
6.1. Introduction
6.2. Small
6.3. Medium
6.4. Large
*7. COMPETITIVE ENVIRONMENT AND ANALYSIS*
7.1. Major Players and Strategy Analysis
7.2. Market Share Analysis
7.3. Mergers, Acquisition, Agreements, and Collaborations
7.4. Competitive Dashboard
*8. COMPANY PROFILES*
· DB Fitness
· Health Atoms
· Machtfit
· Urban Sports
· Workplace Options
For more information about this report visit https://www.researchandmarkets.com/r/74hxce
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