U.S. Workplace Stress Management Market Growth & Trends
The U.S. workplace stress management market size is expected to reach USD 3.6 billion by 2030, based on a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.33% from 2023 to 2030. Factors such as the high prevalence of depression and anxiety in the workplace, the increasing workforce in the country, and the rising cost burden of mental illness are propelling the growth. According to the U.S. Centers for Disease Control and Prevention (CDC), employers in the country bear a loss of around USD 225 billion annually due to absenteeism alone. The expenditure on workplace wellness services is rising due to the increasing awareness regarding its benefits in maintaining employee health and reducing loss due to absenteeism.
Moreover, increased stress levels have been reported in the United States. According to the American Institute of Stress (AIS), job-related issues are the primary source of stress among adults in the United States, and its prevalence has increased over time. Lack of job security, high work burden, and concerns with coworkers are the leading causes of workplace stress in the country. This has boosted the need for corporate wellness programs that can reduce stress levels and allow people to live healthier and more fulfilling life.
The market is established with the presence of several workplace wellness service providers in the country. Recently, the challenge faced by key players was delivering services virtually due to COVID-19 restrictions. Many providers had to adjust to the new normal and develop new services to suit the needs of employers. For instance, in January 2020, CuraLinc Healthcare launched a message-based therapy application, Emotional Fitness Coaching, that uses an exchange of voice notes, tip sheets, text messages, videos, and resource links to boost the emotional fitness and well-being of the participants.
The COVID-19 pandemic resulted in lockdowns and restrictive measures, which disrupted the supply chain, trade, and business, thereby impeding the growth of the market. Many enterprises were focusing on reducing expenses or were lacking funds to invest in corporate wellness. This negatively affected the market.
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U.S. Workplace Stress Management Market Report
U.S. Workplace Stress Management Market Report Highlights
- Based on service, the stress assessment segment held the largest revenue share in 2022, due to the high adoption of the service. However, the effectiveness of yoga & meditation in relaxing the mind along with a requirement of very little space & infrastructure allows small and medium-scale employers to include the service in their wellness offerings, thereby rendering high growth to the segment
- In terms of delivery mode, the personal fitness trainers segment accounted for a major revenue share in 2022. The individual counselors segment is expected to register the fastest growth, majorly due to the increased demand driven by the COVID-19-induced mental problems such as anxiety, tension, and depression
- In the U.S., the diversity of mental health services provided by large-scale organizations to their employees is more as compared to small-scale organizations contributing to its largest share in 2022. However, the small and medium-scale organizations are increasing investment in employee wellness activities, focusing majorly on indoor wellness activities
- The indoor segment held the maximum revenue share in 2022 owing to the increasing adoption of virtual sessions for counseling, fitness training, and yoga & meditation
- The COVID-19 pandemic has resulted in an increased prevalence of stress among the working population. According to data published by San Francisco-based mental health service provider Ginger, in April 2020, 69% of employees believed the COVID-19 pandemic was the most stressful time they experienced during their professional life. This is leading to increased demand for mental health programs from employers to maintain the well-being of their staff
