1 min read.Updated: 07 Jun 2021, 02:19 PM ISTLivemint
India’s overall workforce includes 477 million individuals, 85% of which are unorganised blue collared employees
Bengaluru: As the pandemic puts focus on employee health, only 72 million or 15% of India’s overall workforce is covered with corporate health and wellness programs, said management consultancy Redseer on Monday.
India’s overall workforce includes 477 million individuals, 85% of which are unorganised blue collared employees, according to Redseer estimates.
“A mere 15% of the total workforce is covered under such programs. 405 million employees across sectors are still not part of such corporate programs. This shows there is a long way ahead of such programs. As there is a direct correlation between health and performance, organizations must look into ways to increase the reach of such programs and how to move the needle on employee well-being," said Redseer, as a part of a statement.
Corporate health programs include health insurance, telemedicine, pharmacy access, gym access and health check-ups, and includes various sectors like manufacturing, BFSI, logistics, agriculture, trading among other industries.
At present, the corporate health and wellness market in India is worth ₹55,000 crore.
However, with the pandemic forcing employers to ramp up health covers for their employees, India’s corporate health insurance market has picked up steam and is expected to grow at a compound annual growth rate of 20% to ₹65,000 crore by financial year 2024-25 (FY’25).
The corporate health insurance market is pegged at ₹31,000 crore by Redseer.
“With increased focus on healthcare especially after the second wave of Covid-19, the insurance segment is expected to grow with a growth rate of 20% by 2025 while demand for insurance with outpatient department (OPD) services is also increasing. Coverage for pharmacy bills, diagnostics test, outpatient dental treatment and health checkup are some of the areas wherein companies are keenly looking at," said Redseer.
In the employee wellness category, health check-up and telemedicine consultations offerings for employees have picked up steam, as corporates begin to provide these services to staff members. Both activities currently contribute to 61% of India’s ₹23,000 crore corporate wellness market, show Redseer’s estimates.
Other offerings from corporates towards employee wellness include gym access and access to pharmacies.
According to Redseer, the employee health and wellness market is dominated by a number of players including Practo, CureFit, Ekincare, Apollo, MediBuddy among others, which are increasingly providing health insurance, check-ups, gym, mental wellness, health coaching and online consultations.