Global Employee Assistance Program Services Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

Global Employee Assistance Program Services Market Research Report 2023-Competitive Analysis, Status and Outlook by Type, Downstream Industry, and Geography, Forecast to 2029

An Employee Assistance Program (EAP) is a voluntary, work-based program that offers confidential assessments, short-term counseling, referrals, and follow-up services to employees who have personal and/or work-related problems. EAPs address a broad and complex body of issues affecting mental and emotional well-being, such as alcohol and other substance abuse, stress, grief, family problems, and psychological disorders. Many EAPs are active in helping organizations prevent and cope with workplace violence, trauma, and other emergency response situations. Services are often delivered via phone, video-based counseling, online chatting, e-mail interactions or face-to-face.

Market Overview:

The latest research study on the global Employee Assistance Program Services market finds that the global Employee Assistance Program Services market reached a value of USD 7097.82 million in 2022. It’s expected that the market will achieve USD 9615.5 million by 2028, exhibiting a CAGR of 5.19% during the forecast period.

Drivers

There are many benefits that an employee assistance program can offer staff and advantages to the company as a whole.

Improved stress management

Employees have a lot on their plate, and there's a good chance a lot of their stressors are causing them to be less productive at work. Having the right tools at their disposal to better manage their stress levels can provide them with a better work/life balance. Plus, they'll feel supported when dealing with health concerns, taking care of family members, or needing financial counseling. Plus, less stress outside of the workplace can help employees feel more well-rested, more productive, and more efficient when they are at work.

Decreased presenteeism and absenteeism

Offering employees an EAP that puts their needs first can decrease presenteeism and absenteeism. Presenteeism is when employees are at work but are experiencing a lack of productivity because of a physical, mental, or emotional issue that is causing them to be distracted and have their wellness suffer when working. Absenteeism is similar, except the employee chooses to stay home from work or call off from their job instead of coming in. Both can be detrimental to the success of an organization, but when employees feel supported from an EAP, it can decrease both of these instances from occurring, as it provides the resources staff needs to mitigate their stress and boost employee health.

Fewer workers' comp claims

Depending on the industry, the human resources department could spend a ton of time dealing with accidents and workers' compensation claims. When employees can better manage stress through an EAP, they're not only happier and more productive, they also work smarter and safer, too, especially when it comes to jobs that require physical or manual labor. Investing in an employee assistance program could lower the likelihood of accidents and workers' comp claims.

Fewer disputes between employees

Bullying, office arguments, and even workplace violence can turn even the happiest of work environments into a toxic place to be. Employees who utilize what an EAP offers can seek assistance or support regarding any work-related issues are less likely to engage in a dispute with a coworker or team member.

While many people enjoy their job, most experience job stress at some time during their working hours. Job stress is the chronic state in which stressful conditions in the workplace impact a person's performance and well-being in a negative way, and can cause physical and/or emotional illnesses. Research indicates that many medical problems stem from stress. These medical problems are costly, in the form of lost wages, increased medical costs and decreased productivity. In addition, on-the-job accidents occur more frequently to stressed employees. Stress can cause shorter attention spans and fatigue, both of which heighten the risk for workplace injuries.

In certain, high-stress industries, offering an EAP is becoming a necessity. According to the Centers for Disease Control and Prevention, and productivity losses from absenteeism related to stress cost employers $225.8 billion, or $1,685 per employee, each year. In the worst-case scenarios, workers with serious mental health problems can be dangerous to themselves and others. In addition, mental Health continues to be a growing topic in the world. Mental illness affects worker productivity, the bottom line, workplace culture and more. Because of this, the number of companies adding EAP programs as an employee benefit has substantially increased.

Region Overview:

United States had the highest growth rate of all regions.

Company Overview

ComPsych is one of the major players operating in the Employee Assistance Program Services market, holding a share of 7.14% in 2022.

ComPsych Corporation is the pioneer and worldwide leader of fully integrated EAP, behavioral health, wellness, work-life, HR, FMLA and absence management services under its GuidanceResources brand. By creating build-to-suit programs, ComPsych helps employers attract and retain employees, increase employee productivity and improve overall health and well-being.

Magellan Healthcare is a specialty healthcare managed services company providing specialty healthcare network and cost management solutions to health plans, third-party administrators, health insurance and workers' compensation operators. Magellan offers a wide range of specialty healthcare management services to address these high frequency and often expensive care events. These programs address both acute episodes of treatment and more chronic conditions.

Segmentation Overview:

Among different product types, Relationship and Family Matters segment is anticipated to contribute the largest market share in 2027.

Application Overview:

By application, the Large Enterprise segment occupied the biggest share from 2017 to 2022.

Key Companies in the global Employee Assistance Program Services market covered in Chapter 3:

Laya Healthcare
ComPsych
ESI Employee Assistance Group
Modern Health
1to1Help
Homewood Health
Uprise Health
Canopy
Spring Health
Optum
ICAS (Lyra Health)
Magellan Healthcare
New Directions Behavioral Health
Human Dynamic
BHS
Health Advocate
Carebridge Corporation
EAP LatinA
Workplace Options
Consentiv
Talkspace
LifeWorks
Humana
ENI
CuraLinc Healthcare
Ulliance

In Chapter 4 and Chapter 14.2, on the basis of types, the Employee Assistance Program Services market from 2018 to 2029 is primarily split into:

Health and Safety Concerns
Financial and Legal Topics
Work-Related Issues
Relationship and Family Matters
Others

In Chapter 5 and Chapter 14.3, on the basis of Downstream Industry, the Employee Assistance Program Services market from 2018 to 2029 covers:

Large Enterprise
SME

Geographically, the detailed analysis of consumption, revenue, market share and growth rate, historic and forecast (2018-2029) of the following regions are covered in Chapter 8 to Chapter 14:

North America (United States, Canada)
Europe (Germany, UK, France, Italy, Spain, Russia, Netherlands, Turkey, Switzerland, Sweden)
Asia Pacific (China, Japan, South Korea, Australia, India, Indonesia, Philippines, Malaysia)
Latin America (Brazil, Mexico, Argentina)
Middle East & Africa (Saudi Arabia, UAE, Egypt, South Africa)