Corporate Wellness Market Analysis
The global corporate wellness market is likely to grow at a 7.0% CAGR between 2018-2023, as per the recent Market Research Future (MRFR) report. Corporate wellness programs help in supporting and encouraging holistic approaches for the wellbeing of employees through the creation of an organizational culture of health. Some of its key benefits include the cultivation of healthy benefits, improvement in health outcomes, boost employee engagement, optimize human resource investment, and increase productivity.
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Numerous factors are adding to the global corporate wellness market growth. These factors, according to the recent MRFR report, include rising prevalence of lifestyle-related diseases among employees for unhealthy eating habits and hectic work, increasing cases of obesity due to deskbound lifestyle, increasing awareness, growth in the private sector, increase in smoking, and focus on improving the health of employees.
On the contrary, the low adoption rate of such wellness programs, especially by small corporate offices and new start-ups, may limit the global corporate wellness market growth over the forecast period.
Corporate Wellness Market Segmentation
The Market Research Future report provides an all-inclusive segmental analysis of the global corporate wellness market based on end user, category, and service type.
By service type, the global corporate wellness market is segmented into health screening, fitness, smoking cessation, nutrition and weight management, stress management, health risk assessment, and others. Of these, the health risk assessment segment will lead the market during the forecast period as it helps employers in implementing strategic initiatives for dealing with identified health risks.
By category, the global corporate wellness market is segmented into organizations, psychological therapists, and fitness and nutrition consultants.
By end user, the global corporate wellness market is segmented into large-scale businesses, medium-scale businesses, and small-scale business. Of these, large-scale businesses will dominate the market during the forecast period.
Corporate Wellness Market Regional Analysis
By region, the global corporate wellness market report covers the recent trends and growth opportunities across the Americas, Europe, the Asia Pacific (APAC), the Middle East and Africa (MEA), and Latin America. Of these, the Americas will lead the market during the forecast period for the presence of key market players, changing shifts to reduce healthcare costs and rising adoption of wellness activities. The US as well as Canada are the chief contributors in this region for the target population.
The global corporate wellness market in Europe is predicted to hold the second-largest share in the market during the forecast period as these programs in this region are likely to have the biggest gains for the availability of numerous providers and high healthcare expenditures.
The global corporate wellness market in the Asia Pacific region is likely to grow at a higher CAGR over the forecast period. Factors adding to the global corporate wellness market growth in the region include increasing awareness among employees and employers and the growing population in China as well as India.
The global corporate wellness market in the MEA is predicted to have a small share during the forecast period. The Middle East will have favorable growth for the implementation of wellness programs at workplaces in Saudi Arabia and the UAE.
Corporate Wellness Market Key Players
Notable players profiled in the global corporate wellness market report include 1to1help.net Pvt. Ltd, Bupa Wellness Pty Ltd, Sodexo Group, ProvantHealth (Hooper Holmes, Inc.), The Vitality Group, Inc., Privia Health, EXOS, Marino Wellness, Virgin Pulse, Truworth Health Technologies Pvt. Ltd., Central Corporate Wellness, Wellsource, Inc., SOL Wellness, Wellness Corporate Solutions, LLC, and ComPsych Corporation. Industry players have adopted strategies such as alliances, acquisitions, mergers, and product launches to create a niche in the market.
Industry News
February 2020: Sunderland entrepreneur will soon start its corporate wellbeing business in the United Kingdom through North East BIC (Business Innovation Centre).
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