Corporate Wellness Market Size, Trends and Growth Analysis by Category (Fitness & Nutrition Consultant, Organization), Service Type (Health Risk Assessment, Stress Management, Nutrition & Weight Management, Smoking Cessation, Fitness), End User, Forecast Till 2023
Corporate Wellness Market Analysis
The global Corporate Wellness Market size was valued at USD 49.7 billion at a 7.0% CAGR between 2018- 2023, as per the recent report by Market Research Future (MRFR). Corporate wellness programs have been specially designed and conducted in the workplace for supporting employees to understand about their health risks, reduce the expenditure on healthcare, and pursue healthy behaviour in office.
Corporate wellness comprises a set of programs, policies, and perks that address various conditions and risk factors influencing both the employees and the organization at large. By implementing wellness programs, employees are likely to perform diligently. Organizations, psychological therapists, and fitness and nutrition are the different categories of corporate wellness that find wide application in large-scale businesses, medium-scale businesses, and small-scale businesses. Its different service types include health screening, fitness, smoking cessation, nutrition and weight management, stress management, health risk management, and others.
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The global corporate wellness market would grow with the rising demand for plans to increase productivity, curbing of healthcare expenditure, growing number of white-collar workers, and others are expected to boost the global market investment. Such projects are expected to inspire morale and the quality of work of people associated with the company. It is also getting boosted by the changing consumption habit, smoking, obesity, and sedentary lifestyle. The rise in private sector Capex is expected to back the global corporate wellness market in the coming days.
Various factors are adding to the corporate wellness market growth. According to the new MRFR report, such factors include increasing focus by the private and public sector in developing economies to improve employee health, adoption of a sedentary lifestyle, rising prevalence of chronic diseases, and growth in the private sector. Additional factors adding market growth include an increase in the number of white-collar workers, smoking, increasing cases of obesity, and other forms of lifestyle diseases.
On the contrary, a huge cost may limit the corporate wellness market growth over the forecast period.
Corporate Wellness Market Segmentation
The global report on the corporate wellness market has been studied on the basis of a segmentation that includes the category, service type, and end user. These segments have data supported by facts, figures, graphs, and charts that can help in understanding the market flow and boost procedures of developing strategies.
By service type, the study on the corporate wellness market includes stress management, health risk assessment, health screening, smoking cessation, fitness, nutrition & weight management, and others. In 2017, the health risk assessment segment had the largest market valuation, which has been inspired by the rising adoption of wellness programs that aims to identify health risks and prevent any kind of health risks.
By category, the corporate wellness market report on the global understanding of the corporate wellness market has been segmented into psychological therapists, fitness & nutrition consultants, and organizations. The fitness & nutrition consultants segment is expected to make substantial progress in the coming days.
By end user, the study on the corporate wellness market includes medium-scale businesses, small-scale businesses, and large-scale businesses. The large-scale businesses can inspire the market in the coming days.
Corporate Wellness Market Regional Analysis
Based on the region, the global corporate wellness market report covers the growth opportunities and recent trends across the Americas, Europe, the Asia Pacific (APAC), and Middle East Africa (MEA).
In Europe, the global corporate wellness market is predicted to hold the second-largest share over the forecast period. A wide range of providers in the region, coupled with high health expenditure, is adding to the market growth.
Americas will dominate the market over the forecast period. The presence of the target population in Canada and the US, presence of leading players, rising adoption of wellness activities, and changing shifts to reduce healthcare costs, are adding to the growth of the market in the region.
In the MEA, the corporate wellness market is predicted to have the smallest share over the forecast period for the gradually increasing implantation of successful wellness programs in the office in Saudi Arabia and the UAE.
The global corporate wellness market in the APAC region is predicted to grow at a high CAGR over the forecast period. Increasing awareness about corporate wellness among employees and employers and the growing population in China & India are adding market growth in the region.
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Corporate Wellness Market Key Players
- Wellness Corporate Solutions, LLC
- ComPsych Corporation
- Central Corporate Wellness
- SOL Wellness
- Wellsource, Inc.
- Virgin Pulse
- Marino Wellness
- Truworth Health Technologies Pvt. Ltd.
- The Vitality Group, Inc.
- Privia Health
- Sodexo Group
- Bupa Wellness Pty Ltd
- ProvantHealth (Hooper Holmes, Inc.)
are some of the major companies playing big in the global corporate wellness market. These companies have launched various strategic moves to inspire better growth for themselves and influence holistic growth for the market. MRFR recorded all the recent moves implemented by these companies to understand trends that are governing the market or may impact it in the coming days.
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