Corporate Wellness Market Size, Trends and Growth Analysis by Service Type (Health Risk Assessment, Stress Management, Nutrition & Weight Management, Smoking Cessation, Fitness), Category (Fitness & Nutrition Consultant, Organization), End User- Forecast Till 2028
Corporate Wellness Market Overview
Global Corporate Wellness Market is expected reach USD 93.0 Billion at 7% CAGR by 2028. Organizations are increasingly using corporate wellness programs to promote employee health and productivity, reduce health risks, and reduce employee healthcare expenses. Companies are more conscious of the importance of maintaining a psychologically and physically fit workforce. As a result, companies are investing more in employee wellness programs, solutions, and services. Employer acceptance of corporate wellness programs is increasing, as is adoption of technology-powered corporate wellness solutions, and the significant burden of chronic lifestyle diseases and mental health in businesses are driving corporate wellness market growth.
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Many firms and enterprises across a variety of industry verticals have begun to develop health-related programs for their employees, boosting corporate wellness market demand. Workplace wellness programs assist businesses in increasing productivity while lowering overall operating costs. The market for corporate wellness is predicted to grow as people become more aware of their own health and well-being. As the population becomes more obese and overweight, insurance prices rise, putting a financial strain on companies. Stress, obesity, smoking, poor nutrition, and lack of exercise are among the health risk factors targeted by corporate wellness programs.
Low employee engagement and involvement in corporate wellness programs, as well as acceptance of internal-led corporate wellness programs through benefits packages and bonuses, are reasons that are creating a challenge to this corporate wellness market.
Employees’ mental health has been badly harmed by the COVID-19 pandemic. Following its inception, it ushered in the work-from-home era, which caused a significant deal of stress among employees due to a sense of isolation. Companies all across the world are changing their corporate wellness initiatives in response to the looming public health crisis caused by COVID 19, with surprisingly beneficial results. Furthermore, the pandemic wreaked havoc on the economy, resulting in a financial crisis for many people, which had a negative impact on their mental health. Wellness service providers are using virtual ways to give services such as sessions with psychologists and health coaches to combat the problem.
Corporate Wellness Market Competitive Outlook
Prominent players in the global corporate wellness market include
- ComPsych Corporation
- Wellness Corporate Solutions
- LLC, SOL Wellness
- Wellsource, Inc.
- Central Corporate Wellness
- Truworth Health Technologies Pvt. Ltd.
- Virgin Pulse
- Marino Wellness
- Privia Health
- The Vitality Group, Inc.
- ProvantHealth (Hooper Holmes, Inc.)
- Sodexo Group
- Bupa Wellness Pty Ltd
- net Pvt. Ltd
Corporate Wellness Market Segmental Analysis
The Corporate Wellness Market has been divided into three categories: services, categories, and end users. The market has been divided into health risk assessment, stress management, diet & weight management, smoking cessation, fitness, health screening, and others, based on service type. Due to increased adoption of wellness programs to identify health risks and apply suitable intervention techniques in order to promote a healthy lifestyle, the health risk assessment sector emerged as the market’s greatest value contributor in 2017.
The corporate wellness market has been divided into three categories: fitness and nutrition advisors, psychological therapists, and organizations. The market has been divided into small-scale enterprises, medium-scale businesses, and large-scale businesses based on the end user.
Corporate Wellness Market Regional Overview
Because of the presence of corporate wellness providers, changing lifestyles, rising prevalence of chronic diseases (obesity, cardiovascular disease, and diabetes), rising healthcare spending, and rising adoption of wellness activities in the US and Canada, the Americas led the global corporate wellness market. Over the forecast period, Europe is projected to follow the Americas in terms of value, as European businesses are taking a proactive approach to employee health and have begun to invest in employee wellness programs. Corporate wellness programs are quickly becoming a must-have for medium- to large-sized businesses in European countries, contributing to market expansion.
The promotion of workplace health has evolved from a CSR consideration to a strategic objective, and as a result, corporate wellness has become a top human resources (HR) priority in the Asia-Pacific region, as it increases productivity and business results. Furthermore, the population of nations such as China and India is growing, increasing the demand for wellness activities. As a result, the Asia-Pacific corporate wellness market would develop at the quickest rate during the forecast period. The growing need for corporate wellness solutions for employees can be ascribed to the rising prevalence of chronic diseases, mental health concerns, and substance misuse, particularly related to the region’s opioid crisis, which accounts for a substantial percentage of this regional market.
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The Middle East and Africa Corporate Wellness Market is expected to develop at a moderate rate over the forecast period. Due to increasing healthcare sector reforms and rising investments in corporate wellness programs by United Arab Emirates firms to improve employee well-being in order to boost business productivity and competitiveness, the Middle East region is expected to control the majority of the regional market.
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