As per the research report, the corporate wellness market size is predicted to reach USD 76.86 billion by 2027, growing at a CAGR of 6.9% during the forecast period 2022 to 2027.
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A corporate wellness programme is essentially a programme for the employees of a company or organisation. It is important because the majority of employees in a company may suffer from various diseases such as hypertension, depression, and so on, and with the help of these programmes, these diseases can be prevented or reduced to a minimum, allowing employees to spend less money on health care and take fewer sick days, resulting in maximum productivity. Stress management, health screening, weight control, food and nutrition, and other services are available through corporate wellness programmes.
Many businesses and enterprises across a variety of industry verticals have begun to implement health-related programmes for their employees, and well-being boosting market demand. Chronic diseases such as lung diseases, cancer, and diabetes, among others, are predicted to become more prevalent in younger age groups, as well as poor eating habits, increasing the expansion of the corporate wellness market. To keep track of their health and fitness, many people have begun to invest in workplace wellness programmes.
Several countries’ regulatory agencies have created rigorous regulations for the commercialization of services. Different regulations by the government and organisations may apply to employees who work in several places. This will have an impact on service standards. The service market’s operational challenges, as well as the vast number of personnel, slow the market’s expansion. However, the high cost of outsourcing a corporate wellness programme and its low uptake in small businesses act as a market growth restraint.
Market growth is responsible for the growing number of market players selling corporate wellness programmes to various companies. Furthermore, factors such as increasing corporate investment in employee productivity, the majority of the population adopting a sedentary lifestyle, and rising investment would exacerbate the growth of the corporate wellness market throughout the forecast period. Following the coronavirus pandemic, service players in the worldwide corporate wellness market are enjoying value-grab opportunities. Organizations all over the country are using artificial intelligence (AI) and data analytics to improve their employee health programmes. The corporate wellness market is heading toward digitization, with programmes including technological components like a wearable device or a smartphone app to boost employee participation.
The shortage of mental health experts and other professionals suitable for corporate wellness programmes is considerably more apparent in emerging countries. On the other hand, the lack of awareness of corporate wellness in small businesses would be a hurdle for the corporate wellness market.
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COVID-19 Analysis of Corporate wellness market
The COVID-19 pandemic has had a favourable impact on the market for corporate wellness. Between January and April 2020, the majority of the global formal workforce switched to working from home, and corporate wellness solutions market participants differentiated and expanded their services to satisfy shifting end-user expectations. However, during the early stages of the epidemic, businesses faced numerous obstacles and needed time to adapt to the changing environment.
Additionally, the work-from-home model necessitated various wellness schemes and programmes, which added to the expense. COVID-19 has dominated the corporate wellness market not only for the time period specified, but also for years to come, and firms have benefited from it.
Corporate wellness solution providers have made virtual care and consultations available via text, audio, and video mode, particularly for chronic disease management, on-demand online fitness programmes, nutrition and weight management programmes, mental/behavioural health programmes, and substance abuse counselling services. To combat the problem, wellness service providers are employing virtual methods to provide services such as consultations with psychologists and health coaches.
KEY MARKET INSIGHTS:
- Based on the services, the health risk assessment segment has the biggest market share in the corporate wellness market. The utility of this service for early detection and mitigation of health hazards in employees, reducing absenteeism due to health issues, and lowering healthcare expenditures accounts for a substantial portion of this segment.
- Based on the end user, the small organization segment is expected to increase at the fastest rate. The increasing usage of corporate wellness programmes by these firms, owing to improving affordability and convenient payment structures for small organization, is driving growth in this segment.
- Geographically, North America is likely to dominate the corporate wellness market during the forecast period, owing to growing awareness of corporate wellness in the region. Some of the factors driving the corporate wellness market growth in North America include technological advancements in the healthcare industry, rising incidence of chronic illnesses, and an ageing population. The majority of prominent players in the corporate wellness business are based in the United States. In addition, the prevalence of chronic diseases, sedentary lifestyles, and mental health issues is driving market expansion over the projection period. Meanwhile, increased drug misuse difficulties as a result of the opioid epidemic are expected to contribute significantly to the corporate wellness market’s growth.
- In terms of value, Europe is expected to follow the Americas, as European companies are taking a proactive approach to employee health and investing in employee wellness initiatives. In European countries, corporate wellness programmes are increasingly becoming a must-have for medium- to large-sized firms, contributing to market expansion.
- During the forecast period, Asia Pacific will have favourable growth. This is mostly due to increased urbanisation and increased public awareness of health. Employees in the region also choose companies that provide health benefits to their employees as well as incentive-based wellness initiatives within the company.
- Over the projected period, the Middle East and Africa Corporate Wellness Market is expected to grow at a modest pace. Due to increased healthcare sector reforms and rising investments in corporate wellness programmes by United Arab Emirates firms to improve employee well-being in order to boost business productivity, the MEA region is expected to control the majority of the regional market.
- ComPsych, Wellness Corporate Solutions, Virgin Pulse, Provant Health Solutions, EXOS, Marino Wellness, Privia Health, Vitality Group, Wellsource, Inc, Central Corporate Wellness, Truworth Wellness, SOL Wellness, Well Nation are the promising companies playing a crucial role in the corporate wellness market.
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SEGMENTS COVERED UNDER THIS REPORT:
- Health Risk Assessment
- Nutrition and Weight Management
- Smoking Cessation
- Fitness Services
- Biometric Screening
- Alcohol Abuse Services
- MentalHealth Management
- Virtual consultation/Virtual care
- Employee Assistance Programs
By End user:
- Large organizations
- Medium-sized organizations
- Small organizations
- North America
- Latin America
- Middle East and Africa
- Workplace Options announced the launch of Revive in 2021, a customised programme that uses a combination of live counselling and coaching sessions to help employees who are experiencing or at risk of burnout.
- In 2021, Morneau Shepell’s LifeWorks business finalised the acquisition of all outstanding shares of SMG Health Pty Ltd, a global wellness company.
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