The global corporate wellness market size was valued at USD 52.77 billion in 2020 and is projected to reach USD 94.38 billion by 2028, expanding at a CAGR of 6.98% during the forecast period, 2021-2028. The growth of the market is attributed to the rising implementation of health programs by various organizations for their employees.
A corporate wellness program is a company’s approach towards attaining a fit workplace by including various health activities within the everyday work schedule to promote their employees’ health. Corporate wellness programs comprise a set of benefits, policies, and programs for addressing multiple risk conditions and factors influencing both employees and the overall organization. National Center for Chronic Disease Prevention and Health Promotion in the U.S., states that workplace wellness programs promoting health & wellbeing and offering disease prevention plans can significantly influence more than 150 million employees reducing the cost of their healthcare considerably. A corporate wellness program offers various benefit to the organization, in terms of more productivity, high employee morale, reduced health risks and providing further support for the correlation between job satisfaction and personal health.
The COVID-19 pandemic outbreak had positive impact on the market. During the pandemic, emergency lockdown imposed by government bodies across the globe, resulted in implementation of work from home (WFH) policy by many organization, which lead to great amount of stress among staffs due to the feeling of separation. Additionally, the pandemic severely affected the economy creating an economic crisis for several people which in turn affected their mental health. To tackle these problems organization adopted the virtual corporate wellness program for their employees.
Market Trends, Drivers, Restraints, and Opportunities
- Rising awareness regarding employee’s wellbeing and health is one of the key factors driving the market growth.
- Growing prevalence and early onset of chronic diseases and reduced employee healthcare cost is projected to boost the market during the forecast period.
- Lack of experienced and skilled professionals for conducting corporate wellness program acts as a major challenge that can restrict the market growth in the coming years.
- Low employee engagement and participation in the wellness program is expected to hamper the market growth during the projected timeline.
- Emerging economies with a large working population is anticipated to create significant growth opportunities for the market.
Scope of the Report
The report on the global corporate wellness market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.
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Attributes
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Details
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Report Title
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Corporate Wellness Market - Global Industry Analysis, Growth, Share, Size, Trends, and Forecast
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Base Year
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2020
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Historic Data
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2018–2019
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Forecast Period
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2021–2028
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Segmentation
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Delivery Models (Offsite and Onsite), Services (Stress Management, Health Screening, Fitness, Nutrition & Weight Management, Smoking Cessation, Health Risk Assessment, and Others), Categories (Organizations/Employers, Fitness & Nutrition Consultants, and Psychological Therapists), and End-users (Large Scale Organizations, Medium Scale Organizations, and Small Scale Organizations)
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Regional Scope
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Asia Pacific, North America, Latin America, Europe, and Middle East & Africa
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Report Coverage
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Company Share, Market Analysis and Size, Competitive Landscape, Growth Factors, and Trends, and Revenue Forecast
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Key Players Covered in the Report
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Wellness Corporate Solutions; Provant Health Solutions; Marino Wellness; The Vitality Group, Inc.; Central Corporate Wellness; SOL Integrative Wellness Centre; ADURO, Inc.; Fitbit, Inc.; ComPsych Corp.; Virgin Pulse, Inc.; EXOS; Privia Health Group; Wellsource, Inc.; Truworth Health Technologies Pvt. Ltd.; Well Nation; and Beacon Health Options, Inc.
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Market Segment Insights
Exercise facilities drives the onsite segment
In terms of delivery models, the global corporate wellness market is bifurcated into offsite and onsite. The onsite segment is estimated to expand at robust growth rate during the forecast period due to this wellness initiatives that provide a personal guide to employee’s health, along with the other facilities to exercise under the supervision of coaches and fitness consultants to meet their personal health needs. However, the offsite segment is anticipated to expand at a substantial CAGR during the forecast period owing to the shift from in-person meeting to virtual meeting, during the ongoing pandemic.
Health risk assessment segment to grow at high CAGR
On the basis of services, the market is segregated into stress management, health screening, fitness, nutrition & weight management, smoking cessation, health risk assessment, and others. The health risk assessment segment is estimated to grow at high CAGR during the forecast period owing to the service includes screening activities to identify health risk and implement suitable interventional policies to encourage a healthy lifestyle among employees. On the other hand, the smoking cessation segment is anticipated to register significant growth during the projected period attributed to the rising adoption of these services by organization to increase employee productivity and to improve health status.
Organizations/employers segment to expand at robust growth rate
Based on categories, the global corporate wellness market is divided into organizations/employers, fitness & nutrition consultants, and psychological therapists. The organizations/employers segment is anticipated to expand at robust growth rate during the forecast period attributed to the service providers offer outsourced as well as in-house health management services for small as well as large scale corporations. However, the psychological therapists segment is projected to expand a considerable CAGR during the forecast period owing to the stress management solutions.
Large scale organizations segment to register a significant growth
On the basis of end-users, the market is fragmented into large scale organizations, medium scale organizations, and small scale organizations. The large scale organizations segment is projected to register a significant growth during the projected period owing to their ability to incorporate wellness program into their company’s infrastructure. On the other hand, the medium scale organizations segment is expected to expand at a substantial growth rate in the coming years attributed to the rising implementation of wellness program by organization to reduce the healthcare burden and total cost of healthcare premium paid by the employer to any insurance provider.
North America to constitute a key market share
In terms of region, the global corporate wellness market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is anticipated to constitute a key share of the market during the projected period owing to the rising implementation of corporate wellness program by employers in the region. However, the market of Asia Pacific is anticipated to grow at a rapid pace during the forecast period due to the surge in working population and growing awareness about health management of employee in the region.
Segments
Segments Covered in the Report
The global corporate wellness market has been segmented on the basis of
Delivery Models
Services
- Stress Management
- Health Screening
- Fitness
- Nutrition & Weight Management
- Smoking Cessation
- Health Risk Assessment
- Others
Categories
- Organizations/Employers
- Fitness & Nutrition Consultants
- Psychological Therapists
End-users
- Large Scale Organizations
- Medium Scale Organizations
- Small Scale Organizations
Regions
- Asia Pacific
- North America
- Latin America
- Europe
- Middle East & Africa
Key Players
- Wellness Corporate Solutions
- Provant Health Solutions
- Marino Wellness
- The Vitality Group, Inc.
- Central Corporate Wellness
- SOL Integrative Wellness Centre
- ADURO, Inc.
- Fitbit, Inc.
- ComPsych Corp.
- Virgin Pulse, Inc.
- EXOS
- Privia Health Group
- Wellsource, Inc.
- Truworth Health Technologies Pvt. Ltd.
- Well Nation
- Beacon Health Options, Inc.
Competitive Landscape
Key players competing in the global corporate wellness market are Wellness Corporate Solutions; Provant Health Solutions; Marino Wellness; The Vitality Group, Inc.; Central Corporate Wellness; SOL Integrative Wellness Centre; ADURO, Inc.; Fitbit, Inc.; ComPsych Corp.; Virgin Pulse, Inc.; EXOS; Privia Health Group; Wellsource, Inc.; Truworth Health Technologies Pvt. Ltd.; Well Nation; and Beacon Health Options, Inc. Companies are focusing on adapting virtual methods to maintain their competitive position in the market. Companies have been widely engaged in strategic partnership, merger & acquisition, new product launch, and collaborations to boost their market share and acquiring new buyers.
For instance, in December 2020, Mindhouse, a mental wellness startup announced the launch of Wellness Labs. This labs are a cooperative learning platform for senior human resource professionals concentrated on transitioning work environments during and post the pandemic. In June 2020, GreenLattey, an India based wellness center launched TwelveWeek Challenge App. The world’s first accomplishment store launched 360-degree wellness activity for individuals in corporate sector. This is to help people stay safe, stay healthy, and stay home program.
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