The global corporate wellness market was valued at USD 66.52 billion in 2021 and is expected to reach USD 123.18 billion by 2028, at a CAGR of 9.2% over the analysis period.
Corporate wellness is a relatively new concept, it means any programs designed to provide a healthier lifestyle for the workplace. It highlights the many valuable benefits in the workplace. Research shows that corporate wellness programs can improve productivity, reduce absenteeism, grow positive morale, and support a holistic approach by creating an organizational culture of health to employee wellbeing. Many companies offer several corporate wellness programs such as on-site fitness centers, free or reduced gym membership, yoga classes, free massages at work, educational opportunities, vaccination clinics, rooms for rest, health risk assessments, provide healthy food at work, and wellness outings to improve job satisfaction in employees.
For instance, Johnson and Johnson established their Live for Life program in 1979, which offered employees a physical assessment and allowed firms to provide wellness support to those with a high BMI, poor nutrition habits, and little to no stress management skills. Shortly afterward, in 1984, Boeing issued an employee smoking ban that prohibited employees from smoking in the workplace, prompting other corporations to follow suit. Employers may do their part to battle the physical, mental, emotional, and financial health concerns that might affect employees by implementing a comprehensive approach to workplace wellness. With the growing working population, the demand for corporate wellness programs is also expected to increase thus, driving the growth of the market.
Major Key Players for Corporate Wellness Market:
- ComPsych Corporation
- Wellness Corporate Solutions
- Virgin Pulse
- Provant Health Solutions
- Marino Wellness
- Privia Health
- Vitality Group
- Well sourced Inc
- Central Corporate Wellness
- Truworth Wellness
- SOL Wellness
- CXA Group
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Market Dynamics and Factors:
The factors that propel the growth of the corporate wellness market include the growing prevalence of chronic diseases and a reduction in employee healthcare costs. In today’s work culture. Due to the hectic lifestyle, most people do not have enough time to take care of their mental and physical health after work, which is causing them to suffer from serious health problems. For instance, according to WHO 422 million peoples suffer from diabetes in the world and 17.9 million peoples cause death due to cardiovascular diseases. These are preventable diseases. Thus, the rising prevalence of chronic diseases supports the promotion of corporate wellness programs for creating healthy habits among the employees that help to grow the market of corporate wellness. Apart from that longer working hours, longer life expectancy, growing awareness about stress, a large change in well-being attitudes, and rising superiority of artificial intelligence, are the driving factors that are expected to boost the growth of the corporate wellness market.
Corporate Wellness Market Report Highlight:
- By service type, the health risk assessment segment is expected to have the maximum share of the corporate wellness market during the forecast period. This system promotes a healthy lifestyle among the employees. Most firms provide corporate wellness programs and choose the health risk assessment service to examine the health risk of employees, it helps to propel the market.
- By end-users, the large-scale segment is expected to dominate the corporate Wellness market share during the forecast period. This is due to the presence of a large number of employees and the high budget of an organization that helps to organization promote various wellness programs for employees which leads to an increase in the market
- By delivery modes, the onsite segment is anticipated to have high growth during the forecast period. It offers a personal touch to the employee’s health and provides the facility to exercise under the guidance of fitness consultants and trained coaches.
- The north American region is anticipated to grab the maximum market share of the corporate wellness market over the projected period. The growing adoption of various wellness programs in this region such as nutritional balance, weight management, fitness classes, smoking cessation programs, and others by employers, is propelling the growth of the market.
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Key Industry Development:
In February 2022, Quantum CorpHealth Pvt Ltd a health tech company, opened three new offices in India (Bengaluru, Pune, and Hyderabad) to meet the country’s rapidly increasing need for health and wellness services for corporate employees and their dependents.
In December 2020, Madhouse, mental wellness startup launched Wellness Labs named as a collaborative learning platform for senior HR professionals focused on transitioning work environments during and post-pandemic.
Corporate Wellness Market Segmentation:
By Service Type
- Health Risk Assessment
- Smoking Cessation
- Health Screening
- Nutrition & Weight Management
- Stress Management
- Small Scale
- Medium Scale
- Large Scale
By Delivery Model
For this report, Introspective Market Research has segmented the Corporate Wellness Market based on the region:
Regional Outlook (Revenue in USD Million; Volume in Units, 2022-2028)
- North America
- The U.S.
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia-Pacific
- Middle East & Africa
- Saudi Arabia
- South Africa
- Rest of MEA
- Latin America
- Rest of LATAM
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Scope of the Report:
The report encompasses the entire analysis of market size in previous years for major segments and countries, as well as future estimates. The Corporate Wellness Market study looks deeply into the worldwide market’s competitive landscape. The study also provides the names of key market players and the methods they used to gain a dominant position in the industry. It also includes useful market insights, dynamics and factors, and market analysis techniques such as PESTEL analysis, PORTER’s Five Forces analysis, value chain analysis, SWOT analysis, BCG matrix, and Ansoff matrix.
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