Corporate Wellness Market

Global corporate wellness anticipated to reach at USD 101 billion by 2028 at a CAGR of 7.7% during the forecast period.

Introduction of the Global Corporate Wellness Market Report

The corporate wellness program is created to encourage employee welfare by initiating a healthy culture in an organization. Corporate wellness solutions simplify the implementation and management of various aspects of a well-being program. Many chronic diseases are avertible and executing a corporate wellness program is an effective path to create awareness on the importance of acquiring healthy habits and the benefits of sticking to wellness goals. To support employee well-being journey, employers are searching for products and services that operate on the same orientation.

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Market Dynamic

Key Drivers and Emerging Trends

The factors driving the global corporate wellness market include increasing organizational awareness regarding implementing healthy organizational culture to prevent employees from chronic disease caused by unhealthy dietary plans, high-stress levels, and overexposure to digital screens. Worker productivity reduces due to chronic health conditions and unhealthy behavior. For instance, according to the Centre for Disease Control and Prevention, five chronic disease or risk factors – high blood pressure, smoking, diabetes, physical inactivity, and obesity result in a loss of USD 36.4 billion to U.S. employers because of employees missing days of work. Due to the COVID-19 pandemic, several companies are operating virtual, resulting in a great deal of stress among employees. The wellness service providers are adopting a virtual method to provide services, which will propel the market growth. For instance, in 2020, Google is tackling mental health challenges among employees through “resilience training” videos.

Restraint in the Global Corporate Wellness Market

However, the high cost of corporate wellness program can hamper the market growth. While it is easier for a larger organization to adopt a wellness program, but it becomes difficult for small and mid-sized organization due to budget constraint.

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Service Type – Segment Analysis

Based on the service type, health risk assessment is expected to grow at a higher CAGR in global corporate wellness over the forecast period. Corporate wellness program is majorly used for screening activities to identify the health risk and force the appropriate strategies to promote the healthy lifestyle among employees. In addition, according to IBM, an estimated 75% of large employers offers health risk assessment as part of their employee health and wellness strategy. In 2020, an analysis conducted among IBM Watson health clients found that, on average, about half of employees use these company-sponsored tool each year.

End-Use Industry – Segment Analysis

Based on the end-use industry, large-scale organizations are expected to grow at a higher CAGR in the global corporate wellness market over the forecast period. This is attributed to the fact that large-scale organizations have more workforce strength. The corporate wellness program is conducted regularly in the organization to track employees’ physical and mental conditions. For instance, according to Virgin Pulse, large organizations know that if they create healthier, happier, and productive employees, the business will follow.

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Regional – Segment Analysis:

Based on the region, the North America region is expected to grow at a higher CAGR over the forecast period. According to the Centre for Disease Control and Prevention, 6 in 10 adults in the U.S. are suffering from chronic disease and making a slight change in the workplace environment, employers can increase productivity and reduce the annual healthcare expenditure on employees. According to RAND Corporation and the U.S. Department of Health and Human Services, 80% of businesses with more than 50 employees feature a benefit linked to corporate wellness. Furthermore, the existence of key players such as ComPsych Corporation, LifeWorks Inc., Workplace Options, among others, are driving the market growth in the region.

Top Market Players

Various notable players operating in the market, include, ComPsych Corporation, LifeWorks Inc., Virgin Pulse, UnitedHealth Group, Centene Corporation, Wellsource, Inc., Fitbit LLC, Workplace Options, Wellspring, EXOS, among others.

Key Developments:

• • In 2021, Fitbit LLC launched Luxe, a fashioned forward fitness and wellness tracker designed to support holistic health.
  • In 2021, UnitedHealth Group and SSM Health announced the partnership to make quality care more accessible and affordable for people across the Midwest.

Segments covered in the Report:

The global corporate wellness market has been segmented on the basis of service type, end-use industry, and region. Based on service type, the market is segmented into health risk assessment, nutrition, weight loss, fitness, employee assistance program and others. Based on end-use industry, the market is segmented into small scale organization, medium scale organization and large scale organization.

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Key questions answered in this research report:

• • At what pace is global corporate wellness market growing? What will be the growth trend in the future?
  • What are the key drivers and restraints in global corporate wellness market? What will be the impact of drivers and restraints in the future?
  • What are the regional revenues and forecast breakdowns? Which are the major regional revenue pockets for growth in the global corporate wellness market?
  • Which service type generated maximum revenues in 2020 and identify the most promising service type during the forecast period?
  • What are the various end-use industry areas of global corporate wellness market and how they are poised to grow?
  • What companies are the major participants in this market and their business strategies, how does the competitive landscape look like?

Market Segmentation

Global corporate wellness Market by Service Type

• • Health Risk Assessment
  • Nutrition
  • Weight Loss
  • Fitness
  • Employee Assistance Program
  • Others

Global corporate wellness Market by End-Use Industry

• • Small Scale organization
  • Medium Scale organization
  • Large Scale Organization

Global corporate wellness Market by Region

• • North America Global Corporate Wellness Market (Option 1: As a part of the free 25% customization)
    • North America Global Corporate Wellness Market by Service Type
    • North America Global Corporate Wellness Market by End-Use Industry
    • US Global Corporate Wellness Market All-Up
    • Canada Global Corporate Wellness Market All-Up
  • Europe Global Corporate Wellness Market (Option 2: As a part of the free 25% customization)
    • Europe Global Corporate Wellness Market by Service Type
    • Europe Global Corporate Wellness Market by End-Use Industry
    • UK Global Corporate Wellness Market All-Up
    • Germany Global Corporate Wellness Market All-Up
    • France Global Corporate Wellness Market All-Up
    • Spain Global Corporate Wellness Market All-Up
    • Rest of Europe Global Corporate Wellness Market All-Up
  • Asia-Pacific Global Corporate Wellness Market (Option 3: As a part of the free 25% customization)
    • Asia-Pacific Global Corporate Wellness Market by Service Type
    • Asia-Pacific Global Corporate Wellness Market by End-Use Industry
    • China Global Corporate Wellness Market All-Up
    • India Global Corporate Wellness Market All-Up
    • Japan Global Corporate Wellness Market All-Up
    • Rest of APAC Global Corporate Wellness Market All-Up
  • RoW Global Corporate Wellness Market (Option 4: As a part of the free 25% customization)
    • RoW Global Corporate Wellness Market by Service Type
    • RoW Global Corporate Wellness Market by End-Use Industry
    • Brazil Global Corporate Wellness Market All-Up
    • South Africa Global Corporate Wellness Market All-Up
    • Saudi Arabia Global Corporate Wellness Market All-Up
    • UAE Global Corporate Wellness Market All-Up
    • Rest of world (remaining countries of the LAMEA region) Global Corporate Wellness Market All-Up

Major Players Operating in the Global Corporate Wellness (Option 5: As a part of the Free 25% Customization – Profiles of 5 Additional Companies of your Choice)

• • ComPsych Corporation
  • LifeWorks Inc.
  • Virgin Pulse
  • UnitedHealth Group
  • Centene Corporation
  • Wellsource, Inc.
  • Fitbit LLC
  • Workplace Options
  • Wellspring
  • EXOS