Market overview

The global corporate wellness market size is estimated to exhibit growth by expanding at 8.5% during the forecast period 2022-2030 to reach a valuation of USD 114.4 billion by 2030. This growth is attributable to the higher acceptance of corporate wellness programs, which are designed to evaluate the employee’s health.

Furthermore, these wellness initiatives are crafted to assess potential health risks and foster healthy habits within the workplace. Consequently, they cultivate a healthy workplace environment and bolster productivity by significantly reducing healthcare expenditures. These factors contribute to the growth of the global corporate wellness market.

Moreover, implementing such programs leads to enhanced morale, improved work quality, and reduced absenteeism, prompting numerous organizations to embrace corporate wellness initiatives. The escalating prevalence of obesity, smoking, alcoholism, and other chronic conditions among white-collar employees, particularly in the private sector, is driving the adoption of corporate wellness programs. According to the World Health Organization (WHO), over 1.1 billion individuals were smokers in 2015, and the incidence of obesity has tripled over the past three decades. These statistics underscore the necessity for employers to implement corporate wellness programs to ensure the health of their employees, enabling timely and quality work delivery. This crucial factor is expected to propel the growth of the global corporate wellness market in the foreseeable future.

Employer wellness programs are tailored initiatives implemented by organizations to address various aspects of employee well-being. These programs often include comprehensive health assessments, fitness challenges, nutritional guidance, mental health resources, and stress management techniques. By offering such holistic support, employers not only demonstrate their commitment to the well-being of their workforce but also stand to benefit from improved employee engagement, reduced absenteeism, and enhanced productivity. Furthermore, employer wellness programs can contribute to fostering a sense of community and camaraderie among employees, thereby strengthening organizational cohesion and morale.

Competitive Analysis:

The global corporate wellness market players include ComPsych Corporation, SOL Wellness, Wellness Corporate Solutions, LLC, Wellsource, Inc., Truworth Health Technologies Pvt. Ltd., Central Corporate Wellness, Virgin Pulse, EXOS, Marino Wellness, Privia Health, ProvantHealth (Hooper Holmes, Inc.), The Vitality Group, Inc., Sodexo Group, and Bupa Wellness Pty Ltd.

Segmentation:

The global corporate wellness market has been segmented into category, service type, end user, and region.

By service type, the market is segmented into stress management, health risk assessment, nutrition & weight management, fitness, smoking cessation, health screening, and others. Of these, the health risk assessment segment dominated the global corporate wellness market in 2017 owing to the increasing adoption of wellness programs for wellbeing and assessment of health risks of employees. Additionally, implementation of the appropriate intrusion strategies and promotion of adopting a healthy lifestyle are benefiting the segmental growth.

On the basis of category, the market is segmented into psychological therapists, fitness & nutrition consultants, and organizations.

Based on end users, the market is segmented into medium-scale businesses, small-scale businesses, and large-scale businesses.

Regional Analysis:

Regionally, the migraine market is segmented into the Americas, Asia-Pacific, Europe, and Middle East & Africa. Of these, North America dominated the global corporate wellness market in 2017 and is estimated to remain dominant during the forecast period owing to the presence of corporate wellness program providers coupled with a substantial increase in the prevalence of chronic diseases in the region. Additionally, the most significant expenditure on healthcare in the region and surge in the adoption of wellness activities in Canada and the U.S.

Further, Europe is likely to hold the second-largest share in the revenue of the corporate wellness market owing to the increasing activeness of European employees and employers. Additionally, corporate wellness programs are increasingly taking a crucial part of medium or large organizations in the region, which is augmenting the growth of the market. The corporate wellness programs have become the strategic priority in European organizations; thus, the market in the region is flourishing continuously. However, the market in the Asia Pacific is estimated to expand by exhibiting a faster CAGR owing to robust industrialization and urbanization in the region. In addition to this, the increasing awareness about the health of employees due to the effects of long working hours and larger workload in countries such as India and China are estimated to benefit the market growth in the coming years as well.

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