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Corporate Wellness Market Size, Share and Analysis, By Service (Fitness, Health Risk Assessment, Health Screening, Smoking Cessation, Stress Management, Nutrition & Weight Management, Others), By Category (Psychological Therapists, Fitness & Nutrition Consultants, Organizations/Employers), By Delivery Model (Offsite, Onsite), By End User (Small-Scale Organizations, Medium-Scale Organizations, Large-Scale Organizations), and Regional Forecast, 2022-2029

Region : Global | Report ID: FBI106931 | Status : Ongoing

 

KEY MARKET INSIGHTS

Corporate wellness programs are designed and implemented in corporate workplaces to help employees better understand their health risks; engage in healthy workplace behavior, and save money on healthcare. Corporations are progressively using these programs to boost productivity, reduce absenteeism, and boost team member morale and quality of work. These include policies, programs, and benefits addressing multiple risk factors and conditions and influencing employees and the organization. According to the National Center for Chronic Disease Prevention and Health Promotion (NCCDPHP), corporate programs promoting Health and well-being & providing disease prevention plans can potentially influence more than 150 million employees in the U.S, reducing the cost of healthcare significantly.


The global corporate wellness market is primarily driven by the increasing prevalence of chronic diseases caused by a sedentary lifestyle, unhealthy dietary patterns, high-stress levels, and overexposure to digital screens. Also, due to digitalization pushing global market expansion, customers are looking for ways to detox from their digital frenzy and regain their time for personal advancement and fitness. Hence, rising awareness of employees' mental and physical health is anticipated to generate lucrative opportunities for the corporate wellness market in the forecast period. For instance, the data published by the Microsoft Work Trend Index research on June 8, 2022, shows that 67% of employees in India prioritize Health and well-being over work.


Health awareness/improvement programs impact positively the organizational environment and culture. More than 550 corporate owners are offering employee wellness programs in the U.S. Some of the industry participants are focusing on expanding to cater to and accommodate more extensive employee groups. However, budgetary constraints for occupational health policies in corporate organizations may hinder the market growth.


Impact of COVID-19 on the Corporate Wellness Market


The COVID-19 pandemic has severely impacted the mental health of employees. After its onset, it led to a work-from-home transition, which resulted in extensive stress among employees due to the feeling of isolation. Moreover, the pandemic hit the economy, creating a financial crisis for many individuals and affecting their mental Health. To tackle this issue, wellness service providers are adopting virtual methods to provide services such as meetings with psychologists and health coaches.


Due to the COVID-19 pandemic, businesses have found ways to physically protect and prioritize their employees by providing tech support such as cloud applications, online platforms, and remote networking to assist social distancing. Employers’ focus has shifted to preventive and constructive management by helping workers adapt to new standards. Moreover, numerous companies are launching fitness programs to make employees feel like they are still connected while working at home. For instance, in February 2022, GYMGUYZ, the world's largest in-home, onsite, and virtual personal training company, revealed expanding its corporate wellness services. The company will now deliver its corporate wellness services in-home in addition to onsite at corporate locations and facilities as variants of COVID-19 continue to emerge and cause more employees to work from home. Such developments are predicted to have a positive impact on market growth.


Key Insights


The report will cover the following key insights:



  • Key Industry Developments –New Product Launches, Mergers, And Acquisitions

  • Impact Of COVID-19 On the Global Corporate Wellness Market

  • Insights into the Market Trends and Technological Innovations in the Market.

  • Overview of Total Corporate Wellness Programs by Key Regions and Its Impact on Market Growth.

  • Corporate Organizations Initiatives to Promote Corporate Wellness across Regions.


Analysis by Service:


The health risk assessment segment dominated the market for corporate wellness mainly due to health risk assessment being the primary screening process employed in almost all corporates, in compliance with government mandates. Corporate wellness programs mainly include screening activities to identify health risks and implement appropriate interventions to promote a healthy lifestyle among employees. Around 80% of employers offering employee well-being services opt for the health risk assessment of their employees. In June 2016, Wellness Corporate Solutions launched the WCS Analytics + platform, which consists of an interactive data dashboard enabling clients to plan and implement healthy activities leading to productive workplaces.


Analysis by Category:


Organizations/employers dominated the market in the category segment due to a large number of employees and the high budgets of large-scale organizations. As a result, these organizations usually offer exhaustive healthcare schemes and programs for employees like in-house and outsourced health management services and onsite fitness trends, including yoga and meditation.


Analysis by Delivery Model:


The onsite delivery model encountered the highest revenue share in the market and is projected to witness the fastest growth over the forecast period. Onsite wellness programs offer a personal touch to the employee’s well-being and the facility to exercise under the guidance of trained coaches and fitness consultants to meet their health requirements.


Analysis by End User:


The large-scale organizations dominated the end-use segment and accounted for the largest revenue share. Larger organizations can incorporate programs and services into their company’s infrastructure attributed high budgets of large-scale organizations. As a result, these organizations usually offer extensive healthcare schemes and programs for employees. In addition, awareness among the corporate owners for investing in their employee’s health improvement programs that, in return, will boost their services and enhance their company’s performance per year will propel the market growth.


Regional Analysis:


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North America led the global corporate wellness market with significant revenue share and is expected to flourish prominently during the analysis period. The region's significant growth is mainly attributed to the increasing corporate businesses and raising awareness among the corporate owners towards their employee’s health benefits. For instance, Harvard Business School has stated in its report that American companies have reduced their medical expenses by USD 3.27 for each dollar spent on wellness programs. This would encourage other employers to implement corporate wellness programs in their organizational culture to get maximum benefits in terms of return on investment.


Key Players Covered


The report will include key players such as Wellness Corporate Solutions (Labcorp), ComPsych Corporation, Central Corporate Wellness, Privia Health, Vitality Group International, Inc., EXOS, Marino Wellness LLC, UnitedHealth Group, Wellsource, Inc., and SOL Integrative Wellness Centre.


Segmentation




















By Service



By Category



By Delivery Model



By End User



By Geography




  • Fitness,

  • Health Risk Assessment,

  • Health Screening,

  • Smoking Cessation,

  • Stress Management

  • Nutrition & Weight Management

  • Others




  • Psychological Therapists

  • Fitness & Nutrition Consultants,

  • Organizations/Employers




  • Offsite

  • Onsite




  • Small-Scale Organizations

  • Medium-Scale Organizations

  • Large-Scale Organizations




  • North America (U.S. and Canada)

  • Europe (Germany, France, U.K., Italy, Spain, Scandinavia, Rest of Europe)

  • Asia Pacific (Japan, China, Australia, India Southeast Asia, Rest of Asia Pacific)

  • Middle East & Africa (UAE, South Africa and the Rest of MEA)

  • Latin America (GCC, South Africa and the Rest of LATAM)



Key Industry Developments



  • In February 2022, a health tech company, Quantum CorpHealth Pvt Ltd, 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.

  • For instance, in April 2021, Fitbit announced Luxe, a fashion-forward fitness and wellness tracker designed to support a holistic approach to health. Luxe offers everything from stress management tools to automatic activity and sleeps tracking. Health Metrics dashboard in the Fitbit app to identify changes that could be caused by increased stress or fatigue.


  • Ongoing
  • 2021
  • 2018-2020

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