Corporate Wellness Market Research Report – Global Forecast till 2028

Corporate Wellness Market Size, Trends and Growth Analysis by Service Type (Health Risk Assessment, Stress Management, Nutrition & Weight Management, Smoking Cessation, Fitness), Category (Fitness & Nutrition Consultant, Organization), End User- Forecast Till 2028

ID: MRFR/HS/5498-HCR | February 2021 | Region: Global | 90 pages

Corporate Wellness Market Overview


Globally, it has been found that the global corporate wellness market projects at a CAGR of 7% during the market forecast period of 2021-2028. It has also been marked that the market projects at a market value of USD 93 billion by the end of 2028. It has been found that the market demand for corporate wellness programs is so designed and has been implemented in some of the corporate offices where the programs play a great role in supporting the employees and understanding their health-related risks. These corporate programs help in pursuing healthy behavior at their workplace and lessen their spending on the healthcare units. These market demands for corporate wellness programs are being adopted which helps in increasing productivity, lessens absenteeism, and improves the morale value and quality of work of the corporate employees. As per the World Health Organisation in the year 2015, approximately 1.1 billion people started smoking tobacco. It has been found that tobacco has killed more than 7 million people throughout the world. Nearly 80% of the population so present in the low and middle-class income countries are affected by their activities. According to the MRFR analysis it has been found that about 1.9 billion of the population is overweight out of which 650 million of the people are obese. According to the data published by the ComPsych Corporation, it has been found that the diet of a person surely harms his lifestyle disorders as he gets affected by diabetes, cholesterol, high blood pressure, and some gastrointestinal diseases. This helps in boosting up the size of the corporate wellness market segments.


COVID 19 ANALYSIS of Corporate Wellness Market 


The outbreak of the COVID has severely affected the corporate sectors of the market. They have affected the mental health of the employees. The widespread of the virus has enhanced the work from home opportunity thus creating stress among the employees. This hard-hitting pandemic has enhanced the financial crisis of the market which has affected the state of mental health. Some of the virtual methods have been adopted for tackling the wellness problem.


MARKET DYNAMICS



  • Drivers- factors that help in propelling up the corporate wellness market size are the growth in obesity of the people, people being addicted too much towards smoking and drinking, being overweight, and having any other diseases. The prevalence of lifestyle diseases along with the growth in the labor force boosts the market size. The rise in growth of the private sector CAPEX helps in steering up the business.

  • Opportunities- an adaptation of new healthcare treatments and facilities along with the use of wearable technology expands up the market growth. The corporate wellness service providers give in-house along with the outsourced health-related management which gives lucrative opportunities for expanding the market size.

  • Challenges- arise in costs of the companies for maintaining the welfare in the private sectors is the main challenging factor of the market. As per the Health Resources, there was a decrease in psychiatrists which became the challenging factor of the market. This shortage was in fact faced in most of the developing countries.

  • Cumulative Growth- the rise in corporate wellness market value along with the rise in CAGR values occupied a huge position in the market. Maximum growth was marked during the market forecast period.

  • Restraints- the growth in obesity of the people has increased the insurance costs bringing a financial burden on the corporate wellness market employers. An increase in the health risk of the employees has acted as a restraining factor for the market.


Corporate Wellness Market Segmentation



  • By type- based on the size of the corporate wellness market segments the market is classified into type, category, and end-user. Based on the service type, the global corporate wellness market is classified into health risk assessment, stress management, nutrition, and weight management techniques, fitness management, health and screening activities. It has been found that the size of the corporate wellness market segments it has been found out that the health segment occupies a large market value and contributes towards the corporate wellness provider market size. An increase in adopting more of the wellness programs identifies the health risks and implementation of certain strategies to live a healthy lifestyle. Approximately 80% of the corporate employees have provided certain welfare services which consist of the health risk assessment of the corporations. Based on the category, the market has been classified into fitness and nutrition consultants, psychological therapists, and some organizations. Based on end-users, the market is categorized into small scale, medium, and large scale enterprises. Regionally, the market extends to the region of America, Europe, Asia Pacific, the Middle East, and some of the African regions. From corporate wellness market research, it has been found that the market of the American region especially includes the regions of North America and South America whereas the North American market includes the region of the United States and Canada.

  • By technology- technology has made the companies much more alert about the mentally and physically healthy workforce. Technology has mitigated the health risks among the employees. It has been found that technology also increased the growth of the small-sized enterprises where the people by the help of technology organized various wellness and health benefits programs.


 Corporate Wellness Market Regional Analysis


Geographically in the year 2017, corporate wellness services in the US are strong enough as it has corporate providers. The people there preferred a stylish lifestyle and they suffer from chronic disorders. Spending much more money on healthcare units and adopting various wellness activities in the areas of the United States and Canadian regions. The European region follows after America as it occupies a high market value during the market forecast period. The employees here are taking proactive stances regarding the health of the European employees and have started investing in the components of the corporate wellness market. The programs conducted regarding corporate wellness become a good medium for the medium to large business units especially in the European regions thus supporting the corporate wellness provider market size. The promotion of the corporate workplace has become much more common in the Asia Pacific region. Here in this region, the rise in productivity and business results has enhanced the corporate wellness provider market size. The population in the countries of China and India is rising to a high extent and has fueled up the market size. Thus the region of Asia Pacific has been marked to be increasing at a high rate and is expected to grow at a fast rate during the market forecast period. It has been found that the global corporate wellness market has shown steady growth in the regions of the Middle East and African region during the forecast period of 2018-2023. Due to the rise in healthcare sectors, the Middle Eastern and African markets have invested in some of the governmental corporate wellness [programs. The firms in the United Arab Emirates Have increased the productivity of the wellness business among the employees and they have developed a competitive spirit among them.


Competitive Landscape


The key players playing in the market scenario are ComPsych Corporation, Provant Health, Bupa Wellness Pty Ltd, Sodexo Group, The Vitality Group Inc. moreover components of the corporate wellness market are well handled by Privia Health, Virgin Pulse, Marino Wellness, Truworth Health Technologies, 1to1help.net Pvt Ltd and many more. However, the market players are occupying large positions and are launching new and innovative products.


Report Overview


The report gives good information about the recent developments taking place in the corporate wellness market. It describes the market scenario of the corporate wellness market. It gives details about the export and import regulations and gives a good analysis of the production taking place. From the market research report, you can know well about the application niches and the dominance taking place among the key players. It analyzes the growth factors and the opportunities and the market regulations so put forward by the market players. The technological innovations taking place helps in gaining and maintaining a top position in the corporate wellness market.



Report Scope:
Report Attribute/Metric Details
  Market Size   2028: USD 93.0 Billion
  CAGR   7.0% (2021-2028)
  Base Year   2019
  Forecast Period   2020-2028
  Historical Data   2018
  Forecast Units   Value (USD Million)
  Report Coverage   Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
  Segments Covered   Service Type, Category and End User
  Geographies Covered   North America, Europe, Asia-Pacific, and Rest of the World (RoW)
  Key Vendors   ComPsych Corporation, Wellness Corporate Solutions, LLC, SOL Wellness, Wellsource, Inc., Central Corporate Wellness, Truworth Health Technologies Pvt. Ltd., Virgin Pulse, Marino Wellness, EXOS, Privia Health, The Vitality Group, Inc., ProvantHealth (Hooper Holmes, Inc.), Sodexo Group, Bupa Wellness Pty Ltd, and 1to1help.net Pvt. Ltd.
  Key Market Opportunities   Joint ventures, strategic alliances, mergers and acquisitions, new product developments
  Key Market Drivers   Rising prevalence of obesity, overweight, smoking, and other lifestyle diseases


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Frequently Asked Questions (FAQ) :


The corporate wellness industry includes health risk assessment, stress management, nutrition & weight management, smoking cessation, fitness, health screening and others

The global corporate wellness market has the scope of moving ahead with a 7% CAGR during the forecast period of 2021 to 2028.

The health risk assessment segment had the maximum corporate wellness market share in 2017.

The Americas has the opportunity to drive the global corporate wellness market ahead.

The Asia Pacific region has the potential to emerge as the fastest-growing corporate wellness market.