New York, USA, March 27, 2023 (GLOBE NEWSWIRE) -- Corporate Wellness Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Corporate Wellness Market Information by Service, Category, End User and Region—Forecast till 2030”, the market was valued USD 57.3 billion in 2021 and is expected to reach USD 109.4 billion by 2030 at 8.37% CAGR during the forecast period of 2022 to 2030.
Market Scope
Corporate wellness is a program that is designed to support employees and their families that promotes a healthy workplace by incorporating various health activities within the daily workreduce to health risks, improve quality of life, and enhance productivity. It is intended to benefit employees and their families. decrease health hazards, raise quality of life, and increase output.
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Corporate Wellness Market Competitive Dynamics:
- ComPsych Corporation (US)
- Wellness Corporate Solutions (US)
- Virgin Pulse (US)
- Privia Health (US)
- UnitedHealth Group (US)
- Quest Diagnostics (US)
- EXOS (US)
- Central Corporate Wellness (Singapore)
- Sodexo (France)
- Vitality Group International, Inc. (US)
Report Scope:
| Report Attribute | Details |
| Market Size in 2030 | USD 109.4 Billion |
| CAGR | 8.37% |
| Base Year | 2021 |
| Forecast Period | 2022-2030 |
| Historical Data | 2020 |
| Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Technology, Application, Delivery Mode, Components, End User |
| Geographies Covered | North America, Europe, Asia-Pacific, and Rest of the World (RoW) |
| Key Market Drivers | Rising adoption of wearable devices, technologies and fitness activities |
| Increasing investment in mental health and stress management programs |
Corporate Wellness Market Trends:
Market Drivers
The rise in wearable technology and fitness activities, as well as the increased prevalence of chronic diseases among corporate workers, are all factors contributing to the market growth for corporate wellness. Increasing professional competition among employees to outperform their peers, meet deadlines on time or early, stick to budgets as closely as possible, and increase sales are a few variables that contribute to employee stress. These elements stress and negatively impact the employees' mental health, which in turn negatively impacts their general productivity. According to the American Institute of Stress, busyness, juggling several tasks, people issues, and a lack of job security are the main causes of stress. Also, corporations are taking methods to deal with stressful conditions, such as the creation of wellness challenges like the self-care challenge, meditation challenge, breathing challenge, and walking challenge.
Market Limitations
Hackers' latest trend is to steal healthcare data. Business wellness initiatives are not exempt from issues with data privacy. The employees who take part in the wellness initiatives exchange personal information and health-related data. Fitness trackers and other digital devices have minimal data security protections and can be watched by fraudsters, making them more vulnerable to hacking. To prevent the intrusion of their customers' personal and medical information, corporate wellness providers are working with cybersecurity firms out of a greater concern for their clients.
COVID-19 Analysis
The pandemic outbreak cut off the personnel from their workplace. The shift in working practices from physical presence to virtual availability across the globe prompted market players to improve their products to meet the needs of their shifting clientele. Corporate wellness providers are being prompted by the viral pandemic to utilize digital and communication tools like cloud applications, online platforms, and remote networking. The companies that provide wellness services are taking use of the remote connection by holding virtual workouts and exercises. On the social network, the corporate wellness service and solution providers also plan social gatherings and group workouts.
Unfortunately, the COVID-19 brought about a financial catastrophe for the businesses, which resulted in numerous layoffs. These organizations also seek to reduce the operating and other expenses needed to pay the salaries of its staff. This included stopping the subscription to the wellness programs. Hence, the COVID-19 epidemic had a mixed effect on the market.
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Corporate Wellness Market Segmentation:
Service Insights
Services for health risk assessment are anticipated to experience the fastest increase since they are offered to enterprises to help identify health trends affecting their employee population and track advancement over time. A series of questions included in health risk assessments are intended to gauge employee health and quality of life at work.
Category Insights
Due to the fact that these professionals are licensed nutritionists who advise people on diet and exercise plans, private businesses, and public health organizations, the fitness and nutrition consultants market is anticipated to increase significantly. In order to reach wellness objectives like disease treatment and weight control, the consultants examine the client's diet plan and recommend adjustments in food intake habits.
End User Insights
The segment with the largest growth over the review period is big scale organizations. The definition of a large corporation is one with more than 500 employees.
Corporate Wellness Market Regional Analysis
In recent years, and according to forecasts for the foreseeable future, the Americas have led the worldwide corporate wellness market. This can be ascribed to elements including heightened awareness of mental health issues and work-related stress, rising interest in workplace wellness, high healthcare costs, and the presence of major companies in the area. The region's population is health-conscious, which contributes to the corporate wellness market's expansion. Also, due to the region's aging working population, corporate wellness initiatives are essential to addressing age-related health issues within this population. Also, growing government backing for the implementation of workplace wellness has spurred market expansion in the area.
Due to growing government initiatives, rising healthcare costs, rising chronic disease incidence, and increased awareness of mental health, Europe is expected to have considerable growth during the forecast period. The market is also expanding as a result of an increase in corporate wellness start-ups. A number of companies have come from the area in recent years. Levell, BlueCall, Lifesum, The Holistic Idea, Timely App, Fika, Tomo, and Healthy Employees are a few of the notable startups. Also, the region's market is being fueled by an increase in government initiatives, such as Council Directive 89/391/EEC on the implementation of measures to stimulate improvements in worker safety and health.
Due to the rapidly evolving healthcare industry and the abundance of growth potential, the Asia-Pacific region is the corporate wellness market with the fastest expanding market. One of the largest working populations is in Asia. Asia's economy has grown quickly in recent years as a result of globalization. There hasn't been much of an improvement in the workers' health and wellness, though. The vast majority of people in employment experience a great deal of stress as a result of job insecurity, financial stress, lengthy workdays, and widespread employee disengagement. On the other hand, there has been an increase in the adoption of the services among the organizations as a result of increased awareness of mental health and other advantages provided by such services, such as managing health care costs, improving employee morale, recruitment, and retention, and increasing productivity.
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Due to the existence of poor and slowly growing countries, particularly in the African region, the Middle East and Africa account for the smallest percentage of the worldwide market. Yet, due to the region's development and growing working population in the Middle East and Africa, economic performance has significantly improved. Due to the growing government and insurer programs to encourage employee wellness, the rising frequency of chronic diseases, and the shift in emphasis toward employee satisfaction and engagement, the Middle East area is the main contributor to the regional market.
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