Pune, India, Nov. 27, 2023 (GLOBE NEWSWIRE) -- Global Corporate Wellness Market Size was valued at USD 58.68 billion in 2022 and is projected to grow from USD 85.02 billion by 2030 exhibiting a CAGR of 4.8% during the forecast period. Growing Incidence of Mental Stress Along with Rising Emphasis on Mental Health to Propel the Market Growth
Corporate wellness programs are created to help employees get involved in healthy workplace behavior and help them understand the risks related to health better. The market expansion can be credited to the shift in focus of employers toward employees’ virtual and holistic wellness. This shift in preference can be attributed to the growing number of working professionals suffering from stress associated with work.
This information is provided by Fortune Business Insights™ in its research report titled Corporate Wellness Market, 2023-2030.
Key Industry Development-
- April 2023: Lionrock Recovery announced the launch of a free program for companies addressing substance use disorder in the organization.
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Key Takeaways –
- Corporate Wellness Market size in North America was USD 22.08 billion in 2022
- Rising mental stress and increased focus on mental health drive market growth.
- Growing emphasis on employee engagement and cost-cutting boosts corporate wellness service adoption.
- The health risk assessment segment is expected to hold a major market share during the projected period.
Discover the Leading Players Featured in the Report-
- ComPsych Corporation (U.S.)
- Privia Health (U.S.)
- Virgin Pulse (U.S.)
- EXOS (U.S.)
- Marino Wellness (U.S.)
- Vitality (U.S.)
- Wellsource, Inc. (U.S.)
- Central Corporate Wellness (Singapore)
- Truworth Wellness (India)
Report Scope & Segmentation:
| Report Coverage | Details |
| Forecast Period | 2023 to 2030 |
| Forecast Period 2023 to 2030 CAGR | 4.8% |
| 2030 Value Projection | USD 85.02 Billion |
| Base Year | 2022 |
| Corporate Wellness Market Size in 2022 | USD 58.68 Billion |
| Historical Data for | 2019 to 2021 |
| No. of Pages | 143 |
| Segments covered | By Service, By Delivery Model and Geography |
Browse Complete Report Details- https://www.fortunebusinessinsights.com/corporate-wellness-market-106931
Drivers & Restraints:
Growing Incidence of Mental Stress Along with Rising Emphasis on Mental Health to Propel the Market Growth
One of the major factors propelling corporate wellness market growth is focus on mental health coupled with the rising incidence of mental stress. The poor working environments, including discrimination, workplace inequality, excessive workload, and job insecurity, have increased the mental health burden among working professionals, bolstering the demand for corporate wellness programs.
However, low awareness and employee engagement in developing economies may impede market growth.
Segmentation:
By Services
- Health Risk Assessment
- Smoking Cessation
- Fitness
- Weight/ Nutrition Management
- Stress Management
- Others
By Delivery Model
- Onsite
- Virtual
By End User
- Small-sized Organizations
- Medium-sized Organizations
- Large Organizations
Regional Insights:
North America Dominated due to the Growing Uptake of Workplace Wellness Programs by Employees
North America corporate wellness market accounted for the largest share in 2022. The surging adoption of workplace wellness programs by employees for the reduction of absenteeism is bolstering the regional growth.
Europe market held the second largest share in 2022, owing to the growing adoption of corporate wellness services by organizations for the improvement of workplace efficiency.
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Competitive Landscape:
Prominent Players Focus on Product Innovations to Outshine the Competition
The market has the presence of various players such as EXOS, Virgin Pulse, ComPsych, and others. Many companies are focusing on developing innovative products to keep ahead of the competition. Several market players are deploying other competitive strategies such as mergers and acquisitions, collaborations, and others.
FAQs
How big is the Corporate Wellness Market?
Corporate Wellness Market size was USD 58.68 billion in 2022. It is expected to reach USD 85.02 billion in 2030.
How fast is the Corporate Wellness Market growing?
The Corporate Wellness Market will exhibit a CAGR of 4.8% during the forecast period, 2023-2030.
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