Austin, Oct. 21, 2024 (GLOBE NEWSWIRE) -- “According to SNS Insider, The Corporate Wellness Market Size was valued at USD 64.11 Billion in 2023 and is projected to reach USD 123.35 Billion by 2032, growing at a compound annual growth rate (CAGR) of 7.60% from 2024 to 2032.”
The corporate wellness market is expanding more and more, with more emphasis on mental health, stress management, and flexible wellness options towards increased productivity. Innovation in health technology and government support are nudging more companies to invest more in the employees' well-being, thus cutting down on healthcare costs.
Key Corporate Wellness Companies Profiled:
- ComPsych Corporation
- Wellness Corporate Solutions
- Virgin Pulse
- EXOS
- Marino Wellness
- Privia Health
- Vitality
- Wellsource, Inc.
- Provant Health Solutions
- Beacon Health Options
- Central Corporate Wellness
- SOL Wellness
- Truworth Wellness
- ADURO, INC.
- Well Nation
- Fitbit, Inc.
- Personify Health
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Corporate Wellness Market Expands with Focus on Mental Health, Technology, and Work-Life Balance
The Corporate Wellness Market is in high demand since businesses are only now starting to realize the association between employee well-being and increased productivity. Reports suggest that the global wellness economy was rated at USD 5.6 trillion in 2022 and is expected to reach USD 8.5 trillion by the year 2027. Companies now begin to provide wellness programs for employees, not only physical but also mental health-related items such as fitness, stress management, and nutrition. Over 80% of employees who work in wellness-oriented workplaces report feeling job satisfaction. These programs are becoming the must-haves in companies today for attracting and retaining talent in today's health-conscious environment.
The trend is gaining momentum with increased stress due to work-related stress, issues related to mental health along with an increased need for wellness support due to hybrid and remote work settings. Such emerging technologies as wearable devices and AI health analytics should enhance programs in personalized wellness, with reduced healthcare costs of 13 billion dollars by 2025. Moreover, 72 percent of the workers want to work somewhere that supports their work-life balance, and 81 percent of the office workers want flexibility while working. As the competition continues to attract the best talent, the growth in the corporate wellness market will be marked by expanding wellness programs to financial well-being and social connectedness.
The Growing Impact of Work Stress and Mental Health on Employee Well-being and Business Success
Work stress and mental health have become significant issues, particularly post-pandemic. Shockingly, 83% indicate that burnout negatively impacts personal relationships, with work-related stress chalking out approximately 190 billion dollars in healthcare costs annually in the United States. And 77% of Gen Z and 75% of millennials working in a hybrid or remote job stated they would consider quitting if they were asked to return to full-time office work. As more men continue to work longer hours, discussing mental health and stress at work now becomes imperative to boost employee engagement, and consequently, business performance
Government Funding and Support Drive Growth in the Corporate Wellness Market
Governments are becoming more aware of the impact of work wellness programs on public health and the reduction of healthcare costs. This year, the funding bill at the federal level allocated USD 2.8 billion for the Substance Use and Mental Health Services Administration or SAMHSA, an increase of about USD 700 million compared to the fiscal year 2022. This included the USD 150 million that was dedicated to the Mental Health Block Grant and USD 385 million to Certified Community Behavioral Health to strengthen prevention, screening, and treatment. These incentives and regulatory measures force companies to invest in wellness programs, thus opening up long-term growth in the corporate wellness market.
Organizations Drive Corporate Wellness Market Growth with Employee Health Investments
Organizations make up 53% of the market share of corporate wellness in 2023, as such investments in employee health increase productivity and reduce healthcare costs. Many organizations are also now tailoring wellness programs to fit into their employee benefits packages because there is a very strong correlation that exists between a healthy workforce and higher engagement and retention. With personal focus through workout routines and diet coaching, there is also a significant increase in the demand for fitness and nutrition consultants as a result of this during this period at a growth rate of 7.02% from 2024 to 2032. The primary drivers for this pattern are increasing health consciousness among employees and the need for tailor-made wellness solutions.
Corporate Wellness Market Report Scope:
| Report Attributes | Details |
| Market Size in 2023 | US$ 64.11 Billion |
| Market Size by 2032 | US$ 123.35 Billion |
| CAGR | CAGR of 7.60% From 2024 to 2032 |
| Base Year | 2023 |
| Forecast Period | 2024-2032 |
| Historical Data | 2020-2022 |
| Key Regional Coverage | North America (US, Canada, Mexico), Europe (Eastern Europe [Poland, Romania, Hungary, Turkey, Rest of Eastern Europe] Western Europe] Germany, France, UK, Italy, Spain, Netherlands, Switzerland, Austria, Rest of Western Europe]), Asia Pacific (China, India, Japan, South Korea, Vietnam, Singapore, Australia, Rest of Asia Pacific), Middle East & Africa (Middle East [UAE, Egypt, Saudi Arabia, Qatar, Rest of Middle East]), Africa [Nigeria, South Africa, Rest of Africa], Latin America (Brazil, Argentina, Colombia Rest of Latin America) |
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Corporate Wellness Market Key Segmentation:
By Service
- Health Risk Assessment
- Fitness
- Smoking Cessation
- Health Screening
- Nutrition & Weight Management
- Stress Management
- Others
By End-Use
- Small-scale Organizations
- Medium-scale Organizations
- Large-scale Organization
By Category
- Fitness & Nutrition Consultants
- Psychological Therapists
- Organizations
By Delivery Model
- Onsite
- Offsite
Large Enterprises Lead Corporate Wellness Market, Medium-Sized Businesses Show Rapid Growth Potential
Large organizations held a more significant portion of the corporate wellness market in 2023, at 59%, since they have the financial and infrastructure capabilities to design full wellness programs for large employee populations. Large companies spend on various wellness initiatives concerned with mental well-being, fitness, and engagement. Meanwhile, Medium-sized businesses are expected to grow at the fastest rate from 2024 to 2032 as they continue to turn up appreciation of the importance of employee wellness and put in place cost-effective wellness solutions for smaller workforces.
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North America Leads Corporate Wellness Market, While Asia Pacific Shows Rapid Growth in Mental Health Initiatives
In 2023, North America dominated the corporate wellness market, holding a 41% global revenue share, as the cause of mental health and overall well-being continues to gain importance among employers. A new survey shows that 15% of employees between 18 and 29 years old reported that their mental health was "somewhat poor," underlining the increasing need for wellness programs. It is also cited that 74% of U.S. employees in full-time jobs feel it is appropriate to discuss their mental health at work, though only 58% feel comfortable about sharing such concerns.
From 2024 to 2032, Asia Pacific would witness the largest growth of 8.5%. In China, the income relating to mental health will be up to USD 2.98 billion in 2024. More focus on mental health in addition to physical health is the factor so far given for the reason businesses increasingly realize the economic and productivity losses that result from untreated mental health conditions across Asia.
Key Developments in Route Optimization Software
- In October 2024, Microsoft announced publicly that healthcare data solutions within Microsoft Fabric are now more broadly available. The corporation also made a public preview of healthcare application templates in Microsoft Purview to enhance AI-driven healthcare through secure integration of data management.
- Introducing Personify Health: Newly Merged Entity Between Virgin Pulse and HealthComp in November 2023- The brand new innovative, holistic platform combines personalized health plan management, well-being services, and health navigation.
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