Market overview
The
global corporate wellness market size is estimated to exhibit growth by
expanding at 8.5% during the forecast period 2022-2030 to reach a valuation of
USD 114.4 billion by 2030. This growth is attributable to the higher acceptance
of corporate wellness programs, which are designed to evaluate the employee’s
health.
Additionally,
these wellness programs are designed to estimate the probable health risks and
promote healthy behavior at the workplace. Thus, these programs promote a
healthy environment at workplaces and enhance productivity by lower healthcare
spending substantially. Such factors are driving growth of the global corporate
wellness market.
Further,
the adoption of such programs results in improve morale & quality of work
and decreases absenteeism; thus, several organizations are adopting corporate
wellness programs. Rising prevalence of obesity, smoking, alcoholism, and other
chronic diseases among white-collar workers especially in the private sector
are boosting the adoption of corporate wellness. According to the data by the
World Health Organization (WHO), more than 1.1 billion people were smoking
tobacco in 2015. Additionally, the prevalence of obesity has tripled from the
past three decades. Such data are reflecting the need for the adoption of
corporate wellness programs among employers to keep their employees healthy to
deliver quality work on time. This is a key factor estimated to drive growth of
the global corporate wellness market in the coming years.
Competitive Analysis:
The
global corporate wellness
market players include ComPsych Corporation, SOL Wellness, Wellness
Corporate Solutions, LLC, Wellsource, Inc., Truworth Health Technologies Pvt.
Ltd., Central Corporate Wellness, Virgin Pulse, EXOS, Marino Wellness, Privia
Health, ProvantHealth (Hooper Holmes, Inc.), The Vitality Group, Inc., Sodexo
Group, and Bupa Wellness Pty Ltd.
Segmentation:
The
global corporate wellness market has been segmented into category, service
type, end user, and region.
By
service type, the market is segmented into stress management, health risk
assessment, nutrition & weight management, fitness, smoking cessation,
health screening, and others. Of these, the health risk assessment segment
dominated the global corporate wellness market in 2017 owing to the increasing
adoption of wellness programs for wellbeing and assessment of health risks of
employees. Additionally, implementation of the appropriate intrusion strategies
and promotion of adopting a healthy lifestyle are benefiting the segmental
growth.
On
the basis of category, the market is segmented into psychological therapists,
fitness & nutrition consultants, and organizations.
Based
on end users, the market is segmented into medium-scale businesses, small-scale
businesses, and large-scale businesses.
Regional Analysis:
Regionally,
the corporate wellness
market insights is segmented into the Americas, Asia-Pacific, Europe, and
Middle East & Africa. Of these, North America dominated the global
corporate wellness market in 2017 and is estimated to remain dominant during
the forecast period owing to the presence of corporate wellness program
providers coupled with a substantial increase in the prevalence of chronic
diseases in the region. Additionally, the most significant expenditure on
healthcare in the region and surge in the adoption of wellness activities in
Canada and the U.S.
Further,
Europe is likely to hold the second-largest share in the revenue of the
corporate wellness market owing to the increasing activeness of European
employees and employers. Additionally, corporate wellness programs are
increasingly taking a crucial part of medium or large organizations in the
region, which is augmenting the growth of the market. The corporate wellness
programs have become the strategic priority in European organizations; thus,
the market in the region is flourishing continuously. However, the market in
the Asia Pacific is estimated to expand by exhibiting a faster CAGR owing to
robust industrialization and urbanization in the region. In addition to this,
the increasing awareness about the health of employees due to the effects of
long working hours and larger workload in countries such as India and China are
estimated to benefit the market growth in the coming years as well.
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