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 evaluate potential health risks and
promote healthy habits within the workplace, resulting in a healthier work
environment and increased productivity through substantial reductions in
healthcare costs. These elements contribute to the expansion of the worldwide
corporate wellness market.
Furthermore,
the adoption of such initiatives leads to boosted morale, enhanced work
quality, and decreased absenteeism, prompting many businesses to embrace
corporate wellness strategies. The rising prevalence of obesity, smoking,
alcoholism, and other chronic conditions among white-collar workers, especially
in the private sector, is fueling the adoption of corporate wellness programs.
According to the World Health Organization (WHO), there were over 1.1 billion
smokers in 2015, and obesity rates have tripled over the past three decades.
These figures underscore the importance for employers to implement corporate
wellness programs to safeguard their employees' health, facilitating timely and
high-quality work output. This critical aspect is anticipated to drive the
growth of the global corporate wellness market in the near future.
Employer wellness
programs are tailored initiatives implemented by organizations to
address various aspects of employee well-being. These programs often include
comprehensive health assessments, fitness challenges, nutritional guidance,
mental health resources, and stress management techniques. By offering such
holistic support, employers not only demonstrate their commitment to the
well-being of their workforce but also stand to benefit from improved employee
engagement, reduced absenteeism, and enhanced productivity. Furthermore, employer
wellness programs can contribute to fostering a sense of community and
camaraderie among employees, thereby strengthening organizational cohesion and
morale.
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.
Competitive Analysis:
The
global corporate wellness
companies 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.
Regional Analysis:
Regionally,
the migraine market 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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