According to Precedence Research, the corporate wellness market is expected to reach valuation US$ 96.15 billion by 2030 and growing at a CAGR of 6.9% from 2021 to 2030.
According to Precedence Research, the corporate wellness market is expected to reach valuation US$ 96.15 billion by 2030 and growing at a CAGR of 6.9% from 2021 to 2030.
The global corporate wellness market size was valued at US$ 49.44 billion in 2020. Many firms and enterprise across a variety of industry verticals have begun to develop health-related programs for their employees, boosting market demand. Wellness programsat workplace support businesses in lowering overall operating costs while increasing productivity. The companiesand organizationsare increasingly using corporate wellness programs to reduce health risks, enhance employee health and productivity, and reduce employee healthcare expenses.
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The global market is growing due to the increased use of advanced corporate wellness programs in several emerging regions. Because of the increased prevalence of chronic diseases around the world, the global corporate wellness market is predicted to rise at a rapid pace. The increased number of health issues among employees necessitates the implementation of health assessment programs in the workplace. Market participants are taking advantage of the potential to increase revenue and presence in the global market, as these programs have been shown to be very effective in enhancing employee productivity at work.Additionally, the global market is being driven by the increasing installation of such systems to monitor employee health issues. The global corporate wellness sector, however, is constrained by a scarcity of competent specialists.
During the global coronavirus outbreak, corporate personnel have become more aware of the importance of maintaining good health and fitness. To monitor their health and fitness, many people have begun to invest in workplace wellness programs. Stress management, health screening, weight control, food & nutrition, and other services are offered through corporate wellness programs. After the coronavirus pandemic, service providers in the global corporate wellness market are reaping the benefits. Employer-funded services aimed at keeping employees healthy are known as corporate ro workplace wellness initiatives.
Report Highlights:
- Based on the service, the health risk assessment segment dominated the global corporate wellness market in 2020 with highest market share of 21.29%. The health risk assessment segment is estimated to be valued at US$ 11.12 billion in 2021 and is projected to increase to US$ 20.84 billion by 2030, witnessing a CAGR of 7.1% between 2021 and 2030. Screening efforts to detect health concerns and the implementation of appropriate interventional techniques to promote a healthy lifestyle among employees are the foundations of corporate wellness programs.
- Based on the category, the organizations/employers segment dominated the global corporate wellness market in 2020 with highest market share of 50.86%. The service providers provide both outsourced and in-house health management services to large and small businesses. The organizations/employers segment is valued at US$ 26.68 billion in 2021 and is expected to reach at US$ 47.74 billion by 2030, witnessing a CAGR of 6.7% between 2021 and 2030.
- Based on the delivery model, the onsite segment dominated the global corporate wellness market in 2020 with highest market share. Employee wellness initiatives on-site provide a personal touch as well as the opportunity to exercise under the supervision of fitness coaches to reach their individual health goals.
- Based on the end use, the large-scale organizations segment dominated the global corporate wellness market in 2020 with highest market share of 64.79%. Services and programs can be integrated into the infrastructure of larger organizations. The large scale organizations segment is valued at US$ 33.96 billion in 2021 and is expected to reach at US$ 60.15 billion by 2030, witnessing a CAGR of 6.6% between 2021 and 2030.
- North America is the largest segment for corporate wellness market in terms of region. The North America region is expected to reach at US$ 37.73 billion by 2030, witnessing a CAGR of 6.5% between 2021 and 2030. This is attributed to the rising prevalence of chronic diseases, substance misuse, and mental health concerns.
- Asia-Pacific region is the fastest growing region in the corporate wellness market. The need for corporate wellness programs in Asia-Pacific is being driven by the region’s expanding working population and growing awareness of employee health management.
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Future of Corporate Wellness Market
The corporate wellness market is expected to develop due to the adoption of innovative healthcare treatments and facilities as well as the use of wearable technologies. Corporate wellness service providers offer both in-house and outsourced health related management, presenting attractive potential for corporate wellness market expansion in the coming future.
COVID-19 Impact Analysis:
- Employees’ mental health has been negatively harmed by the COVID-19 pandemic. Following its inception, it brought in the work-from-home era, which caused a significant deal of stress among employees due to sense of isolation.
- Furthermore, the COVID-19 pandemic caused damage on the economy, resulting in a financial crisis for many people, which had a negative impact on their mental health.
- Corporate wellness service providers are using virtual systems to offer services such as sessions with health and fitness coaches to combat the problem.
Key Developments in the Marketplace:
- UnitedHealth Group started virtual primary care for employees in January 2021 for wellness and management of routine and chronic conditions.
- Anthem Inc. purchased Beacon Health Options, a privately held behavioral health business, in February 2020 in order to merge the company’s behavioral health skills with Beacon Health’s model and support services.
- Mindhouse, a mental wellness firm, will launch Wellness Labs in December 2020, a collaborative learning platform for senior HR professionals focused on changing work environments during and after the pandemic.
- GreenLattey will publish the TwelveWeek Challenge App in June 2020. This is to encourage individuals to stay at home, be safe, and be healthy.
By Service
- Fitness
- Health Risk Assessment
- Health Screening
- Smoking Cessation
- Stress Management
- Nutrition & Weight Management
- Others
By Category
- Psychological Therapists
- Fitness & Nutrition Consultants
- Organizations/Employers
By Delivery Model
- Offsite
- Onsite
By End-use
- Large Scale Organizations
- Medium Scale Organizations
- Small Scale Organizations
By Regional Outlook
- North America
- Europe
- Asia Pacific
- Latin America
- MEA
- Rest of the World
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