Market Drivers and Restraints
Market Research Future (MRFR) assessed the global Corporate Wellness Market 2020 through the analysis period till 2023. MRFR study reveals that the corporate wellness market is expected to rise at 7.0% CAGR over the analysis period. By 2023, the corporate wellness market is likely to value at USD 49.7 Bn 2023, the corporate wellness market value can touch USD 49.7 billion.
The increasing demand for corporate wellness solutions to enhance productivity of an organization is expected to underpin the market upsurge. Corporate wellness programs are actively incorporated by employers to promote health of their employees, understand their health risks, curb expenditure on healthcare, and pursue healthy behavior at the workplace. Currently, new corporate wellness programs are conducted by companies to boost productivity, improve morale and quality of work, and decrease absenteeism. Thus, increasing concern of employers to promote health of employees can bolster expansion of the corporate wellness market. The growing prevalence of lifestyle-associated diseases is another cause that can gain traction for corporate wellness programs, as corporate employees are often observed to have sedentary life. Alongside, surge in private sector capital budget, increase in number of employees due to privatization, and growing financial burden of insurance of employers are forces that can add momentum to corporate wellness market in the years to come.
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The segment assessment of the global corporate wellness market are service type, end user, and category.
The service type-based segments of the corporate wellness market are stress management, health risk assessment, nutrition & weight management, fitness, health screening, and smoking cessation among others. The health risk assessment segment is expected to be the largest value contributor to the global corporate wellness market. The gradual increase in the deployment of wellness programs to assess and identify health risks, and design and implement effective intervention strategies to promote healthy lifestyle of employees can benefit the health risk assessment segment to surge. The stress management segment is likely to garner high revenue for the market, as corporates show high concern to maintain mental health of their employees.
The category-based segments of the corporate wellness market are psychological therapists, fitness & nutrition consultants, and organizations. The psychological therapist segment is anticipated to favor the corporate wellness market.
The end user-based segments of the corporate wellness market are medium-scale businesses, large-scale businesses, and small-scale businesses. The large-scale businesses segment can thrive in the near future.
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Detailed Regional Analysis
The corporate wellness market in the Americas is expected to retain its forefront position in the near future. The growing adoption of wellness activities and curtailing of healthcare costs are forces that can drive the regional market. The existence of reputed market players and surge in corporate employment in the U.S. and Canada can support expansion of the market in the years to come. In addition, the growing initiative among employers to stay fit is identified to boost purchase of intervention services and screening or health risk assessment services that can augment the corporate wellness programs market.
In Europe, the corporate wellness market is expected to hold the second largest share of the worldwide market through the forecast tenure. The introduction of well-structured corporate wellness programs by corporates in Europe is likely to boost the regional market. The existence of diverse range of providers and surge in healthcare expenditures is anticipated to earn decent gain for EU market. Moreover, recent studies shows that most employees are stressed at their workplace. The rising concern regarding mental health of employees can add to the market upsurge in the years to come.
In Asia Pacific, the corporate wellness market is expected to exhibit comparatively higher CAGR in the review period. The dense population of India and China, and the presence of a large group of corporate employees in the region can promote expansion of the market in the years to come. Moreover, as corporate wellness activities push to the top priority of HRs in the Asia Pacific region can add to the growth of APAC market. Moreover, jobseekers are expecting effective wellness programs as part of their benefits that is expected to impact the market.
Market Key Players
Wellness Corporate Solutions, LLC, Wellsource, Inc., ComPsych Corporation, SOL Wellness, Central Corporate Wellness, Virgin Pulse, Marino Wellness, Truworth Health Technologies Pvt. Ltd., EXOS, Privia Health, ProvantHealth (Hooper Holmes, Inc.), The Vitality Group, Inc., Sodexo Group, 1to1help.net Pvt. Ltd, and Bupa Wellness Pty Ltd are some major players in the corporate wellness market that are profiled by MRFR.