Corporate Wellness Market Size Worth USD 81.19 Billion in 2032 | Emergen Research

Vancouver, Jan. 15, 2024 (GLOBE NEWSWIRE) -- The global corporate wellness market size was USD 53.04 Billion in 2022 and is expected to register a rapid revenue CAGR of 4.3% during the forecast period. Increasing prevalence of chronic diseases, reduction in employee healthcare costs, and rising number of deskbound job profiles are key factors driving market revenue growth.

Corporate wellness initiatives encompass a range of policies, programs, and benefits to tackle various health risks and conditions, impacting both employees and organization. According to National Center for Chronic Disease Prevention and Health Promotion (NCCDPHP), in the U.S., such corporate programs, which promote health and well-being while offering disease prevention strategies, have the potential to positively affect over 150 million employees and lead to substantial reductions in healthcare expenses.

In addition, increasing focus on employee well-being and productivity is another key factor driving revenue growth of the market. The increasing stress and health management challenges are faced by working-class individuals, who often lead busy and work-centric lives. Employers recognize the need for programs to support their employees' mental and physical well-being, particularly in the wake of increased anxiety and depression.

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However, slow adoption and lack of awareness and employee participation, engagement in wellness programs, and limited budgets for corporate wellness initiatives in small and medium-sized businesses are key factors, which could restrain market revenue growth. Many employees are uninformed about their company's health programs and associated benefits. This lack of knowledge can result in disinterest and reduced participation. Employers must actively communicate the details of their wellness programs, including goals, rewards, and incentives, to motivate employees. In addition, limited program offerings in some companies is another factor, which could also restrain market revenue growth.

Segment Insights

Service Type Insights:

On the basis of service, the global corporate wellness market is segmented into health risk assessment, fitness, nutrition and weight management, stress management, and other services. The health risk assessment segment accounted for largest revenue share in the global corporate wellness market in 2022 because health risk assessment plays a pivotal role in rising need for corporate wellness.

The adoption of these assessment programs in both public and private organizations is rising as these enable businesses to recognize the profound influence of employee health on productivity and overall operational efficiency. These programs help companies to manage healthcare costs by identifying potential health issues before these become serious.

A survey by the American Psychological Association in 2021 revealed that 79% of adult U.S. workers experienced work-related stress in the preceding month. This increasing stress burden underscores the need for effective mental health management solutions in the corporate wellness market and about 80% of employers are providing employee well-being services.

Category Insights:

On the basis of category, the global corporate wellness market is segmented into fitness and nutrition consultants, psychological therapists, and organizations/employers. The organizations/employers segment is expected to account for significantly large revenue share in the global corporate wellness market during the forecast period. This is because these entities offer both outsourced and in-house health management services for corporations along with rising trend toward on-site fitness activities such as yoga and meditation. This not only enhances workforce health but also reduces the financial burden associated with healthcare costs and insurance premiums for unhealthy employees.

In addition, rising chronic diseases and mental health concerns due to work-related stress, sedentary lifestyles, and poor habits prompts employers to adopt wellness programs is another factor driving revenue growth of this segment.

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Regional Insights:

The North America market accounted for largest revenue share in the global corporate wellness market in 2022 owing to increasing partnerships in this region and favorable government initiatives rising adoption of these programs and health consciousness among. The region hosts several major corporate wellness service providers that constantly innovate and enhance their offerings. Employers in the U.S. are increasingly recognizing the importance of employee health and productivity, with around 50% offering wellness programs.

The Europe market is expected to account for considerably large revenue share in the global corporate wellness market over the forecast period owing to rising prevalence of chronic diseases and increasing awareness about mental well-being, healthcare spending, and government initiatives. In addition, presence of corporate wellness start-ups is also expected to drive market revenue growth of this region. Moreover, increasing health expenditure due to high obesity rate is also expected to drive market revenue growth of this region during the forecast period.

Scope of Research

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Major Companies and Competitive Landscape

The global corporate wellness market is fragmented with many large and medium-sized players accounting for majority of market revenue. Major players are deploying various strategies, entering into mergers & acquisitions, strategic agreements & contracts, developing, testing, and introducing more effective corporate wellness solutions in the market. Some major players included in the global corporate wellness market report are:

• • FitMind LLC
  • Wellsource, Inc.
  • Virgin Pulse
  • Privia Health
  • Exos.
  • ComPsych Corporation
  • WellRight, Inc.
  • Cerner Corporation.
  • TELUS
  • Centene Corporation
  • Central Corporate Wellness
  • Truworth Wellness
  • Marino Wellness
  • Quest Diagnostics
  • CVS Health Corporation
  • SOL Wellness and Healing
  • Castlight Health
  • Aduro
  • Laboratory Corporation of America Holdings

Strategic Development

• In December 2023, Voya Financial, Inc., a leading health, wealth, and investing firm, announced the debut of its new employee homepage dashboard, the company's latest addition to its platform of employee wellness products. The new experience, which will be offered to individual Voya Health Solutions and Wealth Solutions customers, enables access and visibility to all of one's Voya workplace retirement plans and health savings accounts in one place.
• In October 2023, Eleu Health, a new health-tech firm, has announced the debut of its unique platform, which aims to alter the healthcare business. The personalized platform provides real-time, data-driven insights and suggestions based on individual health data, assisting users and their care teams in making informed health decisions and driving efficiency in care delivery.

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Segments Covered in Report

For the purpose of this report, Emergen Research has segmented the global corporate wellness market on the business service, category, delivery, end-use and region:

• Service type Outlook (Revenue, USD Billion; 2019-2032)

• • Health Risk Assessment
  • Fitness
  • Nutrition and Weight Management
  • Stress Management

• • Other Services
• Category Outlook (Revenue, USD Billion; 2019-2032)

• • Fitness and Nutrition Consultants
  • Psychological Therapists

• • Organizations/Employers
• Delivery dynamics Outlook (Revenue, USD Billion; 2019-2032)

• • Onsite
  • Offsite

• End-use Outlook (Revenue, USD Billion; 2019-2032)

• • Large Organizations
  • Small and Medium Organizations

• Regional Outlook (Revenue, USD Billion; 2019–2032)
  • North America
    1. U.S.
    2. Canada
  • Europe
    1. Germany
    2. France
    3. UK
    4. Italy
    5. Spain
    6. Benelux
    7. Russia
    8. Rest of Europe
  • Asia Pacific
    1. China
    2. Japan
    3. South Korea
    4. India
    5. ASEAN Countries
    6. Oceania
    7. Rest of APAC
  • Latin America
    1. Brazil
    2. Mexico
    3. Rest of LATAM
  • Middle East & Africa
    1. GCC Countries
    2. Israel
    3. Turkey
    4. South Africa
    5. Rest of Middle East & Africa

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