Corporate Wellness Market to Hit US$ 146.6 Billion at 6.8% CAGR by 2033: Fact.MR Report

Rockville , Oct. 02, 2023 (GLOBE NEWSWIRE) -- Fact.MR, a market research and competitive intelligence provider, in its recently published report, reveals that the global Corporate Wellness Market reached US$ 70.12 billion in 2022. Demand for corporate wellness programs is projected to reach a market size of US$ 146.6 billion by 2033-end.

Growing adoption of different types of corporate wellness programs by employers along with the rising uptake of numerous technology-powered corporate wellness solutions are driving the global market. In recent years, many organizations have been experiencing the burden of mental health and chronic lifestyle diseases. This is forecasted to result in an increased inclination towards corporate wellness programs to improve employee health.

For instance:

• As per the United Healthcare Wellness Checkup Survey in 2019, employers from the United States were predicted to invest a significant amount in well-being programs over the years ahead.

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Key Segments of Corporate Wellness Industry Research Report

Key Takeaways from Market Study

• Worldwide demand for corporate wellness programs reached a market value of US$ 70.12 billion in 2022.
• The size of the United States market was recorded at US$ 27.21 billion in 2022.
• The global market stands at US$ 75.88 billion in 2023.
• Revenue from corporate wellness programs is set to reach US$ 146.6 billion by 2033-end.
• The market is projected to advance at a CAGR of 6.8% from 2023 to 2033.
• Demand for health risk assessment programs is predicted to accelerate at a CAGR of 6.7% and reach a valuation of US$ 26.1 billion by 2033-end.
• The market in China is forecasted to advance at 8.1% CAGR and reach US$ 8.41 billion by 2033.
• The German market is projected to expand at a CAGR of 6.5% through 2033.
• Demand for corporate wellness programs in Japan is predicted to rise at 5.8% CAGR through 2033.

“Growing adoption of corporate wellness programs is due to their ability to improve health and productivity of employees, lower the healthcare costs, and reduce health risks,” says a Fact.MR analyst.

Growing Traction for Health Risk Assessment Programs to Improve Employee Health and Productivity

Adoption of health risk assessment programs is increasing at a significant rate, and demand for the same is projected to increase at a 6.7% CAGR and reach US$ 26.1 billion by 2033. The majority of businesses are recognizing the importance of the direct impact of the health of employees on productivity as well as overall operational efficiency.

Leading Market Players

Cerner Corporation, Fitbit Health Solutions, Ceridian HCM, Inc., Bristlecone Health, Inc., Castlight Health, Inc., Catalyst Sante Inc., ComPsych Corporation, Cigna Corporation, Ebix, Inc., Beacon Health Options, CXA Group Pte. Ltd., Aduro, Inc., CoreHealth Technologies, Applied Health Analytics, and Aanya Wellness are leading corporate wellness solution providers.

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Competitive Landscape

Providers of corporate wellness programs are employing specific strategies to meet their objectives, placing a strong emphasis on product quality control and innovation. Major industry players are making significant investments in advanced technologies to elevate the standard of their services.

For example:

• In May 2021, Optum and Bassett Healthcare Network announced a collaboration aimed at enhancing the operational and clinical performance of Bassett. Collaborations in Central New York are ensuring the accessibility of convenient, affordable, and high-quality healthcare delivery to numerous patients.
• Similarly, in May 2021, Sodexo introduced "Rise with Sodexo," a program tailored to address operational and health challenges experienced by its clients globally.

More Valuable Insights on Offer

Fact.MR, in its new offering, presents an unbiased analysis of the corporate wellness market, presenting historical demand data for 2018 to 2022 and forecast statistics for 2023 to 2033.

The study divulges essential insights into the market based on service (health risk assessment, smoking cessation, fitness, health screening, stress management, nutrition & weight management), organization size (small, medium, large), category (fitness & nutrition consultations, organizations/employers, psychological therapists), and delivery mode (onsite, offsite), across five major regions of the world (North America, Europe, Asia Pacific, Latin America, and MEA).

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