Market Overview
Global Corporate Wellness Market is expected to register a healthy CAGR over the forecast period. The market held a market value of USD 49.7 Billion in 2017 and is projected to grow at a CAGR of 7.0% during the forecast period.
Market Dynamics
Corporate wellness services are developed and implemented in corporate offices to help workers better understand their health risks, engage in healthier workplace behavior, and save money on healthcare. Corporates are gradually implementing these systems in order to boost efficiency, reduce absenteeism, and boost employee morale and quality of work. Globally increasing prevalence of obesity, overweight, smoking, and other lifestyle disorders, as well as an increase in the number of white-collar employees and private sector capex, are driving business growth. The need to reduce rising healthcare costs, provide healthcare services to workers, and use wearable technology is growing, resulting in the growth of the corporate wellness industry. The service providers have both in-house and outsourced health management, presenting a growth opportunity for the corporate wellness industry. One of the problems facing the corporate wellness industry is the high cost of workplace wellness.
Employees’ mental health has been severely affected by the COVID-19 pandemic. Following its inception, it ushered in the work-from-home era, which caused a great deal of tension among workers due to a sense of isolation. Furthermore, the pandemic wreaked havoc on the economy, resulting in a financial crisis for many people, which had a negative impact on their mental health. Wellness service providers are using virtual approaches to offer programs such as meetings with counselors and health coaches to combat the epidemic.
To meet the health needs of workers and their families, many companies have restructured or added benefits and insurance programs. Due to COVID-19, service providers are raising consciousness among employees about the negative aspects of working from home. The pandemic, for example, has resulted in a transition away from in-person meetings and toward virtual meetings. However, as opposed to in-person meetings, related difficulties such as the need to work harder to process nonverbal cues such as body language and facial expressions, weak internet connectivity leading to disconnection from the meeting, and multitasking during meetings are causing more tension and fatigue.
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Segmental Analysis
The Global Corporate Wellness Market has been segmented into service type, category, and end user.
By service type, the market has been segmented into health risk assessment, stress management, nutrition weight management, smoking cessation, fitness, health screening, and others. the health risk assessment segment emerged as the largest value contributor to the market owing to rising adoption of wellness programs to identify health risks and implement appropriate intervention strategies in order to promote the healthy lifestyle.
On the basis of category, the market has been segmented into fitness nutrition consultants, psychological therapists, and organizations.
Based on end user, the market has been segmented into small-scale businesses, medium-scale businesses, and large-scale businesses.
Regional Analysis
Because of the participation of corporate wellness providers, evolving lifestyles, growing prevalence of chronic diseases (obesity, cardiovascular disease, and diabetes), rising healthcare spending, and rising acceptance of wellness practices in the US and Canada, the Americas led the global corporate wellness market.
Over the projected era, Europe is expected to follow the Americas in terms of value, as European employers are taking a positive approach to employee wellbeing and have started to invest in employee wellness initiatives. Corporate wellness services are quickly becoming a must-have for medium- to large-sized businesses in European countries, contributing to market expansion.
The promotion of workplace wellness has moved from a CSR concern to a strategic imperative, and as a result, corporate wellness has become a top human resources (HR) priority in the Asia-Pacific region, as it increases efficiency and business performance. The need for corporate wellness initiatives in Asia Pacific is being driven by the region’s rising working population and growing knowledge of employee health management. Furthermore, the population of countries such as China and India is growing, increasing the demand for wellness activities. As a result, the Asia-Pacific market will rise at the fastest rate during the forecast period.
From 2018 to 2023, the Middle East and Africa Corporate Wellness Market is expected to expand at a moderate pace. Due to the healthcare sector reforms and the investments in corporate wellness initiatives by United Arab Emirates companies to improve employee well-being in order to boost company efficiency and competitiveness, the Middle East region is expected to control the majority of the regional market.
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Competitive Analysis
ComPsych Corporation, Wellness Corporate Solutions, LLC, SOL Wellness, Wellsource, Inc., Central Corporate Wellness, Truworth Health Technologies Pvt. Ltd., Virgin Pulse, Marino Wellness, EXOS, Privia Health, The Vitality Group, Inc., ProvantHealth (Hooper Holmes, Inc.), Sodexo Group, Bupa Wellness Pty Ltd, and 1to1help.net Pvt. Ltd. are some of the prominent players in the global corporate wellness market.
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