Corporate Wellness Market Overview
The global corporate wellness market size is estimated to exhibit growth by expanding at 8.5% during the forecast period 2022-2030 to reach a valuation of USD 114.4 billion by 2030. This growth is attributable to the higher acceptance of corporate wellness programs, which are designed to evaluate the employee’s health.
Additionally, these wellness programs are designed to evaluate potential health risks and promote healthy habits within the workplace, resulting in a healthier work environment and increased productivity through substantial reductions in healthcare costs. These elements contribute to the expansion of the worldwide corporate wellness market.
Furthermore, the adoption of such initiatives leads to boosted morale, enhanced work quality, and decreased absenteeism, prompting many businesses to embrace corporate wellness strategies. The rising prevalence of obesity, smoking, alcoholism, and other chronic conditions among white-collar workers, especially in the private sector, is fueling the adoption of corporate wellness programs. According to the World Health Organization (WHO), there were over 1.1 billion smokers in 2015, and obesity rates have tripled over the past three decades. These figures underscore the importance for employers to implement corporate wellness programs to safeguard their employees' health, facilitating timely and high-quality work output. This critical aspect is anticipated to drive the growth of the global corporate wellness market in the near future.
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Competitive Analysis:
The global corporate wellness companies include ComPsych Corporation, SOL Wellness, Wellness Corporate Solutions, LLC, Wellsource, Inc., Truworth Health Technologies Pvt. Ltd., Central Corporate Wellness, Virgin Pulse, EXOS, Marino Wellness, Privia Health, ProvantHealth (Hooper Holmes, Inc.), The Vitality Group, Inc., Sodexo Group, and Bupa Wellness Pty Ltd.
Latest Innovations and Industry News in Corporate Wellness
Virgin Pulse
Launch of the Virgin Pulse Hub: Virgin Pulse recently introduced the Virgin Pulse Hub, a comprehensive wellness platform that integrates personalized health insights, employee engagement tools, and a wide range of wellness resources. This new platform aims to enhance employee well-being by providing tailored recommendations and fostering a supportive work environment.
Sodexo Group
Partnership with the National Health Service (NHS): Sodexo Group has partnered with the NHS to develop and implement a new wellness program focused on improving employee mental health and well-being. This collaboration aims to create a holistic approach to workplace wellness, combining Sodexo’s expertise in corporate wellness with NHS’s health resources and support systems.
Employer wellness programs are tailored initiatives implemented by organizations to address various aspects of employee well-being. These programs often include comprehensive health assessments, fitness challenges, nutritional guidance, mental health resources, and stress management techniques. By offering such holistic support, employers not only demonstrate their commitment to the well-being of their workforce but also stand to benefit from improved employee engagement, reduced absenteeism, and enhanced productivity. Furthermore, employer wellness programs can contribute to fostering a sense of community and camaraderie among employees, thereby strengthening organizational cohesion and morale.
Corporate Wellness Market Segmentation:
The global corporate wellness market has been segmented into category, service type, end user, and region.
By service type, the market is segmented into stress management, health risk assessment, nutrition & weight management, fitness, smoking cessation, health screening, and others. Of these, the health risk assessment segment dominated the global corporate wellness market in 2017 owing to the increasing adoption of wellness programs for wellbeing and assessment of health risks of employees. Additionally, implementation of the appropriate intrusion strategies and promotion of adopting a healthy lifestyle are benefiting the segmental growth.
On the basis of category, the market is segmented into psychological therapists, fitness & nutrition consultants, and organizations.
Based on end users, the market is segmented into medium-scale businesses, small-scale businesses, and large-scale businesses.
Corporate Wellness Market Regional Analysis:
Regionally, the migraine market is segmented into the Americas, Asia-Pacific, Europe, and Middle East & Africa. Of these, North America dominated the global corporate wellness market in 2017 and is estimated to remain dominant during the forecast period owing to the presence of corporate wellness program providers coupled with a substantial increase in the prevalence of chronic diseases in the region. Additionally, the most significant expenditure on healthcare in the region and surge in the adoption of wellness activities in Canada and the U.S.
Further, Europe is likely to hold the second-largest share in the revenue of the corporate wellness market owing to the increasing activeness of European employees and employers. Additionally, corporate wellness programs are increasingly taking a crucial part of medium or large organizations in the region, which is augmenting the growth of the market. The corporate wellness programs have become the strategic priority in European organizations; thus, the market in the region is flourishing continuously. However, the market in the Asia Pacific is estimated to expand by exhibiting a faster CAGR owing to robust industrialization and urbanization in the region. In addition to this, the increasing awareness about the health of employees due to the effects of long working hours and larger workload in countries such as India and China are estimated to benefit the market growth in the coming years as well.
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