Corporate Wellness Market to Cross to USD 100.8 Billion in Revenues by 2032,At CAGR 6.1%

New York, March 14, 2023 (GLOBE NEWSWIRE) — According to Market.us, the global corporate wellness market was valued at around USD 56.6 billion in 2022 and is expected to reach approximately USD 100.8 billion in 2032, growing at a CAGR of slightly above 6.1% between 2023 and 2032. Employer health programs can increase productivity and lower operational costs. Due to increasing awareness about employee health and well-being, the market for corporate wellness will grow.

Wellness programs can be a boon for both employees and employers. In addition, employees prefer positive work environments and plans for health restoration. The workplace culture and environment can be improved by health education and improvement programs. Employees prefer wellness activities that involve incentives due to their positive impact on employee motivation.

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Key Takeaway:

• By service, in 2022, the Corporate Wellness market was dominated by the health risk assessment segment with a market share of around 21%.
• By categories, the organizations/employers segment dominated the market share with almost 50.0% owing to healthy catering options.
• By delivery mode, the onsite model is estimated to hold the majority of revenue share in the corporate wellness market.
• By end user, large corporations are estimated to hold the majority of market share in the corporate wellness market owing to the availability of funds as well as a more extensive employee base.
• In 2022, North America dominated the market with the highest revenue share of over 39.9%.
• APAC is estimated to register a higher growth rate among all the regions covered in the global corporate wellness market report. 

Factors affecting the growth of the Corporate Wellness industry

Several factors can have an impact on the growth of the corporate wellness market industry. Some of these factors include:

• Increasing Prevalence: The rising number of cases of chronic diseases across the globe is a major factor augmenting the growth of the corporate wellness industry.
• High-Quality Service: Several players are operating in the corporate wellness sector, and this number is increasing continuously. Additionally, these companies focus on providing high-quality service for well-being and boosting the employees’ overall health.
• Increasing Awareness: The employees in the corporate sector are now more aware of their fitness and mental and emotional well-being. There has been a major shift in the awareness of employee post the COVID-19 pandemic. This is a significant factor contributing to the financial growth of the global corporate wellness market.
• Rising Adoption: There has been a spike in the adoption of corporate wellness programs by companies to boost their employee’s fitness and well-being and promote a healthy work culture.
• Cost-effective: Several market players offer companies health-efficient and cost-effective corporate wellness programs to boost their revenue prospects.
• Increasing Obesity: The increase in overweight and obese population can result in financial strain on companies’ accounts as well as an increase in insurance costs and healthcare expenditure.

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Market Growth

Market growth is driven by an increase in chronic diseases and their early onset, as well as lower healthcare costs. The modern work culture means most people don’t have enough time to exercise or engage in mental and physical activity after work. This can lead to several health problems. Chronic diseases pose a severe threat to the world, as many of these conditions are rising.

According to the American Cancer Society’s 2021 statistics, the global disease burden is expected to increase to 16.3 million cancer deaths and 27.5 million new cases by 2040. As a result, several countries have been affected by chronic diseases such as heart disease, obesity, and diabetes, including several industrialized nations as well. However, these diseases can be avoided. To educate employees about the importance and benefits of establishing healthy habits and sticking to their fitness goals, holistic programs for workplace wellness are highly sought after.

Regional Analysis

With a 39.9% corporate wellness market share, North America will dominate in 2022. RAND’s employer survey found that approximately half of all employees in the United States have access to wellness programs. Larger employers offer more complex wellness programs. Due to the dominance of office culture, business owners in the area are compelled to offer such services to their employees.

Asia-Pacific is expected to experience a remarkable growth rate over the forecast period. Corporate health initiatives are essential for the Asia-Pacific region due to the increasing working population and awareness about employee health management. The market will also benefit from an aging workforce. Businesses are investing heavily in healthcare infrastructure, creating a significant opportunity for the region to meet its unmet needs.

Competitive Landscape

The most prominent players in global market are focused on product launches, strategic partnerships and commercialization to grow their businesses. In order to create innovative products and increase revenue, industry players invest heavily in research. These strategies will likely be a major driver of the global market for corporate wellness.

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Scope of the Report

Market Drivers

Working-class people are busy and workaholics that they often take on too much stress and have trouble managing their lives. This is detrimental to their mental and physical health. Employers are in demand of programs to help them manage their mental and physical health. Employees have been experiencing more anxiety and depression, primarily post the COVID-19 pandemic. It drives market expansion and stimulates demand for health-related products and services. These factors influence this market, which is why the corporate wellness industry will continue to grow. These factors are vital for a holistic approach that allows employees and employers to get the best out of their work and keeps the workplace culture healthy. To be competitive in business, employees must work longer hours and have a healthy life expectancy. To maintain the productivity and health of employees, the company has several wellness programs and policies that help to improve corporate wellness.

Market Restraints

Several studies have shown that employees don’t know about their company’s health programs. Even though they are aware of their existence, many employees don’t know the benefits or other aspects of a corporate wellness program. Thus, they are less likely to be interested in taking part. While some employees may not feel motivated to make positive changes in their lives, others might. Employers must inform employees about all aspects of corporate wellness programs to encourage them to get out of their comfort zone. Employers must allow employees to participate and inform them about the goals, rewards, and purpose. Individuals may be more likely to join if incentives and awards are offered. Employees who are offered great benefits and opportunities for advancement are more likely to stay. However, the market expansion is somewhat limited by inadequacy regarding the wellness programs offered by companies.

Market Opportunities

The COVID-19 pandemic is a significant factor in the rapid growth of the corporate wellness market. This industry was created to reduce stress and keep employees happy in hostile work environments. Many wellness policies were created to help businesses fight the pandemic and improve their efficiency while maintaining quality. However, the epidemic was not without its challenges. Companies had to adapt to this new environment. Work-from-home also required several wellness plans and programs, which increased the overall cost to the company.

Nevertheless, COVID-19 has helped increase the corporate wellness market over time and for many years. As a result, businesses now need to reduce absenteeism and foster a positive workplace environment. This will lead to a new era in personalized employee well-being-focused education solutions and solutions.

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Report Segmentation of the Corporate Wellness Market

Service Insight

The health risk assessment segment dominated the global corporate wellness market, which held a share of 20.9%. Corporate employee health programs often include screenings that identify potential health risks and provide appropriate interventions to help employees live healthier lives. Nearly 80% of companies providing corporate wellness programs offer employees health risk assessments. Fitness programs are a key component of any workplace wellness program. Several businesses used to give their employees Fitbit-style wristbands to monitor their daily activity. Employers encourage employees to exercise more and reward those who reach daily goals. The fitness market will grow as more people utilize remote patient monitoring devices.

Category Insight

In 2022, the organizations/employers segment was the most significant segment, with over 50% of the market. Employers are making vital investments to ensure healthy eating habits for their employees by providing healthy catering options. Unwell employees increase the likelihood of developing diseases which can lead to lower productivity and increased absenteeism. For such employees, employers must pay an additional premium to cover their health insurance. Employers want to reduce the financial stress on the company’s account caused by employees’ ill health. This is what drives the fitness and nutrition industry.

Delivery Mode Insight

Based on the delivery mode, the onsite segment dominated the market in 2022. This segment is expected to proliferate over the forecast period. As part of the onsite wellness programs, employees can exercise with the guidance of coaches and fitness consultants. This adds a personal touch to employee well-being. In addition, the use of cutting-edge technology continuously improves health services. For example, Virgin Pulse purchased digital therapeutics provider Blue Mesa Health, Inc., encouraging diabetes prevention. As a result, it is driving the development of the offsite market.

End User Insight

Among end-user, large-scale organizations dominated the market in 2022. Services and programs can be integrated into larger companies’ infrastructures. Small organizations can benefit from outsourcing services and corporate memberships. Implementing corporate wellness programs makes it easier to monitor various diseases. Regular health screenings are conducted to maintain a healthy body, promote preventative care and reduce treatment costs. These conditions can help reduce the burden of these diseases as well as the cost of any healthcare premiums that the employer pays to any insurance provider. Many workers have had to work remotely due to office closures or lockdowns. However, they must continue accessing and using the workplace’s health services.

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Market Segmentation

Based on Service

• Fitness
• Health Risk Assessment
• Health Screening
• Smoking Cessation
• Stress Management
• Nutrition & Weight Management
• Other Services

Based on Category

• Psychological Therapists
• Fitness & Nutrition Consultants
• Organizations/Employers

Based on the Delivery Mode

Based on End-User

• Large Scale Organizations
• Medium Scale Organizations
• Small Scale Organizations

By Geography

• • Germany
  • France
  • The UK
  • Spain
  • Italy
  • Portugal
  • Ireland
  • Austria
  • Switzerland
  • Benelux
  • Nordic
  • Rest of Western Europe
• Eastern Europe
  • Russia
  • Poland
  • The Czech Republic
  • Greece
  • Rest of Eastern Europe

• • China
  • Japan
  • South Korea
  • India
  • Australia & New Zealand
  • Indonesia
  • Malaysia
  • Philippines
  • Singapore
  • Thailand
  • Vietnam
  • Rest of APAC

• • Brazil
  • Colombia
  • Chile
  • Argentina
  • Costa Rica
  • Rest of Latin America

• • Algeria
  • Egypt
  • Israel
  • Kuwait
  • Nigeria
  • Saudi Arabia
  • South Africa
  • Turkey
  • United Arab Emirates
  • Rest of MEA

Competitive Landscape 

There is a growing focus on expanding corporate wellness services. In the US, more than 550 companies offer health benefits to employees. Major players focus on expanding their market presence by investing, merging with other companies, and making acquisitions to serve larger employee groups better. For example, Headspace Inc. introduced Sayana, an AI-powered mental healthcare company, in January 2022. SOL Wellness, Truworth Wellness, and other market players are some of the most prominent.

Some of the major players include:

• Marino Wellness
• Wellness Corporate Solutions
• Vitality Group
• Wellsource, Inc.
• Fitbit, Inc.
• Privia Health
• Beacon Health Options, Inc.
• ComPsych
• Central Corporate Wellness
• Other Key Players

Recent Development of the Corporate Wellness Market

• In July 2022- A seasoned businessman named Ashok Soota launched Happiest Health, a global health and wellness company aiming to provide wellness information and in-depth health. The website of Happiest Health was also launched publicly.
• In June 2022- To provide MSME cardholders with health insurance, Visa, a pioneer in digital payments and employee health insurance platform Plum, joined forces. With monthly plans starting at Rs. 129, the association offers medical visits, health insurance coverage, and a “host of additional wellness benefits” to small business owners who also own Visa business cards.
• In February 2022- Peerfit, a corporate wellness platform based in Tampa, was acquired by FitOn, broadening the company’s wellness footprint.

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