Corporate Wellness Market to Surpass USD 93.0 Billion by 2028 at 7.0% CAGR – Report by Market Research Future (MRFR)

New York, US, July 23, 2021 (GLOBE NEWSWIRE) — Corporate Wellness Market Overview

According to a Comprehensive Research Report by Market Research Future (MRFR), “Corporate Wellness Market Information by Category, Service Type, End User, and Region – Forecast till 2028”, the market is slated to cross USD 93.0 Billion by 2028 at a CAGR of 7.0%.

Market Scope:

Corporate wellness initiatives are planned and implemented in corporate workplaces to help employees better understand their health risks, engage in productive workplace behavior, and save money on healthcare. It’s likely that incorporating technology into the workplace has made things easier. However, this came at the expense of reduced physical exercise, which is a basic requirement for living a healthy life. With more time spent at the office and less time spent on one’s health, an employee now finds it difficult to maintain a healthy lifestyle over time. Corporate wellness is a concept that’s been there for a long period of time. Since then, the number of organizations have established corporate wellness programs in their offices.

Market Drivers:

Corporations are increasingly adopting corporate wellness programs in order to enhance productivity, decrease turnover, and boost employee morale and quality of work. Employee retention and acquisition are also inherently linked to the worth of establishing an employee care plans at work. Globally rising obesity, overweight, smoking, and other lifestyle problems, as well as an increase in the number of white-collar workers and private sector development, are driving future growth. Several chronic diseases such as these can be addressed effectively, by adopting a holistic method to corporate wellness programs is a powerful method to educate employees about the significance of developing healthy habits and the benefits of adhering to wellness goals.

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Competitive Landscape:

The Valuable Players in the Corporate Wellness Market are:

• ComPsych Corporation
• Central Corporate Wellness
• Truworth Health Technologies Pvt. Ltd.
• Wellness Corporate Solutions, LLC
• SOL Wellness
• Wellsource, Inc.
• Virgin Pulse
• Marino Wellness
• EXOS
• Privia Health
• The Vitality Group, Inc.
• Sodexo Group,
• Bupa Wellness Pty Ltd
• ProvantHealth (Hooper Holmes, Inc.)

Market Restraints:

The corporate wellness market is likely to be restrained by restricted budgets even in the bigger market companies due to cost cutting measures created by the pandemic. Moreover, corporate wellness programs disregard the notion of living a healthy lifestyle via consistent and dedicated efforts.

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COVID 19 Analysis

Corporate wellness has shifted as a result of the epidemic, with a new focus on meeting the health requirements of the increasingly remote workforce. As a result, firms must update their corporate training programs. The coronavirus outbreak has taken a toll on employees’ mental and physical health, from pay cuts to financial stress to the loss of a loved one to the challenge of mixing remote work with domestic responsibilities. Thus, the need for corporate wellness programs has risen considerably.

Market Segmentation

In the service type segment, the health risk assessment segment arose as the largest value provider to the corporate wellness market due to ascending implementation of wellness programs.

In the category segment, the psychological therapists’ segment is foreseen to lead the corporate wellness market in the forecast period.

In the end user segment, medium-scale businesses and large-scale businesses are estimated to show notable development in the upcoming period.

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Regional Analysis

Due to the general presence of corporate wellness providers, changing lifestyles, rising prevalence of chronic diseases such as obesity, cardiovascular disease, and diabetes, rising healthcare spending, and rising adoption of wellness activities in the US and Canada, the Americas led the global corporate wellness market. Over the forecast period, the European regional market is projected to follow the Americas in terms of value, as European businesses are taking a proactive approach to employee health and have begun to invest in employee wellness programs. Peloton introduced Peloton Corporate Wellness, a new way for corporations and organizations in the United States, Canada, United Kingdom, and Germany to access Peloton content and linked exercise devices, with Australia following later this year. Organizations that are committed to providing employees with innovative mental and physical health services can now access the same Peloton experience used by more than 5.4 million members.

The promotion of workplace wellness has evolved from a social responsibility factor to a strategic objective, and as a result, corporate wellness has risen to the top of the human resources shortlist in the Asia-Pacific region, as it enhances productivity and business results.  In the South American regions, the companies such as Gympass, a fitness and corporate wellness unicorn founded in Brazil, has raised USD 220 million in a Series E round. In the last few months, the company has experienced rapid increase as more individuals get vaccinated and return to the gym. Gympass is similar to ClassPass, but with more functions. Unlike ClassPass’ BTC and B2B models, Gympass only works with businesses, who pay a one-time fee for the platform (an app) that allows their employees to choose from a variety of wellness plans that also include access to a variety of in-person gyms and studios, as well as a directory of health apps like Calm.

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Market Research Future (MRFR) is a global market research company that takes pride in its services, offering a complete and accurate analysis with regard to diverse markets and consumers worldwide. Market Research Future has the distinguished objective of providing the optimal quality research and granular research to clients. Our market research studies by products, services, technologies, applications, end users, and market players for global, regional, and country level market segments, enable our clients to see more, know more, and do more, which help answer your most important questions.

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