The global corporate wellness market is expected to grow at a CAGR of 7.1% over the forecast period 2020 to 2027 and to reach USD 99.36 billion by 2027.
Precedence Research says, the global corporate wellness market size was valued at USD 57.4 billion in 2019.
Corporate Wellness plays an important role in boosting the employee’s health as most out of them are suffering from various diseases such as depression, hypertension and so on. Out-standing wellness benefit programs for employees can improve the mental, financial, and physical health of employees as well as this mitigates the cost associated with turnover and healthcare. An employee with good health cost less for an organization towards their healthcare expenses and makes few absentees per year that improves the productivity output of the company. Rapid industrialization in emerging economies reduces the incidences of hypertension and other diseases such as diabetes with diabetes management.
Growth Factors
Significant rise in the prevalence of chronic diseases across the world along with the adoption of sedentary lifestyle are some of the prime factors that drives the market growth. Furthermore, economic benefits offered by these wellness programs as well as rising awareness for mental and physical health expected to trigger the market growth over the forecast period. However, huge cost associated to outsource such programs or services predicted to hamper the growth of the market. Nonetheless, high rate of return on investment from wellness programs projected to drive the market significantly in the coming years.
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Regional Snapshots
In 2019, North America led the global corporate wellness market with significant revenue share and expected to flourish prominently during the analysis period. The significant growth of the region is mainly attributed to the increasing corporate businesses in the region along with rising awareness among the corporate owners towards their employee’s health benefit. Increasing pollution and busy lifestyle impact adversely on the employee’s health that finally impact the organization’s work culture. In addition, Harvard Business School has stated in its report that American companies have reduced their medical expenses by US$ 3.27 for each dollar spent on the wellness programs. This encourages other employers too to implement corporate wellness programs in their organizational culture to get maximum benefits in term of return on investment.
On the other hand, the Asia Pacific encounter positive growth outlook during the forecast period. This is primarily due to increasing urbanization coupled with the rising health awareness among the public. For the same, employees in the region also prefer those organizations that offer health benefits to the employees as well as incentive-based wellness programs inside the organization.
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Report Highlights
- North America dominated the global corporate wellness market with maximum revenue share in the year 2019. Significant dominance of the office culture in the North America influence corporate owners in the region to implement such services or programs to benefit their employees with good health. The aforementioned factor drives the market significantly.
- The Asia Pacific encountered flourishing growth over the forecast period owing to significant increase in the working population along with rising awareness for health management of employees.
- In 2019, large scale organizations led the global corporate wellness market in terms of revenue share. As per RAND Corporation, around 70% of the large-scale organizations had invested in the health screening services or programs in the year 2013. Further, high return on investment through these programs influence large number of organizations to implement corporate wellness programs.
- Onsite delivery model emerged as the most dominating segment in terms of revenue share in the global corporate wellness market and anticipated to witness the fastest growth over the forecast period. This type of program provides personal touch and guidance for exercises to the employees.
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Key Players & Strategies
The global corporate wellness market offers prominent growth opportunity to the market players owing to rising trend for in-house training programs in the corporate sector. As per a report sponsored by the Department of Health and Human Services and Department Labor, 80% of the companies that are located in the U.S. and have more than 50 employees offer some sort of corporate wellness benefits to their employees. Further, in the UK, the percent of companies offering corporate wellness benefits are around 45%, however the percent of program offerings in the region is likely to increase as the companies are suffering from heavy losses due to irregular working days of the employees along with rising number of leaves per employees per year. The market players thus offer diverse offering and service to their client to capture the maximum benefit out of that.
Some of the key players operating in the market are Wellness Corporate Solutions, ComPsych, Provant Health Solutions, Beacon Health Options, Virgin Pulse, Marino Wellness, EXOS, Vitality Group, Privia Health, Central Corporate Wellness, Wellsource, Inc., SOL Wellness, Truworth Wellness, ADURO, INC., Well Nation, and Fitbit, Inc. among others.
Market Segmentation
By Service
- Fitness
- Health Risk Assessment
- Health Screening
- Smoking Cessation
- Stress Management
- Nutrition & Weight Management
- Others
By Category
- Psychological Therapists
- Fitness & Nutrition Consultants
- Organizations/Employers
By Delivery Model
- Offsite
- Onsite
By End-use
- Large Scale Organizations
- Medium Scale Organizations
- Small Scale Organizations
By Regional Outlook
- North America
- Europe
- Asia Pacific
- Rest of the World
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