The global Corporate Wellness market size is expected to be worth around US$ 87.4 billion by 2028, according to a new report by Vision Research Reports.
The global Corporate Wellness market size was valued at US$ 57.4 billion in 2020 and is anticipated to grow at a CAGR of 5.6% during forecast period 2021 to 2028. Corporate Wellness is important as most of the employees in an organization are suffering from various diseases like hypertension, depression and so on. Excellent employee benefit programs can improve the financial, mental and physical health of employees and to mitigate costs associated with healthcare and turnover. Healthy employees can spend less on health care, take fewer sick days which gives more productive output. Evolving industrialization in growing economies reduce the incidences such as, hypertension and other diseases like diabetes with diabetes management. Increase in government initiatives such as health screening programs for employees which are predicted to lead the corporate wellness market as companies are set to take advantage of the opportunity.
Corporate wellness programs are designed & conducted in corporate offices to support employees to understand their health risks, pursue healthy behavior at the workplace, and reduce the spending on healthcare. Presently, these programs are increasingly adopted by corporates in order to increase the productivity, decrease absenteeism, and improve morale & quality of work of employees. Factors driving the market growth are globally rising prevalence of obesity, overweight, smoking, and other lifestyle diseases, surging number of white-collar workers, and growth in private sector capex.
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Rising obese and overweight population increases insurance costs that account for the financial burden on the employers. The corporate wellness initiatives target particular health risk factors such as stress, obesity, smoking, poor eating, and lack of exercise.
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. Nonetheless, high rate of return on investment from wellness programs projected to drive the market significantly in the coming years.
The pandemic has caused a change in the process of delivering wellness services. Although in-person sessions have resumed to some extent, the virtual platform has been made available to at-risk employees to meet their psychological and fitness needs. Initially, the lockdown imposed due to COVID-19 resulted in transition to work from home, causing a great deal of stress.
Fitness and nutrition consultants’ segment will show considerable growth over the forthcoming years owing to increasing awareness regarding secured healthcare. Healthcare consultants deliver various components including medication, exercise, nutrition along with character strength and behavioral health. Numerous programs offer diversified solutions depending upon individual health status thereby enhances segmental 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.
Growing awareness and adoption of corporate wellness programs accelerates the corporate wellness market growth. Introduction to such programs are designed to support and encourage a holistic approach to employee wellbeing by creating an organizational culture of health. Additionally, benefits offered by wellness programs include improved health outcomes, increased productivity and boosts employee engagement. For instance, UK based BetterSpace program is introduced to improve and protect employee’s mental health in all possible conditions. Thus, above-mentioned factors proves beneficial for the corporate wellness industry growth.
Employers have started offering some kind of fitness program for the purpose of disease prevention and improve productivity. According to a study conducted by Harvard economists, absenteeism costs fall by USD 2.7 for every dollar spent on fitness programs. Therefore, employees need to be encouraged to adopt a healthier lifestyle to improve their performance.
Financial health is an emerging element where employees experience significant stress, related to financial issues and companies are now ready to bear the health responsibilities of their employees. Predictions in funding elements like education, assessments and action plans, soon they are going to emerge as an offering of corporate wellness programs. Wellness programs for employees are increasingly an important tool to attract top talent and improve the quality of life for their workforce. These growth in the Wellness and Health promotion, market is a way for the companies to collect the highest return on your valuable employee wellness program investments.
Report Highlights
The health risk assessment segment dominated the market for corporate wellness and accounted for a revenue share of 21.0% in 2020. Corporate wellness programs mainly include screening activities to identify health risks and implement appropriate interventional strategies to promote a healthy lifestyle among employees. Around 80.0% of the employers offering employee well-being services opt for health risk assessment of their employees. In June 2016, Wellness Corporate Solutions launched the WCS Analytics + platform, which consists of an interactive data dashboard that enables the clients to plan and implement healthy activities leading to productive workplaces.
In the category segment, organizations dominated the market and accounted for the largest revenue share of 50.56 in 2020. The service providers offer in-house as well as outsourced health management services for large as well as small scale corporations. The trend of on-site fitness, which includes yoga and meditation, is becoming popular. Therefore, the fitness and nutrition segment is anticipated to witness the fastest growth from 2021to 2028.
Different chronic diseases are preventable and can implement a holistic approach to corporate wellness programs will propel the corporate wellness market growth. These programs conduct an influential way to educate employees on the importance of creating healthy habits including wellness goals among others is projected to drive the demand for corporate wellness programs. Furthermore, wellness programs act as a stress management to overcome from various mental illness and other chronic diseases. Accessibility and availability of these programs in many companies for maintaining employee health including Google, Accenture, and Microsoft among others should foster business growth. However, slow adoption of wellness programs in many companies may hamper the corporate wellness market growth during the forecast timeline.
Onsite corporate wellness programs dominated the market and accounted for the largest revenue share of 57.3% in 2020. The segment is anticipated to witness the fastest growth rate over the forecast period. Onsite wellness initiatives provide a personal touch to employee wellbeing, along with the facilities to exercise under the guidance of fitness consultants and coaches to meet their personal health needs.
Large scale organizations dominated the end-use segment in the corporate wellness market in 2020and accounted for the largest revenue share of 52.10. According to RAND, around 70.0% of organizations invested in health screening services in the year 2013. Well documented studies indicate that correctly implemented programs can yield a return on investments of around 3:1. Larger organizations can incorporate programs and services into their company’s infrastructure. Small scaled organizations can benefit from corporate memberships and outsourcing the services.
North America dominated the market and accounted for the largest revenue share of 42.03%in 2020. According to the RAND employer survey, approximately 50.0% of the employers in the U.S. offer wellness programs to their employees. Larger employers offer more complex wellness initiatives. In Asia Pacific, the market is likely to witness an impressive growth rate over the forecast period from 2021 to 2028. The growth in the working population in Asia Pacific and growing awareness about health management of employees are responsible for the need for corporate wellness programs.
Key Players
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- ComPsych
- Wellness Corporate Solutions
- Virgin Pulse
- Provant Health Solutions
- EXOS
- Marino Wellness
- Privia Health
- Vitality Group
- Wellsource, Inc.
- Central Corporate Wellness
- Truworth Wellness
- SOL Wellness
- Well Nation
- ADURO, INC.
- Beacon Health Options
- Fitbit, Inc.
Market Segmentation
- Service Outlook
- Health Risk Assessment
- Fitness
- Smoking Cessation
- Health Screening
- Nutrition & Weight Management
- Stress Management
- Others
- End-use Outlook
- Small Scale Organizations
- Medium Scale Organizations
- Large Scale Organizations
- Category Outlook
- Fitness & Nutrition Consultants
- Psychological Therapists
- Organizations/Employers
- Delivery Model Outlook
- Onsite
- Offsite
- Regional Outlook
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Asia Pacific
- Japan
- China
- India
- Australia
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- South Africa
- North America
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The COVID-19 pandemic continues to unfold everyday with severe impact on people, communities, and businesses. The growth in several industries will be impacted significantly while numerous other markets may remain unscathed and show promising growth opportunities. As the pandemic spreads in some regions and plateaus in other regions, we revaluate the impact on businesses and update our report forecasts.
The Corporate Wellness market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Corporate Wellness market for the base year 2020 and the forecast between 2021 and 2028. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Corporate Wellness market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Corporate Wellness market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Corporate Wellness market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Corporate Wellness capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Corporate Wellness by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Corporate Wellness market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2028. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Corporate Wellness market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Corporate Wellness market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Corporate Wellness industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Corporate Wellness market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Corporate Wellness market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Corporate Wellness market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Corporate Wellness market. These factors have benefited the growth of the global market for Corporate Wellness. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Corporate Wellness. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
In this study, the years considered to estimate the market size of Corporate Wellness are as follows:
- Historic Year: 2017-2020
- Base Year: 2020
- Forecast Year 2021 to 2028
Reasons to Purchase this Report:
– Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects – Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market. – Market value USD Million and volume Units Million data for each segment and sub-segment – Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years – Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
Research Methodology:
In-depth interviews and discussions were conducted with several key market participants and opinion leaders to compile the research report.
This research study involved the extensive usage of both primary and secondary data sources. The research process involved the study of various factors affecting the industry, including the government policy, market environment, competitive landscape, historical data, present trends in the market, technological innovation, upcoming technologies and the technical progress in related industry, and market risks, opportunities, market barriers and challenges. The following illustrative figure shows the market research methodology applied in this report.
Market Size Estimation
Top-down and bottom-up approaches are used to estimate and validate the global market size for company, regional division, product type and application (end users).
The market estimations in this report are based on the selling price (excluding any discounts provided by the manufacturer, distributor, wholesaler or traders). Market share analysis, assigned to each of the segments and regions are achieved through product utilization rate and average selling price.
Major manufacturers & their revenues, percentage splits, market shares, growth rates and breakdowns of the product markets are determined through secondary sources and verified through the primary sources.
All possible factors that influence the markets included in this research study have been accounted for, viewed in extensive detail, verified through primary research, and analyzed to get the final quantitative and qualitative data. The market size for top-level markets and sub-segments is normalized, and the effect of inflation, economic downturns, and regulatory & policy changes or others factors are accounted for in the market forecast. This data is combined and added with detailed inputs and analysis from Vision Research Reports and presented in this report.
Market Breakdown and Data Triangulation
After complete market engineering with calculations for market statistics; market size estimations; market forecasting; market breakdown; and data triangulation. Extensive primary research was conducted to gather information and verify and validate the critical numbers arrived at. In the complete market engineering process, both top-down and bottom-up approaches were extensively used, along with several data triangulation methods, to perform market estimation and market forecasting for the overall market segments and sub-segments listed in this report.
Secondary Sources
Secondary Sources occupies approximately 25% of data sources, such as press releases, annual reports, Non-Profit organizations, industry associations, governmental agencies and customs data, and so on. This research study includes secondary sources; directories; databases such as Bloomberg Business, Wind Info, Hoovers, Factiva (Dow Jones & Company), TRADING ECONOMICS, and avention; Investing News Network; statista; Federal Reserve Economic Data; annual reports; investor presentations; and SEC filings of companies.
Primary Sources
In the primary research process, various sources from both the supply and demand sides were interviewed to obtain qualitative and quantitative information for this report. The primary sources from the supply side include product manufacturers (and their competitors), opinion leaders, industry experts, research institutions, distributors, dealer and traders, as well as the raw materials suppliers and producers, etc.
The primary sources from the demand side include industry experts such as business leaders, marketing and sales directors, technology and innovation directors, supply chain executive, end users (product buyers), and related key executives from various key companies and organizations operating in the global market.
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2028);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
- To strategically profile the key players and comprehensively analyze their growth strategies.
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