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Global Corporate Wellness Market Research Report 2021

Type: PDF

Status: Syndicate

Categories: Healthcare And Pharmaceuticals

Report Code : HP2114610

No. of Pages : 145

Report Overview

The global corporate wellness market size was valued at USD 52.8 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.0% from 2021 to 2028. Many businesses and enterprises in various industry verticals have started implementing health programs for their employees, which will also boost market demand. Wellness programs at the workplace help companies in augmenting productivity while reducing the overall operational costs. Rising awareness regarding employee health and wellbeing is expected to drive the market for corporate wellness.

The COVID-19 pandemic has severely impacted the mental health of employees. After its onset, it led to the work from home transition which resulted in a great deal of stress among employees due to the feeling of isolation. Moreover, the pandemic hit the economy creating a financial crisis for many individuals which in turn affected their mental health. To tackle the problem, wellness service providers are adopting virtual methods to provide services such as meetings with psychologists and health coaches.

Corporate wellness programs include a set of policies, programs, and benefits addressing multiple risk factors and conditions and influencing both employees and the overall organization. According to the National Center for Chronic Disease Prevention and Health Promotion (NCCDPHP), in the U.S., corporate programs promoting wellbeing and health, and providing disease prevention plans can potentially influence more than 150 million employees reducing the cost of healthcare significantly.

Employees are encouraged to adopt a healthier lifestyle and help companies to enhance productivity and reduce costs, by ultimately improving employee wellbeing. The total costs related to lost productivity due to absenteeism related to illnesses are expected to cross USD 150 billion in the coming years. The growth in obese and overweight population leads to increased insurance costs accounting for the financial burden on the employers.

Due to the COVID-19 pandemic, the businesses have found ways to protect and prioritize their employees physically by providing tech support to assist social distancing in the implementation of new leave policies. Employer’s focus has shifted to preventive and constructive management by helping workers adapt to new standards.

Service Insights
The health risk assessment segment dominated the market for corporate wellness and accounted for the largest revenue share of 21.1% 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% 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.

End-use Insights
The large scale organizations dominated the end-use segment and accounted for the largest revenue share of 52.8% in 2020. According to RAND, around 70% 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.

The implementation of corporate wellness programs helps in tracking various diseases. Health screening programs are conducted at regular intervals to keep a check on health, promoting preventive care, and reducing treatment costs. The focus of corporate wellness programs on such conditions can reduce the disease burden and the overall cost of healthcare premium paid by the employer to any insurance provider. Although lockdown and closure of offices have resulted in a large group of employees switching to work from home models, it still remains vital to ensure that employees are able to access and continue to use wellness services at the workplace.

Category Insights
In the category segment, organizations dominated the market and accounted for the largest revenue share of 50.3% 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 stress management segment is anticipated to witness the fastest growth from 2021 to 2028.

Delivery Model Insights
Onsite corporate wellness programs dominated the delivery model segment and accounted for the largest revenue share of more than 57% in 2020. The segment is anticipated to witness a high 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.

Many organizations have restructured or added benefits and insurance plans to meet employees' and their families' health needs. Service providers are creating awareness among employees regarding unhealthy aspects related to work from home due to COVID-19. For instance, the pandemic has resulted in a shift from in-person meetings to virtual meetings. However, associated challenges such as the need to focus harder to process non-verbal cues such as body language and facial expressions, poor internet connections leading to disconnection from the meeting, and multitasking during meetings are causing more stress and exhaustion as compared to in-person meetings.

Regional Insights
North America dominated the corporate wellness market and accounted for the largest revenue share of more than 42% 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.

Asia Pacific is likely to witness an impressive growth rate over the forecast period from 2021 to 2028. The growth of the working population in the Asia Pacific and growing awareness about the health management of employees are responsible for the need for corporate wellness programs in the region

Report Scope

Report Attribute

Details

Market size value in 2021

USD 58.2 billion

Revenue forecast in 2028

USD 93.4 billion

Growth Rate

CAGR of 7.01% from 2021 to 2028

Base year for estimation

2020

Historical data

2016 - 2019

Forecast period

2021 - 2028

Quantitative units

Revenue in USD million and CAGR from 2021 to 2028

Report coverage

Revenue forecast, company ranking, competitive landscape, growth factors, and trends

Segments covered

Service, end-use, category, delivery model, region

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country scope

U.S.; Canada; U.K.; Germany; France; Italy; Spain; Japan; China; India; Australia; Brazil; Mexico; South Africa

Key companies profiled

ComPsych; Wellness Corporate Solutions; Virgin Pulse; Provant Health Solutions; EXOS; Marino Wellness, Privia Health; Vitality Group; Wellsource, Inc.; Central Corporate Wellness; Truworth Wellness; and SOL Wellness, Well Nation, ADURO, INC., Beacon Health Options, Fitbit, Inc.

Segments Covered in the Report
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global corporate wellness market report on the basis of service, end-use, category, delivery model, and region:

Service Outlook (Revenue, USD Million, 2016 - 2028)

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

End-use Outlook (Revenue, USD Million, 2016 - 2028)

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

Category Outlook (Revenue, USD Million, 2016 - 2028)

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

Delivery Model Outlook (Revenue, USD Million, 2016 - 2028)

  • Onsite
  • Offsite

Regional Outlook (Revenue, USD Million, 2016 - 2028)

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 (MEA)

  • South Africa
Market Precise

Published On: April 2021

Single User

US$ 3500

Multi User

US$ 5250

Corporate User

US$ 7000

Global Corporate Wellness Market Research Report 2...

RD Code : HP2114610