Publishing: August 2021 | Report Code: LS12195 | Available Format: PDF
The global corporate wellness market valued around $51 billion in 2020, and it is projected to grow with healthy grow rate during the forecast period (2021–2030). The major factors responsible for the growth of the market include the increasing focus on health and wellbeing, employees seeking wellness perks from companies, and rising prevalence of chronic diseases.
The COVID-19 epidemic forced companies to move their onsite functioning to a virtual, work-from-home model. This was a business continuity plan in response to the worldwide lockdowns enforced by governments to combat the virus. Unfortunately, these restrictions have negatively affected the corporate wellness market. However, due to the enforced restrictions and a lack of work–life balance, there is a significant rise in the focus on employees’ mental health, which, in turn, will lead to an increase in the demand for such wellness programs in 2021. As a result, this corporate wellness industry has the potential to flourish in the near future.
The health risk assessment category is expected to witness highest CAGR in the corporate wellness market during the forecast period, based on service type. This was mainly due to health risk assessment being the primary screening process employed in almost all the corporates, in compliance with government mandates. Additionally, this is the initial step in a multi-component health promotion program.
The large-scale organizations category dominated the corporate wellness industry in 2020, based on end user. This is attributed to a large number of employees in and high budgets of large-scale organizations. As a result, these organizations usually offer exhaustive healthcare schemes and programs for employees.
Geographically, North America generated the highest revenue in the corporate wellness industry in 2020. This was mainly due to the rising prevalence of cardiovascular diseases owing to a sedentary lifestyle, coupled with poor nutrition. Employers are aware of this, which is why they are increasingly implementing wellness programs, thus driving the market growth in the region.
The APAC region is expected to be the fastest-growing corporate wellness market during the forecast period. This is ascribed to the growing working population and rising awareness about healthcare. In addition, all major multinational corporations have offices in the APAC region, which is driving the market here.
Implementation of mental wellness programs at workplaces is one of the key trends observed in the corporate wellness market. The preference of employees for a holistic work environment is surging in response to the increasing prevalence of mental health issues caused by the rising job pressure. According to the Royal College of Psychiatrists, one in six people experiences some mental health problem at the workplace. Mental wellbeing is now given high importance, with companies focusing on sleep and stress management programs to help employees balance their life. For instance, in July 2020, Google LLC started a program, called "TEA Check-ins", as part of its employee training regimen. It is an acronym for thoughts, energy, and attention, which are meant to address workplace-related stress and exhaustion. Factors like these are resulting in the growing demand for corporate wellness programs.
According to the World Health Organization (WHO), over 1.9 billion individuals aged 18 and above were overweight in 2016, with over 650 million being obese. Physical inactivity has increased as a result of the sedentary lifestyle, changing forms of transportation, and growing urbanization rate. According to a study published by the National Library of Medicine under the National Institutes of Health of the U.S., one out of every three persons worldwide suffers from numerous chronic illnesses. In addition, youths’ rising awareness on health and wellbeing is boosting the corporate wellness market advance.
|Base Year (2020) Market Size||~$51 Billion|
|Market Size Forecast in 2030||~$100 Billion|
|Report Coverage||Market Trends; Revenue Estimation and Forecast; Segmentation Analysis; Regional and Country Breakdown; Companies’ Strategic Developments; Product Benchmarking; Company Profiling|
|Market Size by Segments||By Service Type; By End User; By Region|
|Market Size of Geographies||China; India; Japan; South Korea; Australia; U.S.; Canada; Mexico; Brazil; Germany; U.K.; France; Spain; Italy; Saudi Arabia; South Africa|
|Secondary Sources and References (Partial List)||American Counseling Association; American Psychological Association; International Stress Management Association; National Alliance on Mental Illness; American Institute of Stress; World Federation for Mental Health.|
Some of the key players in the corporate wellness market are ComPsych Corporation, Wellness Corporate Solutions, Virgin Pulse Inc., Provant Health Solutions LLC, Athletes’ Performance Inc., Marino Wellness LLC, Privia Health Affiliated, Vitality Group Inc., Wellsource Inc., Central Corporate Wellness, Truworth Health Technologies Pvt. Ltd., SOL Wellness LLC, Well Nation, Aduro Inc., Beacon Health Options, and Fitbit Inc.
In recent years, players in the corporate wellness industry have focused on launching new products and programs to give wings to corporate mental wellbeing programs. For instance,
The global corporate wellness market report offers comprehensive market segmentation analysis along with market estimation for the period 2015–2030.
Based on Service Type
Based on End User
The global corporate wellness market revenue will surpass $100 billion in 2030.
The COVID-19 pandemic has hampered the growth of the corporate wellness industry.
North America dominated the market for corporate wellness in 2020.
The surging incidence of mental health conditions among employees is fueling the trend of mental wellness programs at workplaces in the market for corporate wellness.
The Asia-Pacific (APAC) region will be the fastest growing region in the corporate wellness industry during 2021–2030.
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