The sedentary character of many types of jobs, growing urbanization rate, and rising prevalence of chronic diseases are some of the key factors that contribute to the growth of the corporate wellness market. Due to the aforementioned factors, the industry is projected to surpass $100 billion by 2030.
The COVID-19 outbreak compelled businesses to shift their physical operations to a virtual, work-from-home model, in order to maintain business continuity during the nationwide lockdowns implemented by several governments across the world. Unfortunately, the corporate wellness market experienced a negative impact due to the halting of corporate wellness programs during these times. Though there is a renewed interest in the mental wellness of employees due to the imposed restrictions and lack of the work–life balance, the market is likely to grow rapidly in the near future.
The corporate wellness market is categorized into health risk assessment, fitness, smoking cessation, health screening, nutrition & weight management, and stress management, based on service type. The health risk assessment category garnered the highest revenue in 2020. Health risk assessment (also known as health risk appraisal or health and wellbeing assessment) is a typical screening tool, which is usually used as the first step in multi-component health promotion programs at workplaces.
The corporate wellness market is divided into small-scale organizations, medium-scale organizations, and large-scale organizations, based on end user. Among these, the large-scale organizations category dominated the segment in 2020. Due to their larger workforces, such firms are compelled to opt for corporate wellness programs, while their financially sound nature enables them to easily spend on such services.
Geographically, North America held the largest share in the corporate wellness industry in 2020 due to an increase in the prevalence of cardiovascular illnesses as a result of the sedentary lifestyle and poor diet. Employers are becoming increasingly aware of this and launching wellness initiatives to fight it.
Over the past decade, the corporate wellness industry has witnessed a large number of partnerships globally. For instance, in October 2020, Accenture PLC partnered with Thrive Global and Stanford Medicine to launch the Thriving Mind program for all Accenture employees. It is a self-directed learning experience that prioritizes mental wellbeing.
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 Medical Group, Vitality Group Inc., Wellsource Inc., Central Corporate Wellness, Truworth Health Technologies Pvt. Ltd., SOL Wellness LLC, Well Nation, Aduro Inc., Beacon Health Options Inc., and Fitbit Inc.