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Industry Insights, Market Size, CAGR, High-Level Analysis: Corporate Wellness MarketThe global corporate wellness market size was valued at USD 57.2 billion in 2019 and is expected to witness a CAGR of 6.9% over the forecast period. Many businesses and enterprises in various industry verticals have started implementing health programs for their employees, which will also boost market growth. Corporate 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. Employers can gain higher benefits by aligning employee wellness programs in their companys mission. Health and wellness programs are considered important by employees while choosing an employer or an organization. Corporate wellness programs have a positive impact on the overall organizational culture. Employees prefer incentive-based wellness activities as incentives play a significant role in the motivation of employees. Corporate wellness includes a set of policies, programs, and benefits addressing multiple risk factors and conditions influencing both employees and the overall organization. According to the National Center for Chronic Disease Prevention and Health Promotion (NCCDPHP), in U.S., corporate programs promoting wellbeing and health, and providing disease prevention plan 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 the 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.
Service Insights of Corporate Wellness MarketThe health risk assessment segment dominated the overall market in terms of revenue share in 2019. 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.
Category InsightsIn the category segment, organizations dominated the corporate wellness market in the year 2019. 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, that includes yoga and meditation, is becoming popular. Therefore, the fitness and nutrition consultants segment is anticipated to witness the fastest growth from 2019 to 2027.
Type Insights of Corporate Wellness MarketBased on type, the services segment dominated the market for corporate wellness in terms of revenue share in 2019. Employee wellbeing has proved to be an essential feature of the modern-day business world. Employees are likely to perform more diligently for employers that make them feel loved and tailor to their personal needs on a human level. Around 60% of employees approve that corporate wellness programs have made them opt for a healthy lifestyle outside of the office as well. The technology segment is expected to be the fastest growing segment over the forecast period as it delivers organizations with the infrastructure to effectively recognize the health risk levels of employees and stimulate employee participation by engaging employees in health initiatives by providing free access to some health apps and wearable smart devices.
Delivery Model InsightsOnsite corporate wellness programs dominated the delivery model segment in 2019 and are 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.
End-Use InsightsLarge scale organizations dominated the end-use segment in the market for corporate wellness in 2019, in terms of revenue share. 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 companys 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.
Regional Insights of Corporate Wellness MarketNorth America dominated the overall market for corporate wellness in terms of revenue share in the year 2019. According to the RAND employer survey, approximately 50% of the employers in 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 2020 to 2027. The growth in the working population in Asia Pacific along with growing awareness about health management of employees are responsible for the need for corporate wellness programs.
Market Share Insights of Corporate Wellness MarketThe market is characterized by increasing number of corporations focusing on expansion to include in-house employee wellness services. In U.S., there are more than 550 corporates offering employee wellness programs. Some of the market players are expanding in order to accommodate and to cater to larger groups of employees. For instance, Wellness Corporate Solutions, a company based in U.S., relocated its warehouse to a new facility in response to rising demand for biometric screening services in U.S. in August 2016. The key players in this market for corporate wellness are 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, and Fitbit, Inc.
Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Corporate Wellness Market Research ReportThis report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2019 to 2030. For the purpose of this study, this market research report has segmented the global corporate wellness market report based on service, end use, category, type, delivery model, and region:
Service Outlook (Revenue, USD Million, 2019 - 2030)
- Health Risk Assessment
- Smoking Cessation
- Health Screening
- Nutrition & Weight Management
- Stress Management
End-Use Outlook (Revenue, USD Million, 2019 - 2030)
- Small Scale Organizations
- Medium Scale Organizations
- Large Scale Organizations
Category Outlook (Revenue, USD Million, 2019 - 2030)
- Fitness & Nutrition Consultants
- Psychological Therapists
Type Outlook (Revenue, USD Million, 2019 - 2030)
Delivery Model Outlook (Revenue, USD Million, 2019 - 2030)
Table of Contents Chapter 1 Methodology and Scope 1.1 Market Segmentation & Scope 1.1.1 Service 1.1.2 End Use 1.1.3 Category 1.1.4 Regional Scope 1.1.5 Estimates and Forecast Timeline 1.2 Research Methodology 1.3 Information Procurement 1.3.1 Purchased Database 1.3.2 GVR’s Internal Database 1.3.3 Secondary Sources 1.3.4 Prim | read more...