Corporate Wellness Market Size & Share, Sector / Industry Report & Analysis 2020, & Forecast 2021-2026 (Includes Business Impact of COVID-19)

                                          
Abstract, Snapshot, Market Analysis & Market Definition: Global Corporate Wellness Market


The global Corporate Wellness market size is projected to reach US$ 90.73 billion by 2026, from US$ 61.14 billion in 2020, at a CAGR of 6.8% during 2021-2026. Rising awareness regarding employee health and wellbeing is augmenting the market growth. Many businesses and enterprises in various industry verticals have started implementing health programs for their employees, which will boost market demand.

Wellness programs at workplace help companies in increasing productivity while reducing the overall operational costs. These programs encourage employees to adopt a healthier lifestyle and help companies enhance the productivity and employee performance while reducing the overall operational costs. Organizations, such as spas and wellness centers, provide coaching to individuals or groups.

These coaching services can facilitate long-term customer relationship between the companies providing and receiving health management services. The spa and wellness industry is aiming at capitalizing the workplace health trend. Rising cases of obesity increases costs of insurance, which further account for the financial burden on the employers.
The data published by Henry J. Kaiser Family Foundation states that employees pay around USD 1,200 for the mandated health insurance program, with the employers adding around USD 4,500. According to a research study by Harvard economists, in the corporate settings, absenteeism costs fall by USD 2.73 for every dollar spent on wellness programs. The total costs related to lost productivity due to absenteeism related to illnesses are expected to cross USD 150 billion over the forecast period.

Market Segmentation, Outlook & Viewpoint: Global Corporate Wellness Market

Service Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2026)

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

End Use Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2026)

  
Small-scale Organizations
  
Medium-scale Organizations
  
Large-scale Organizations

Category Market Segmentation & Outlook (Revenue, USD Million, 2014 - 2026)

  
Fitness & Nutrition Consultants
  
Psychological Therapists
  
Organizations/Employers

Key Players, Recent Developments & Regional Insights: Global Corporate Wellness Market

Large-scale organizations led the end use segment in 2018, in terms of revenue share. On the other hand, medium-scale organizations are projected to witness the fastest growth from 2019 to 2026. According to RAND, a research corporation, around 72% of organizations invested in health screening services in 2013. Well documented studies indicate that correctly implemented programs can yield a Return on Investments (RoI) of around 3:1. Larger organizations can incorporate programs and services into their companys infrastructure; whereas, small-scaled firms can benefit from corporate memberships and by outsourcing the services.

Category Insights

Organizations/employers segment led the overall market in 2018. The service providers offer in-house, as well as outsourced, health management services for large- and small-scale companies. The trend of on-site fitness, which includes yoga and meditation, is becoming popular.

Thus, fitness & nutrition consultants segment, is anticipated to register the fastest CAGR from 2019 to 2026. Service providers incorporate components, such as nutrition, exercise, and medication, along with social connectedness, behavioral health, and character strength, in their service offerings. Different programs deliver diversified solutions along with a holistic view to healthcare.

Regional Insights

North America led the overall market, in terms of revenue share, in 2018 and will maintain the dominance throughout the forecast period. According to RAND employer survey, approximately 50% of the employers in U.S. offer employee wellness programs. Large-scale companies offer more complex initiatives. Asia Pacific, on the other hand, is likely to witness the highest CAGR over the forecast period. Rising number of working individuals in Asia Pacific along with the growing awareness about health management of employees is expected to boost the demand for such programs.

Corporate Wellness Market Share Insights

The global market is characterized by the rise in companies focusing on business expansion to include in-house employee wellness services. In U.S., there are more than 550 organizations offering such services. Market participants are expanding to accommodate and cater to larger groups of employees. For instance, Wellness Corporate Solutions, a U.S.-based company, relocated their warehouse to a new facility in response to rising demand for biometric screening services in U.S. in August 2016. Some of the prominent companies in this market 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.

Key Insights Covered: Global Corporate Wellness Market

1. North America, Europe, Asia Pacific, Middle East & Africa, Latin America market size (sales, revenue and growth rate) of Corporate Wellness industry.
2. Global major manufacturers operating situation (sales, revenue, growth rate and gross margin) of Corporate Wellness industry.
3. Global major countries (United States, Canada, Germany, France, UK, Italy, Russia, Spain, China, Japan, Korea, India, Australia, New Zealand, Southeast Asia, Middle East, Africa, Mexico, Brazil, C. America, Chile, Peru, Colombia) market size (sales, revenue and growth rate) of Corporate Wellness industry.
4. SWOT analysis, New Project Investment Feasibility Analysis, Upstream raw materials and manufacturing equipment & Industry chain analysis of Corporate Wellness industry.
5. Global market size (sales, revenue) forecast by regions and countries from 2019 to 2024 of Corporate Wellness industry.

Research Methodology: Global Corporate Wellness Market

  
Data collection and base year analysis is done using data collection modules with large sample sizes. The market data is analyzed and forecasted using market statistical and coherent models. Also market share analysis and key trend analysis are the major success factors in the market report. To know more please Request a Sample Report.
  
Demand Side Primary Contributors: OEMs, Industrial Professionals, Researches, Suppliers and Distributors, Group Purchasing Organizations, Associations, Insurers, Universities, Technological Writers, Scientists, Promoters, Investors among others.
  
Supply Side Primary Contributors: Product Managers, Marketing Managers, C-Level Executives, Distributors, Market Intelligence, Regulatory Affairs Managers among other