We are monitoring the impact of COVID-19 on Corporate Wellness Market Get in touch with us for detailed analysis Know More
Pulished Date March, 2021
ID: 11290
Share on
Share on

Global Corporate Wellness Market Size, Share, Trends, COVID-19 impact, Growth Analysis Report – Segmented By Service Type, Category, End-User & Region – Industry Forecasts (2020 to 2025)

Pulished: March, 2021
ID: 11290
Pages: 160

Corporate Wellness Market Size & Growth (2020 to 2025)

The Size of the Global Corporate Wellness Market was valued at USD 51.5 billion in 2020 and is projected to reach a CAGR of 6.9% during the forecast period 2020 to 2025.

MARKET OVERVIEW

"A Healthy group is a Winning group" – all corporates these days immovably have confidence in this idea. Corporate wellness programs are intended to help and urge this all-encompassing way to deal with worker prosperity by making a hierarchical culture of wellbeing. On the whole, A corporate wellness program is a businesses' methodology towards accomplishing a healthy working environment by fusing different wellbeing exercises inside the day-by-day work timetable to advance their representatives' prosperity. Corporate wellbeing projects can be found in numerous structures across various associations. Some may give insurance covers to their representatives' while others may step forward by introducing workplace exercise centers. Johnson and Johnson, for instance, has implemented exercise repayment, stress management training, and life coaching in different areas, organization offices likewise incorporate volleyball courts, golf courses, and spin classes. 

Corporate Wellness Programs are a shared benefit for both the representatives just as the businesses. The advantages of corporate health programs are complex. Offering a corporate wellness approach that goes beyond conventional wellness services cultivates healthier practices for employees and increases health benefits, while increasing competitiveness, maximizing investment in human resources, and improving employee involvement. These steps help to cultivate a feeling of being well. The value of providing an employee wellbeing initiative at the workplace can also be attributed to the retention and acquisition of employees. According to a survey by the American Psychological Association, "89 % of staff in firms that promote well-being are more likely to recommend their employer as a healthy place to work."

MARKET DRIVERS

Significant increase in the prevalence of chronic diseases around the world, along with the acceptance of sedentary lifestyles, are some of the key factors driving the market growth. As the work culture advanced all through mankind's set of experiences, it accompanied a lot of benefits and hazards. The incorporation of innovation at work may have made things simpler at work. In any case, this occurred at the expense of lesser active work which is a fundamental necessity for an individual to have a healthy existence. With more hours spent over the work area and less on one's wellbeing, a worker battles to keep up healthy living as long as possible. This condition can change by moving toward corporate wellbeing program which leads to a compelling method to instruct representatives on the significance of creating healthy habits including health objectives among others is projected to drive the interest for corporate wellbeing programs. Moreover, corporate programs go about as stress management to overcome various mental illnesses and other chronic diseases. Openness and accessibility of these projects in numerous organizations for keeping up representative wellbeing including Google, Accenture, and Microsoft among others should encourage business development.

Growing awareness and the implementation of corporate wellness initiatives accelerate the development of the corporate wellness industry. Corporate health has advanced as of late. Business pioneers currently comprehend that worker prosperity includes substantially more than actual wellbeing. Health programs have advanced from being an additional advantage in HR to turn into the foundation of an organization's business technique. Henceforth arising organizations are setting up available wellness habitats, Paramedical administrations, Yoga classes, Wellness experiences, Stress management and resilience workshop, and Emotional intelligence leadership training. Prologue to such projects is intended to help and urge a comprehensive way to deal with representative prosperity by making a hierarchical culture of wellbeing that advantageous for the corporate wellness industry development. Besides, service providers provide both in-house and outsourced health care services, which serve as an opportunity for the development of the corporate wellness industry.

Key businesses such as Georgia Pacific, Autodesk, and NetApp use smartphone applications, smart devices, and employee data to monitor the health of their workers on the market. The use of data analytics will also help companies develop customized services and add to revenues in the global corporate wellness industry. Also, the desire to reduce growing healthcare costs, the healthcare services are given to workers, and the economic incentives presented by these systems are the, which has led to the growth of the corporate wellness industry.

RESTRAINTS

However, massive costs for businesses to implement occupational health policies and a high rate of return on investment from wellness services are expected to hinder business development. Nonetheless, the arrival of a new age of personalized education and solutions to the individualized well-being of each employee through AI will change the global corporate wellness industry.

CORPORATE WELLNESS PROGRAMS DURING COVID-19 PANDEMIC

The Covid pandemic has influenced everybody from multiple points of view. For some employees, the wellbeing emergency introduced huge changes to the work environment, with a significant move to remote work. Further, with the elevated wellbeing awareness and the expanding need laborers have put on their wellbeing in the wake of the pandemic, another part of work that the emergency will affect is corporate wellness. More than 70 % of laborers have depicted the pandemic as the most stressful time in their professional careers. From getting pay cuts, encountering monetary pressure, losing a friend or family member to the infection the challenge of juggling work with home duties, the Covid pandemic has negatively affected representatives' psychological and actual wellbeing. These changes have pivoted corporate wellbeing, with another concentration to meet the wellbeing needs of the remote workforce.

The pandemic hit the economy making a money-related crisis for certain individuals which subsequently affected their enthusiastic health. To handle the issue, service providers are receiving virtual techniques to offer types of assistance, for example, meetings with psychologists and health coaches. As a result of the COVID-19 pandemic, the associations have found ways to deal with guarantee and spotlight on their laborers really by giving specialized help to help social distancing in the execution of new leave methodologies. Business' center has moved to preventive and productive administration by assisting workers with adjusting principles.

CORPORATE WELLNESS PROGRAMS POST CORONAVIRUS PANDEMIC

There is no question about it: the coronavirus pandemic will forever transform the world, even the world of work. As workers want to return to the physical workplace atmosphere again, corporate health systems will need to be changed again. The actual return to the workplace brings health challenges for many workers and be one to which they may need help in the process. In addition to the need to bring preventive health and safety policies to ensure physical safety for workers, there will be several continuing problems with concern and paranoia about coronavirus and the consequences for their health and economic welfare. Even as the challenge of COVID-19 decreases, the organizational health initiative would have a vital role to play in enhancing the well-being and competitiveness of workers. The plans may be a combination of conventional Corporate Health programs as well as some of the latest approaches that workers have been using, embraced, or loved during the remote working cycle.

REPORT COVERAGE

REPORT METRIC

DETAILS

Market Size Available

2019 to 2025

Base Year

2019

Forecast Period

2020 to 2025

Segments Covered

By Service Type, Category, End-User & Region

Various Analyses Covered

Global, Regional & Country Level Analysis, Segment-Level Analysis, Drivers, Restraints, Opportunities, Challenges, PESTLE Analysis, Porter’s Five Forces Analysis, Competitive Landscape, Analyst Overview on Investment Opportunities

Regions Covered

North America, Europe, APAC, Latin America, Middle East & Africa


This research report on the global corporate wellness market has been segmented and sub-segmented based on service type, category, end-user and region.

Corporate Wellness Market - By Service Type

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

Based on Service Type, the health risk assessment is leading the corporate wellness market with the highest revenue share of 21.1% in 2020. The screening activities to identify health risks and implement appropriate interventional strategies are involved in corporate wellness to develop a good lifestyle. The employee well-being services were offered for more than 80% of the employers. The Wellness Corporate Solutions had launched WCS Analytics + platform in 2016. These are the factors that led the health risk assessment segment. The Nutrition and weight management segment is anticipated to witness the highest growth during the forecast period. The presence of healthcare apps that provide actual and specific data boosts the Nutrition and weight management segment during the forecast period.

Corporate Wellness Market - By Category

  • Fitness & Nutrition Consultants
  • Psychological Therapists
  • Organizations

According to Category, the organization's segment is dominating the market during the forecast period. In 2020 the organization's segment had the highest revenue share of 50.3%. Due to the awareness programs by organizations are driving the segment. Corporate wellness has become a modern trend and needs organizations to keep up with employee health and well-being, encouraging market growth. The Fitness and Nutrition Consultants are anticipated to grow high in the upcoming years. The rise in awareness about the secured healthcare is driving the segment growth. According to the individual health conditions, the Fitness and Nutrition Consultants provides numerous programs.

Corporate Wellness Market - By End User

  • Small-scale Businesses
  • Medium-scale Businesses
  • Large-scale Businesses

Based on End User, the Large-scale Businesses dominated the segment with a market share of 52.8% in 2020. The tremendous rise in the investments by organizations in the health screening services for better employee care is driving Large-scale Businesses. For instance, according to RAND, in 2013, more than 70% of the organizations invested in health screening services. 

Clinical Laboratory Services Market – By Region:

  • North America
    • The United States
    • Canada
    • Rest of North America
  • Europe
    • United Kingdom
    • Germany
    • France
    • Spain
    • Italy
    • Rest of EU
  • Asia Pacific
    • India
    • China
    • Japan
    • Australia
    • New Zealand
    • South Korea
    • Rest of APAC
  • Latin America
    • Brazil
    • Mexico
    • Argentina
    • Chile
    • Rest of Latin America
  • The Middle East and Africa

Geographically, North America leads the corporate wellness market with the highest market shares during the forecast period. North America was dominating the market with a market share of 42% in 2020. The rise in population and change in lifestyle negatively impact the employee’s health, affecting the corporate owners towards their health benefit. The United States is the most significant contributor to the North American corporate wellness market during the forecast period due to the growing technology used to improve outcomes and the rising artificial intelligence reign. Moreover, change in perspective toward corporate wellness programs due to the incorporation of social connectivity is another crucial factor that boosted the region's target market's growth. Whereas the increasing awareness for healthy eating habits & exercise, the high prevalence of obesity, and the decreasing insurance and healthcare costs are the factors that propel the growth of the Canada Corporate Wellness Market.

Europe Corporate Wellness Market is the second-largest market among the globe, followed by North America. The primary factor that has driven the growth of the target market in Europe is the access to workspace wellness programs for most of the employees in this region.

However, Corporate Wellness Market is estimated to grow in the Asia-Pacific with the highest CAGR, followed by Latin America. During the forecast period, these regions are anticipated to be the market's growth drivers is the growing working population in the Asia Pacific. Besides, the need for corporate wellness programs in the region due to the awareness regarding employees' health management is another critical factor that was fuelling the growth of the target market in the area. 

Notable companies dominating the Global Corporate Wellness Market Provided in the report are EXOS, Wellness Corporate Solutions, ComPsych, Provant Health Solutions, Virgin Pulse, Marino Wellness, Vitality Group, Wellsource, and Central Corporate Wellness.

Chief business players working in this industry embrace different procedures to contend in the market over different players should cultivate the business development. For instance, in Feb 2021, LifeOmic launched an employee wellness product to track health habits. The presentation of such projects for getting psychological wellness demonstrates gainful for industry development.

Recent Market Developments in the Corporate Wellness Industry

  • On March 9, 2021, Vitality Products Inc., one of the subsidiaries of Vitality Groups which makes the lines of vitamins and natural health supplements, has launched a four-month advertising campaign for increasing sales and market shares, where the three radio spots will play 960 times over three-months on two radio stations (Z95.3 FM and the Breeze 104.3 FM) and align with a four-month digital marketing campaign of social media (Facebook), display, retargeting and search.
  • On July 7, 2020, Wellsource, Inc., a leading provider of health risk assessment tools and wellness tools for 40 years, was chosen as a trusted vendor for providing a health risk assessment (HRA) solution by Certintell Inc. for their clients serving a Medicare patient population.

Conclusion

Corporate wellness has become a modern trend and necessity of the organizations to keep up with employee’s health and wellbeing this encouraging market growth. Besides, corporate wellbeing services in the COVID-19 and post-COVID-19 period turn the emphasis on more mental health interventions to assist staff in these unprecedented times. While mental health services have become part of the well-being of the workplace, the pandemic has exposed the need to move it to the workplace.

  1. Introduction
    1. Corporate Wellness Market Definition
    2. Study Deliverables
    3. Base Currency, Base Year and Forecast Periods
    4. General Study Assumptions
  2. Research Methodology
    1. Introduction
    2. Research Phases
      1. Secondary Research
      2. Primary Research
      3. Econometric Modelling
      4. Expert Validation
    3. Analysis Design
    4. Study Timeline
  3. Overview
    1. Executive Summary
    2. Key Inferences
    3. New Developments
  4. Drivers, Restraints, Opportunities, and Challenges Analysis (DROC)
    1. Corporate Wellness Market Drivers
    2. Corporate Wellness Market Restraints
    3. Key Challenges
    4. Current Opportunities in the Market
  5. Corporate Wellness Market Segmentation
    1. By Service Type
      1. Health Risk Assessment
      2. Stress Management
      3. Nutrition & Weight Management
      4. Smoking Cessation
      5. Fitness
      6. Health Screening
      7. Others
      8. Y-o-Y Growth Analysis, By Service Type
      9. Corporate Wellness Market Attractiveness Analysis, By Service Type
      10. Corporate Wellness Market Share Analysis, By Service Type
    2. By Category
      1. Fitness & Nutrition Consultants
      2. Psychological Therapists
      3. Organizations
      4. Y-o-Y Growth Analysis, By Category
      5. Corporate Wellness Market Attractiveness Analysis, By Category
      6. Corporate Wellness Market Share Analysis, By Category
    3. By End-User
      1. Small-scale Businesses
      2. Medium-scale Businesses
      3. Large-scale Businesses
      4. Y-o-Y Growth Analysis, By End-User
      5. Corporate Wellness Market Attractiveness Analysis, By End-User
      6. Corporate Wellness Market Share Analysis, By End-User
  6. Geographical Analysis
    1. Introduction    
      1. Regional Trends   
      2. Impact Analysis    
      3. Y-o-Y Growth Analysis        
        1. By Geographical Area
        2. By Service Type
        3. By Category
        4. By End-User
      4. Corporate Wellness Market Attractiveness Analysis 
        1. By Geographical Area
        2. By Service Type
        3. By Category
        4. By End-User
      5. Corporate Wellness Market Share Analysis              
        1. By Geographical Area
        2. By Service Type
        3. By Category
        4. By End-User
    2. North America
      1. Introduction
      2. US
      3. Canada
    3. Europe
      1. Introduction
      2. UK
      3. France
      4. Spain
      5. Germany
      6. Italy
    4. Asia-Pacific
      1. Introduction
      2. India
      3. China
      4. Japan
      5. South Korea
      6. Australia
    5. Latin America
      1. Introduction
      2. Brazil
      3. Argentina
      4. Mexico
    6. Middle East & Africa
      1. Introduction
      2. Middle East
      3. Africa
  7. Strategic Analysis
    1. PESTLE analysis
      1. Political
      2. Economic
      3. Social
      4. Technological
      5. Legal
      6. Environmental
    2. Porter’s Five analysis
      1. Bargaining Power of Suppliers
      2. Bargaining Power of Consumers
      3. Threat of New Entrants
      4. Threat of Substitute Products and Services
      5. Competitive Rivalry within the Industry
  8. Corporate Wellness Market Leaders' Analysis
    1. EXOS
      1. Overview
      2. Product Analysis
      3. Strategic Evaluation and Operations
      4. Financial analysis
      5. Legal issues
      6. Recent Developments
      7. SWOT analysis
      8. Analyst View
    2. Wellness Corporate Solutions
    3. ComPsych
    4. Provant Health Solutions
    5. Virgin Pulse
    6. Marino Wellness
    7. Vitality Group
    8. Wellsource
    9. Central Corporate Wellness
  9. Competitive Landscape
    1. Corporate Wellness Market share analysis
    2. Merger and Acquisition Analysis
    3. Agreements, Collaborations and Joint Ventures
    4. New Product Launches
  10. Corporate Wellness Market Outlook and Investment Opportunities
  11. Appendix
    1. List of Tables
    2. List of Figures  
  • Global, regional and country-level analysis and forecasts of the study market; providing Insights on the major countries/regions in which this industry is blooming and to also identify the areas that are still untapped.
  • The segment-level analysis in terms of technology, component, and type along with market size forecasts and estimations to detect key areas of industry growth in detail.
  • Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics.
  • Study of the effect of exogenous and endogenous factors that affect the global market; which includes broadly demographic, economics, and political, among other macro-environmental factors presented in an extensive PESTLE Analysis.
  • Study the microenvironment factors that determine the overall profitability of an Industry, using Porter’s five forces analysis for analysing the level of competition and business strategy development.
  • A comprehensive list of key market players along with their product portfolio, current strategic interests, essential financial information, legal issues, SWOT analysis and analyst overview to study and sustain the market environment.
  • Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
  • An executive summary, abridging the entire report in such a way that decision-making personnel can rapidly become acquainted with background information, concise analysis and main conclusions.
  • Expertly devised analyst overview along with Investment opportunities to provide both individuals and organizations with a strong financial foothold in the market.

Request Sample To View LOT

Please wait. . . . Your request is being processed

LICENCE TYPE

$ 1234 4255

Clients
clients
clients
clients
clients
clients
clients
Click for Request Sample