North America Corporate Wellness Market

North America Corporate Wellness Market Size (2023 to 2028)

The North American corporate wellness market size is predicted to be growing at a CAGR of 6.32% from 2023 to 2028 and will be worth USD 27.08 billion by 2028 from USD 19.92 billion in 2023.

The rising prevalence of chronic diseases and associated risk factors in North American countries majorly drive the growth of the corporate wellness market in North America. A significant number of U.S. employees are affected by conditions such as diabetes, heart attacks, chest pain, and high blood pressure. Work-related stress stands as the primary cause of chronic diseases among employees. Furthermore, the demanding work environment leads to additional health concerns, including obesity, as individuals resort to skipping meals and consuming unhealthy junk food due to delays in designated break times. Consequently, these health issues negatively impact worker productivity, thereby impeding overall company growth. Given that American employees spend approximately one-third of their day in the workplace, organizations have recognized the need to proactively develop corporate wellness programs. These programs aim to foster and safeguard employee well-being, mitigate health risks, and prevent various types of diseases and illnesses.

The growing employee awareness regarding corporate wellness programs in North America further boosts the North American corporate wellness market growth. These programs play a vital role in promoting a healthier lifestyle among employees by encouraging them to engage in activities such as regular exercise, smoking cessation and the adoption of a nutritious diet. By embracing these practices, individuals can significantly reduce their healthcare expenditures, allowing them to save money for future needs. Additionally, the rising incidence of cancer and respiratory diseases within the population also necessitates the development of corporate wellness programs. These programs address these specific health concerns, further fueling the demand for such initiatives in the market during the forecast period.

The development of advanced solutions aimed at implementing corporate wellness among employees promotes regional market growth. Researchers and manufacturers have been dedicated to creating innovative well-being applications that assist individuals in leading healthier lives. These solutions serve as guidance tools, offering employees valuable resources and support in their pursuit of well-being. By leveraging technology and data-driven approaches, these applications contribute to the effectiveness and engagement of corporate wellness programs, thereby driving the demand for such solutions and boosting market growth in North America.

Poor participation from employees in wellness programs is the primary factor hampering the corporate wellness market growth in North America. Limited budget allocation for corporate wellness programs, resistance to change and reluctance to adopt healthy behaviors and insufficient awareness and understanding of the benefits of corporate wellness further hinders the North American market growth.

This research report on the North American corporate wellness market has been segmented and sub-segmented into the following categories.

By Service Type:

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

By Category:

• Fitness & Nutrition Consultants
• Psychological Therapists
• Organizations

By End User:

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

By Country:

• The U.S.
• Canada
• Rest of North America

The North American market held the major share of the global market in 2022 and is anticipated to hold the dominating position in the global market throughout the forecast period. The U.S. accounted for the leading share of the North American market in 2022 and is predicted to grow at a promising CAGR during the forecast period owing to the robust employment growth and a rising focus on awareness programs in the U.S. The growing number of initiatives by the U.S. government to promote awareness among working professionals in the U.S. regarding the benefits of participating in corporate wellness programs further boost the U.S. market growth. The widespread adoption of corporate wellness among numerous companies in the U.S. further propels the U.S. market growth. According to reports from the U.S. Department of Labor and the U.S. Department of Health and Human Services, approximately 80% of businesses with over 50 employees offer corporate wellness programs. With the COVID-19 pandemic leading to increased stress levels among individuals, the implementation of wellness programs in the workplace becomes increasingly important for stress reduction. Notably, companies across the United States invest billions of dollars annually in corporate wellness programs, aiming to enhance employees' overall quality of life. Additionally, research indicates that financial incentives for employees contribute to higher participation rates in wellness programs.

Canada accounted for a considerable share of the North American market in 2022 and is predicted to grow at a healthy CAGR during the forecast period owing to the growing number of prominent companies within the region providing corporate wellness programs for their employees. Moreover, Health Canada has introduced the Workplace Wellness Services Center, which offers comprehensive services to employees and managers throughout the country.

KEY MARKET PLAYERS:

EXOS, Wellness Corporate Solutions, ComPsych, Provant Health Solutions, Virgin Pulse, Marino Wellness, Vitality Group, Wellsource, and Central Corporate Wellness are noteworthy companies in the North American corporate wellness market.