Corporate Wellness Market Demand And Industry Growth Till, 2022 - 2030.

The global corporate wellness market size is expected to reach USD 93.4 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.0% from 2021 to 2028. Rising obese and overweight population increases insurance costs that account for the financial burden on the employers. The corporate wellness initiatives target particular health risk factors such as stress, obesity, smoking, poor eating, and lack of exercise.

The pandemic has caused a change in the process of delivering wellness services. Although in-person sessions have resumed to some extent, the virtual platform has been made available to at-risk employees to meet their psychological and fitness needs. Initially, the lockdown imposed due to COVID19 resulted in transition to work from home, causing a great deal of stress.

Corporate Wellness Market Segmentation

Grand View Research has segmented the global corporate wellness market on the basis of service, end-use, category, delivery model, and region:

Based on the Service Insights, the market is segmented into Health Risk Assessment, Fitness, Smoking Cessation, Health Screening, Nutrition & Weight Management, Stress Management and Others.

• The health risk assessment segment dominated the market for corporate wellness and accounted for the largest revenue share of 21.1% in 2020.
• 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.

Based on the End-Use Insights, the market is segmented into Small Scale Organizations, Medium Scale Organizations and Large Scale Organizations.

• The large scale organizations dominated the end-use segment and accounted for the largest revenue share of 52.8% in 2020. 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 company’s infrastructure.
• 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.

Based on the Category Insights, the market is segmented into Fitness & Nutrition Consultants, Psychological Therapists and Organizations/Employers.

• In the category segment, organizations dominated the market and accounted for the largest revenue share of 50.3% in 2020. 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, which includes yoga and meditation, is becoming popular. Therefore, the stress management segment is anticipated to witness the fastest growth from 2021 to 2028.

Based on the Delivery Model Insights, the market is segmented into Onsite and Offsite.

• Onsite corporate wellness programs dominated the delivery model segment and accounted for the largest revenue share of more than 57% in 2020. The segment is anticipated to witness a high growth rate over the forecast period.
• Service providers are creating awareness among employees regarding unhealthy aspects related to work from home due to COVID-19. For instance, the pandemic has resulted in a shift from in-person meetings to virtual meetings.
• However, associated challenges such as the need to focus harder to process non-verbal cues such as body language and facial expressions, poor internet connections leading to disconnection from the meeting, and multitasking during meetings are causing more stress and exhaustion as compared to in-person meetings.

Corporate Wellness Regional Outlook

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa (MEA)

Key Companies Profile & Market Share Insights

The market is characterized by the increase in many corporations focusing on expansion to include in-house corporate wellness services. In the U.S., there are more than 550 organizations offering employee wellness programs. Some of the market players are expanding in order to accommodate and cater to larger groups of employees. For instance, Wellness Corporate Solutions, a company based in the U.S., relocated its warehouse to a new facility in response to the rising demand for biometric screening services in the U.S. in August 2016.

Some prominent players in the Global Corporate Wellness market include:

• ComPsych
• Wellness Corporate Solutions
• Virgin Pulse
• Provant Health Solutions
• EXOS
• Marino Wellness
• Privia Health
• Vitality Group
• Wellsource, Inc.
• Central Corporate Wellness
• Truworth Wellness
• SOL Wellness
• Well Nation
• ADURO, INC.
• Beacon Health Options
• Fitbit, Inc.

Order a free sample PDF of the in Corporate Wellness Market Intelligence Study, published by Grand View Research.