Product ID: SQSG35G2020
Report ID: SQSG35G2020 | Region: Global | Published Date: September, 2022 | Pages: 165 | Tables: 103 | Figures: 76
Global Corporate Wellness Market size was valued at USD 52.78 billion in 2021 and is poised to grow from USD 55.1 billion in 2022 to USD 74.9 billion by 2030, growing at a CAGR of 4.47% in the forecast period (2023-2030).
Numerous companies and firms across numerous industry sectors have begun adopting health programmes for their staff, which will further increase demand. Workplace wellness initiatives assist businesses in increasing productivity while lowering overall operating expenses. The market for corporate wellness is anticipated to grow as people become more conscious of the importance of employee health and happiness.
Programs that target various risk factors and conditions and have an impact on both employees and the entire firm make up corporate wellness initiatives. The National Center for Chronic Disease Prevention and Health Promotion (NCCDPHP) asserts that corporate wellness and health promotion initiatives and the provision of disease prevention plans have the potential to significantly lower healthcare costs by influencing more than 150 million American workers.
In the upcoming years, it is anticipated that the overall expenditures associated with lost productivity owing to illness-related absenteeism will surpass USD 150 billion. Increased insurance expenses as a result of the growing number of obese and overweight people place a financial burden on companies.
Market Segmental Analysis
US Corporate Wellness Market is poised to grow at a sustainable CAGR for the next forecast year.
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The global corporate wellness market is segmented based on service type, end user, category and region. Based on service type the market is segmented into nutrition and weight management, fitness services, health risk assessment corporate wellness, stress management, smoking cessation, health screening, alcohol and drug abuse services, health education services, biometric screening, others. Based on category, the market is segmented into: fitness and nutrition consultants, psychological therapists and Organizations. Based on end user, the market is divided into private sector, small scale organizations, medium scale organizations, large scale organizations, public sector, NGO. Based on region the market is categorized into: North America, Europe, Asia-Pacific, South America, and MEA.
Corporate Wellness Market Analysis by Service Type
In 2022, the health risk assessment sector held a dominant 28% sales share in the corporate wellness industry. The key components of corporate wellness programmes are screening activities to detect health concerns and the implementation of suitable interventional measures to encourage employees to live healthy lifestyles.
The cornerstones of corporate wellness programmes are attempts to screen for health issues and the application of suitable interventional strategies to encourage a healthy lifestyle among employees. About 80% of businesses that offer corporate wellness services decide to look at the health concerns posed by their employees. The health risk assessment segment has the biggest market share by service offering in the market for corporate wellness solutions. A significant amount of this market is driven by the usefulness of this service for the early detection and mitigation of health risks in employees, as well as reduced absence due to health concerns and decreased healthcare expenditures.
In the health risk assessment phase of corporate wellness programmes, screening activities are used to detect risks and appropriate interventional measures are used to promote a healthy lifestyle among employees. Nearly 80% of firms offer their staff members health risk assessment programmes and other well-being services. The workplace culture has radically altered in the modern period, which puts employees' health at risk because they spend so much time sitting at their desks. Additionally, the employees' daily lives are impacted by their eating habits and the rising pollution levels. As a result, these wellness initiatives have a big impact on changing people's lifestyles for the better.
Additionally, the market for stress management is expanding at the quickest CAGR of 7.9% over the course of the forecast period due to employees' rising levels of everyday life stress and work-related stress. Employees who participate in these stress management programmes are better able to balance their personal and professional lives. Since a healthy body and mind go hand in hand, stress-relieving techniques or management skills are crucial for the proper and efficient operation of the brain.
Corporate Wellness Market Analysis by End User
The end-use segment was dominated by large enterprises, and had the largest revenue share 57% in 2022. The infrastructure of larger organisations might include programmes and services. Smaller businesses can profit from corporate memberships and service outsourcing.
Corporate wellness programme implementation aids in tracking various ailments. Regular health screening programmes are undertaken to monitor health, encourage preventative care, and lower treatment costs. Corporate wellness initiatives that concentrate on these illnesses can lower the prevalence of disease and the overall cost of healthcare premiums that the firm pays to any insurance company. Despite the fact that many workers have switched to work from home arrangements as a result of lockdown and office closures, it is nevertheless critical to make sure that workers can access and utilise wellness services at the workplace. The small-scale organisation is anticipated to expand at the highest CAGR during the projection period. These firms are utilising corporate wellness offerings more frequently thanks to convenient payment options and increased accessibility for tiny businesses.
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In 2022, North America held the greatest revenue share of more than 49% and dominated the corporate wellness industry. This is the largest percentage of employees since the incidence of mental health issues and chronic conditions is rising. The main forces behind health and well-being efforts in the United States include the need to handle workplace stressors such long work hours, work-life balance, greater workplace competitiveness, and others.
Some of the factors influencing the growth of the corporate wellness market in North America include the development of technology in the healthcare sector, an increase in the prevalence of chronic diseases, and an ageing population. The corporate wellness industry is expanding in North America as a result of rising consumer awareness of these services and rising healthcare spending. The market is also being driven by improvements in healthcare services at corporate settings.
However, Asia Pacific experiences burgeoning growth at a CAGR of 8% throughout the projection period due to a significant increase in the working population as well as rising awareness regarding employee health management. In the upcoming years, the wellness sector has a better possibility of expanding due to a large workforce and a growing economy. Due to the market's growing popularity in the area and its benefits for workers, other businesses have started to invest in it. There is tremendous room for increased acceptance in the area, which would fuel market expansion.
As a result of numerous government efforts that support the growth of human resources, the Asia-Pacific Corporate Wellness market is anticipated to expand rapidly throughout the time of forecasting. Additionally, the rise in chronic illnesses including cancer and stress disorders is fueling the market's expansion. Additionally, the market will benefit from the ageing working-class population in the Asia-Pacific where businesses are investing heavily in healthcare infrastructure and presenting a significant potential to address the region's unmet corporate wellness demands.
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Corporate Wellness Market Driver
Growing Prevalence of Lifestyle Diseases to Influence Market Growth
Corporate Wellness Market Restraint
Upfront Costs and Frequent Follow-ups to Result in Gradual Growth of the Market
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The existence of several international players defines the global market. To increase their market share, businesses use a variety of techniques, including partnerships, agreements, regional growth, mergers, acquisitions, and new product creation.
Top Players in the Global Corporate Wellness Market
Corporate Wellness Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates and Analyses the Data collected by means of Primary Exploratory Research backed by the robust Secondary Desk research.
The key components of corporate wellness programmes are screening activities to detect health concerns and the implementation of suitable interventional measures to encourage employees to live healthy lifestyles. According to our analysis, by end user, the large-scale organizations held more than 56% of the distribution market in 2022 of the global revenue share. The infrastructure of larger organisations might include programmes and services. Smaller businesses can profit from corporate memberships and service outsourcing. Region-wise, the North America dominated the market by more than 48%, followed by Aisa Pacific.
|Market size value in 2021||USD 52.78 billion|
|Market size value in 2030||USD 55.1 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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Parent Market Analysis
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For the Global Corporate Wellness Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Corporate Wellness Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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