The global corporate wellness market size is expected to reach USD 97.4 billion by 2027, expanding at a CAGR of 6.9%, according to a new report by Grand View Research, Inc. Rising lifestyle related disorders lead to rise in financial burden on the employers due to associated insurance costs. The corporate wellness initiatives target specific health risk factors including stress, obesity, smoking, poor eating, and lack of exercise to improve employee productivity.
Organizations have initiated the implementation of wellness programs to improve business profits by reducing employee healthcare related costs. According to a study conducted by Harvard economists, absenteeism costs fall by USD 2.73 for every dollar spent on the programs. Therefore, employees need to be encouraged to adopt a healthier lifestyle to improve their performance.
Various employers collaborate with gyms and sports centers to establish pricing strategies. Employees receive discounts and membership benefits if they opt for gym memberships via their employers. Organizations are providing wearable devices such as Fitbit health bands, Apple watches, and Google watches, which helps in keeping track of parameters such as heart rate and blood pressure.
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Further key findings from the report suggest:
- The health risk assessment segment dominated the overall corporate wellness market in terms of revenue share in the year 2019. The health screening activities enable employers to implement strategic initiatives to deal with the identified health risks
- The stress management segment is likely to showcase the fastest growth rate over the forecast period from 2020 to 2027, owing to the rising preference for onsite yoga and meditation services
- Large scale organizations dominated the end-use segment in the market in 2019. The infrastructure in large scale companies makes conducting wellness services easier and convenient
- The large scale organizations segment dominated the market in 2019 and fitness and nutrition consultants segment is anticipated to witness the fastest growth rate over the forecast period
- Services dominated the type segment in 2019 and the technology segment is projected to be the fastest growing segment during the forecast period
- North America dominated the overall market in terms of revenue share in the year 2019 due to growing popularity of corporate wellness among organizations in the region. According to a survey by Benefits Canada conducted on 1,300 employers, North America had the highest number of corporate wellness programs. In this region, more than 80% of the employers are offering corporate wellness services to their employees
- Some of the key players 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.
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Grand View Research has segmented the global corporate wellness market based on service, end use, category, type, delivery model, and region:
Corporate Wellness Service Outlook (Revenue, USD Million, 2016 – 2027)
- Health Risk Assessment
- Fitness
- Smoking Cessation
- Health Screening
- Nutrition & Weight Management
- Stress Management
- Others
Corporate Wellness End-Use Outlook (Revenue, USD Million, 2016 – 2027)
- Small Scale Organizations
- Medium Scale Organizations
- Large Scale Organizations
Corporate Wellness Category Outlook (Revenue, USD Million, 2016 – 2027)
- Fitness & Nutrition Consultants
- Psychological Therapists
- Organizations/Employers
Corporate Wellness Type Outlook (Revenue, USD Million, 2016 – 2027)
- Services
- Technology
Corporate Wellness Delivery Model Outlook (Revenue, USD Million, 2016 – 2027)
- Onsite
- Offsite
Corporate Wellness Regional Outlook (Revenue, USD Million, 2016 – 2027)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Asia Pacific
- Japan
- China
- India
- Australia
- Latin America
- Brazil
- Mexico
- Middle East & Africa
- South Africa
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About Grand View Research
Grand View Research provides syndicated as well as customized research reports and consulting services on 46 industries across 25 major countries worldwide. This U.S.-based market research and consulting company is registered in California and headquartered in San Francisco. Comprising over 425 analysts and consultants, the company adds 1200+ market research reports to its extensive database each year. Supported by an interactive market intelligence platform, the team at Grand View Research guides Fortune 500 companies and prominent academic institutes in comprehending the global and regional business environment and carefully identifying future opportunities.
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