Corporate Wellness Market Size to Hit USD 111.4 Billion by 2030 at 8.5% CAGR – Report by Market Research Future (MRFR)
Corporate Wellness Market Trends And Insights by Service (Health Risk Assessment, Fitness, Smoking Cessation, Biometric Screening, Nutrition & Weight Management, Stress Management, Alcohol & Drug Abuse Services, and Others), by Sector, by Category (Fitness & Nutrition Consultants, Psychological Therapists, and Organizations), by End User (Small-Scale Organizations, Medium-Scale Organizations, and Large-Scale Organizations), and Region (Americas, Europe, Asia-Pacific, and Middle East & Africa), Competitive Market Growth, Size, Share and Forecast to 2030
New York, USA, Aug. 24, 2023 (GLOBE NEWSWIRE) -- *Corporate Wellness **Market Overview:*
According to a Comprehensive Research Report by Market Research Future (MRFR), “Corporate Wellness Market *Information by Service, Sector, Category, End User and Region—Forecast till 2030*”, the market was valued USD 59.4 billion in 2021 and is expected to reach USD 111.4 billion by 2030 at 8.5% CAGR during the forecast period of 2022 to 2030.
*Market Scope:*
The growth of the global corporate wellness market is attributed to the increasing investment in mental health and stress management programs, rising adoption of wearable technologies & fitness activities, and increasing chronic diseases among the working population. However, the concerns about employee’s data breach act as a restraining factor for the market growth. On the other hand, focus on prioritizing employee health and wellbeing in emerging market provides lucrative opportunities for players operating in the global market of corporate wellness.
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*Report Scope:*
*Report Attribute* *Details*
Market Size in 2030 USD 111.4 Billion
CAGR 8.5%
Base Year 2021
Forecast Period 2022-2030
Historical Data 2020
Forecast Units Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered By Service, Sector, Category and End User
Geographies Covered North America, Europe, Asia-Pacific, and Rest of the World (RoW)
Key Market Drivers Increasing investment in mental health and stress management programs
Rising adoption of wearable devices, technologies and fitness activities
*Corporate Wellness Market* *Competitive Outlooks:*
· COMPSYCH CORPORATION
· WELLNESS CORPORATE SOLUTIONS
· UNITEDHEALTH GROUP
· VIRGIN PULSE
· VITALITY GROUP INTERNATIONAL, INC
· LABORATORY CORPORATION OF AMERICA HOLDINGS
· SODEXO
· ADURO
· QUEST DIAGNOSTICS
· EXOS
· PRIVIA HEALTH
*Corporate Wellness **Market Trends:**Market Drivers*
The growth of the global corporate wellness market is expected to be driven by the increasing investment in mental health and stress management programs, rising adoption of wearable technologies & fitness activities, and increasing chronic diseases among corporate employees. However, the concerns about employee’s data breach act as a restraining factor for the market growth. On the other hand, focus on prioritizing employee health and wellbeing in emerging market provides lucrative opportunities for players operating in the global market of corporate wellness.
The corporate wellness market has witnessed significant growth in recent years, fuelled by the increasing investment in mental health and stress management programs. As employers recognize the importance of employee well-being and its impact on productivity and organizational success, they are prioritizing initiatives that promote mental health and alleviate workplace stress. In addition, about 80% of the American employees feel stressed on the job, among which 62% of the employees end their day with neck-related issues, and 34% of the employees develop insomnia characteristics due to a high level of stress at the workplace. However, the organizations are investing in R&D activities and employee feedbacks to know the mental status of the employees. This driver has led to a surge in the development and implementation of comprehensive wellness programs across various industries.
One of the key drivers behind the increased investment in mental health and stress management programs is the growing awareness of the negative effects of workplace stress on employee performance and overall organizational health. According to a recent study by the Kaiser Family Foundation, 99% of companies with 200 or more employees offered at least one wellness programme. 71% of these employers provided smoking cessation programmes, 69% provided gym membership discounts or on-site gyms, and 58% provided weight loss programmes. High levels of stress can lead to decreased productivity, absenteeism, and increased healthcare costs. Employers are realizing that by proactively addressing mental health and stress-related issues, they can create a healthier and more productive workforce.
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*Market Limitations*
Health care data theft is the newest hacking craze. Business wellness programs are not immune to data privacy risks. Employees who participate in wellness programs share personal information and statistics pertaining to their health. Fitness trackers and other digital devices are more susceptible to hacking since they have weak data security safeguards and are visible to scammers. Corporate wellness providers are collaborating with cybersecurity companies to prevent the unauthorized access to the personal and medical information of their clients.
According to a California Law Review paper in 2021, there are insufficient safeguards for employee health data, leaving workers vulnerable to invasion of privacy and employment discrimination. Often employees are not informed before joining a wellness program that vendors may sell the health information they collect. Furthermore, such information may harass employees into purchasing their products related to individual health.
*COVID-19 Analysis:*
The staff was separated from their place of employment by the pandemic epidemic. Market participants had to upgrade their products to fulfill the wants of their evolving customers as working methods changed from physical presence to virtual availability across the globe. The viral epidemic has spurred corporate wellness providers to make use of digital and communication capabilities like cloud applications, internet platforms, and remote networking. By holding virtual workouts and activities, businesses that offer wellness services are making use of the distant connection. The providers of corporate wellness services and solutions also schedule social events and team workouts on the social network.
Unfortunately, the COVID-19 caused a financial disaster for the companies, leading to massive layoffs. Additionally, many firms look to save operating costs and other costs related to worker compensation. This included canceling the wellness programs' subscription. As a result, the market's response to the COVID-19 outbreak was inconsistent.
*Corporate Wellness **Market Segmentation: *
*Service Insights*
Based on service, the corporate wellness market has been segmented into health risk assessment, fitness, smoking cessation, biometric screening, nutrition & weight management, stress management, alcohol & drug abuse services, and others.
Health risk assessment segment growth has been driven by active program policy. For instance, the United States Environmental Protection Agency and Public Health Services (PHS) provide program for health risk assessment and smoking cessation for employee across the US. Moreover, there are a growing number of immigrants working in the US and more women in the workforce then last decade. For instance, as per the US Bureau of Labor Statistics, women's labor was 56.1% in 2021 and in 2022, the whole nation's participation for women was 56.8%. According to the American Lung Association, smoking kills nearly 202,000 women in the US annually.
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Moreover, corporate wellness service providers are expanding facilities for employers, fueling fitness segment growth. For instance, in May 2019, UnitedHealthcare (US) expanded its gym check-In reimbursement programme to make it easier for employees and their spouses to stay fit and save money. This programme is available at more than 124,000 fitness centres nationwide, and plan participants and their spouses may save hundreds of dollars each year.
Additionally, the demand for smoking cessation services is high in the US owing to the high number of smokers at work. According to the Smoking Cessation at the Workplace Survey, 22.8% of men and 18.3% of women workers were smoking in 2020.
*Category Insights*
Based on category, the corporate wellness market has been segmented into fitness & nutrition consultants, psychological therapists, and organizations.
Fitness & nutrition consultants are licensed nutritionists who consult individuals, private companies, and public health organizations about health and diet plans. There are companies that provide fitness and nutrition consultants namely Unitedhealth Group (US) and ComPsych Corporation (US) to the industries employers. Moreover, stress management is increasing the demand for fitness and nutrition consultants to guide employees to adopt healthier lifestyle.
Furthermore, according to the American Institute of Stress, 83% of US workers suffered from work-related stress in 2022, which is creating flourishing opportunities for psychological therapists as stress creates mental problems.
Additionally, the National Alliance of Healthcare Purchaser Coalitions reported in April 2023 that, 99% of whom are employed, agreed that effective and easy access to in-network behavioural health providers is important, fueling the organization's segment growth.
*End User Insights*
Based on end user, the corporate wellness market has been segmented into small-scale organizations, medium-scale organizations, and large-scale organizations.
According to the Kaiser Foundation (US), 26% of small-scale organizations and 38% of large-scale organizations offered biometric screening services in 2021. Furthermore, wellness and reward programmes for both medium-scale and large-scale organizations are offered more than for small-scale organizations in last three to four years.
Furthermore, there are customized services offered through service providers such as United HealthCare Services, Inc. (US) for large-scale organizations. UnitedHealthcare, Inc, (US) works with plan sponsors in the government, labour, and education sectors to provide employees and their families with competitive health care plans and benefit packages including wellbeing.
*By Sector Insights*
Based on sector, the corporate wellness market has been segmented into IT, healthcare, automotive, energy & power, and others.
The work pressure in IT industries is high and mostly among freshers. The one and major factor influencing the market growth of corporate wellness due to IT industries is workload and tight deadlines. Therefore, it is increasing the demand for stress management services. The IT companies including Adobe System (US) is providing reimbursements to their employee up to USD 596.397 in 2023 for wellbeing services. Moreover, as per the Centers for Disease Control and Prevention, healthcare providers are more likely to experience mental health problems. Furthermore, the government also provides services for healthcare workers in the US, also fostering the healthcare sector segment growth. For instance, the Commonwealth of Massachusetts provides mental health resources for healthcare workers who experience stress, trauma, and anxiety.
*Corporate Wellness Market **Regional Analysis:*
The global corporate wellness market is segmented on the basis of four regions: Americas, Europe, Asia-Pacific, and the Middle East & Africa. The Americas held the largest market share at ~47%.
The economic burden of unwell workers impacts the global economic output in both medical expenses and loss of productivity. Whereas increasing awareness about workplace wellness, there is an increase in adoption of corporate wellness services across the globe. The Americas accounts for the major share of the market owing to the high awareness of mental health, high adoption of corporate wellness services, and the presence of the leading players. Europe accounts for the second largest market, which is followed by Asia-Pacific. Moreover, increasing prevalence of chronic diseases and increasing government initiatives in the region have driven the European corporate wellness market. Asia-Pacific is the fastest growing market of corporate wellness owing to presence of huge opportunities for the development of this market and rapidly changing economy. However, the Middle East & Africa owns the least share in the market owing to the presence of poor and slow developing countries, especially, in African region. The Middle East holds the major share of the market due to well-developed infrastructure & technology and high spending.
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The Americas accounted for the major share of the market owing to the high awareness for mental health and work stress, increasing popularity of workplace wellness, high healthcare expenditure, and the presence of the leading players.
People in the region are health conscious, which further supports the market growth of corporate wellness. In addition, as the general working population in the region is ageing, there is an imperative need for corporate wellness programs to address age-related health problems to the ageing working population. Moreover, increasing government support for the adoption of workplace wellness have fueled the market growth in the region. According to Global Wellness Institute, in 2016, North America had about 52% of workforce to have access to workplace wellness programs, which was one of the highest in comparison to global estimates. However, Latin America & Caribbean only accounted for 5% of the population. Though, in recent years owing to increasing healthcare spending, increasing number of large-scale organizations opening offices in the Latin America, and increasing awareness for mental health and work stress has led to significant demand in adoption of corporate wellness in the region.
Moreover, several regional players have entered in the market with their services that have gained significant popularity in the recent times. For instance, Brazilian mental health startup PsyAlive (Psicologia Vivia) has experienced major growth during the pandemic. The company facilitates online consultations between psychologists and employees, and it saw an 80% surge in users after isolation measures were announced in March 2020. Furthermore, by June 2020, 9 million people were already accessing the platform through their employers for psychological consultations. Thus, increasing number of startups for corporate wellness services is anticipated to provide significant growth opportunities in the region.
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