Enjoy complimentary customisation on priority with our Enterprise License!
The Global Corporate Wellness Market Size is estimated to grow by USD 29.21 billion at a CAGR of 8.12% between 2022 and 2027. The market's growth is influenced by various factors, such as the escalating need to address healthcare expenses, the demand for enhanced employee productivity, and advancements in corporate wellness solutions.
It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2017 to 2021.
To learn more about this report, View Report Sample
The increasing need to combat rising healthcare costs is notably driving the market growth, although poor engagement levels among employees may impede the market growth. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
The increasing need to combat rising healthcare costs is notably driving the market growth.
Organizations provide these benefits to their employees to improve their health and ensure a productive workforce. Some examples of these benefits include prescription drug subsidies, insurance, and premium coverage. Such medical expenses are usually shared between employers and employees depending on the size of the company and the type of insurance. The rise in chronic disease and obesity will increase healthcare costs to treat such conditions which will reduce labor productivity. Companies are therefore implementing workplace wellness programs to help employees maintain healthy habits that contribute to chronic illness and obesity.
Corporate programs use stress mapping techniques to help HR managers identify stress-inducing factors in the workplace and take appropriate actions to reduce stress levels. Lower stress levels and improved employee well-being lead to employee retention, increased productivity, and reduced costs for businesses. As such, companies are investing in these programs to combat rising these costs. This can reduce costs for businesses. Such factors are therefore expected to drive the growth of the market during the forecast period.
The adoption of wearable technology is a key trend influencing the market growth.
Wearable technology is an electronic device that can be worn on the body as an accessory or part of clothing. The most popular devices in wearable technology are activity trackers and smartwatches. Other wearable technology devices include Bluetooth headsets, smartwatches, and internet-enabled glasses that give employees hands-free access to data over Wi-Fi networks while they are on the move. Such wearable devices help employees connect to the Internet and exchange data between networks and devices.
Wearable technology is becoming a trend in corporate health care to track employee vital signs in terms of employee health and fitness, location, and feedback indicating emotions. Employees are increasingly using devices in these programs. Fitbit Blaze offers a comprehensive suite of applications including a global positioning system (GPS), heart rate monitoring, smart notifications, lateral distance tracking, and more. Such devices also help corporate wellness professionals track and aggregate employee health and fitness data from multiple devices. CThese programs are gaining traction with wearable technology that can measure employee health. Hence, the above factors are anticipated to drive the growth of the market during the forecast period.
The poor engagement level among employees is challenging the market growth.
Low employee engagement, interest, and motivation are challenges in the market. A lack of motivation can undermine the success of corporate wellness programs. Employee feedback is required to understand employee needs and concerns before implementing a corporate wellness program. Employees are required to provide valuable information regarding pressing issues they face at work, issues they face personally, and areas of interest related to their activities. This lack of feedback leads to employers being unaware of employee preferences, resulting in poor outcomes from implemented workplace programs. The program is a waste of time and money for the organizations that invest in it. Some of the reasons employees do not participate include unwillingness to devote time to these activities, lack of employer support, work pressure, inconvenient hours, and lack of understanding of the purpose and goals of such programs.
These programs aim to capture health and lifestyle information from employees as they undergo biometric tests, physical examinations, and completely confidential and sensitive questionnaires. Privacy and security issues can therefore also affect employee ownership. Therefore, low participation rates and low employee engagement can undermine the performance of such programs. Therefore, these factors are expected to adversely affect the growth of the market during the forecast period.
The market share growth by the health assessments and screenings segment will be significant during the forecast period. These assessments are an essential prerequisite for corporate programs. An employee health assessment is conducted by a corporate wellness provider to assess an employee's current health status to understand the employee's medical history and specific needs related to illness. Workplace assessments include evaluation of current workplace health programs, physical environment, organizational policies, and employee surveys, as well as questionnaires to identify employee behaviors, concerns, and interests. Other employee data such as attendance records, injury reports, insurance, or worker claims can also help these providers assess the types of programs or activities that can be implemented in the organization.
The health assessments and screenings segment was valued at USD 19,788.45 million in 2017.
Get a glance at the market contribution of various segments View the PDF Sample
Employee wellness management includes multiple controls and tests to identify health risks and improve employee health. These risk factors identified during a physical examination include smoking, alcohol consumption, obesity, high blood pressure, high cholesterol, and high blood sugar. Check-ups for employees help employees overcome health issues identified by these checks. Organizations also benefit from such health checks. Diagnosing illness can help a person cope with these problems and reduce the likelihood of missing work. Good health also leads to increased productivity. Employee health checks can also improve employee morale within an organization as it show that an employer cares about them and is committed to keeping them healthy. As a company's most important asset is its workforce, companies are opting for these screenings and assessments to detect diseases and promote employee health and well-being, thereby enabling market growth.
North America is estimated to contribute 39% to the growth during the forecast period
For more insights on the market share of various regions Download PDF Sample now!
Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Demand for corporate wellness in North America is expected to increase, mainly due to the increase in the number of corporate offices in North America. For example, in 2022, it had 64.5 million corporate offices including small businesses and large organizations. Additionally, approximately 50% of US employers offer wellness programs to their employees, according to the RAND Corporation Employer Survey. Larger employers offer more complex wellness initiatives. Corporate wellness providers are working to engage employees in mental and physical activity to improve their mental and physical health at work. These providers in the region are continuously working to deliver workplace well-being, improve employee well-being, and help organizations achieve outcomes such as maximizing employee productivity. Also, the awareness, affordability, and availability of corporate wellness solutions in the region support the market growth.
The report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Corporate Wellness Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Central Corporate Wellness: This company provides different types of corporate wellness services such as onsite vaccination programs, corporate health screening, and corporate health talks.
The report also includes detailed analyses of the competitive landscape of the market and information about 15 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
The market is experiencing significant growth, driven by the increasing awareness of Chronic diseases and the need for Disease prevention plans among Enterprises. With approximately 150 million employees in the US, companies are realizing the impact of employee health on Absenteeism and Insurance costs. The Pandemic Impact has accelerated the adoption of Advanced technology and Virtual meetings for delivering wellness programs, especially with the Closure of offices and the rise of Work-from-home models.
Preventive care is a key focus, with organizations offering Health risk assessment and Health screening programs to address the Prevalence and early onset of chronic diseases. Fitness programs and Nutrition & weight management are being emphasized, supported by Fitness & nutrition consultants and Fitness consultants. Holistic approaches, including Art therapy, Meditation and yoga sessions, and Psychological therapists, are gaining popularity for promoting Mental well-being.
To manage Healthcare premiums and Treatment costs, companies are investing in Remote patient monitoring devices and Outsourced health management services. Large-scale organizations are particularly interested in the WCS Analytics+ platform from Wellness Corporate Solutions, which offers a Personal touch in wellness programs for Unhealthy employees. However, Small-scale organizations are also recognizing the need to address Operational costs and are exploring in-house wellness solutions to improve the Vital body stats of their workforce.
Corporate Wellness Market Scope |
|
Report Coverage |
Details |
Page number |
162 |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.12% |
Market growth 2023-2027 |
USD 29,208.51 million |
Market structure |
Fragmented |
YoY growth 2022-2023(%) |
7.88 |
Regional analysis |
North America, Europe, APAC, South America, and Middle East and Africa |
Performing market contribution |
North America at 39% |
Key countries |
US, Canada, China, Germany, and UK |
Competitive landscape |
Leading companies, Market Positioning of companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Aduro LLC, Central Corporate Wellness, ComPsych Corp., Exos Works Inc., Fit Athletic Club LLC, Kinema Fitness, Laboratory Corp. of America Holdings, Marino Wellness LLC, Privia Health Group Inc., Sodexo SA, SOL Integrative Wellness Centre, Truworth Wellness, UnitedHealth Group Inc., Virgin Pulse Inc., Vitality Group LLC, WebMD Health Services Group Inc., Wellsource Inc., WellSteps.com LLC, Workplace Options LLC, and Quest Diagnostics Inc. |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements. Get in touch
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.