Corporate Wellness Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

The Corporate Wellness Market is segmented by Service Type (Health Risk Assessment, Nutrition and Weight Management, Stress Management, Smoking Cessation, and Other Service Types), End User (Private Sector and Public Sector and Other End Users), and Geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The report offers the value (in USD million) for the above segments.

Market Snapshot

Corporate Wellness Market Overview
Study Period: 2018 - 2026
Base Year: 2020
Fastest Growing Market: Asia Pacific
Largest Market: North America
CAGR: 6.51 %

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Market Overview

The corporate wellness market is projected to register a CAGR of 6.51% during the forecast period, with a revenue of approximately USD 56,997 million in 2020. It is expected to reach USD 83,214 million by 2026.

Due to the impact of COVID-19, it was found that people with chronic diseases, including diabetes, high blood pressure, cancer, and heart disease, are among the most at-risk groups of COVID-19 infection and complications. This has increased health consciousness and pushed many people to pay closer attention to their health. According to the recent study, Polarised perceptions of corporate and wellness, 74% of employees said poor mental health had affected their productivity since the COVID-19 outbreak began. This highlights the need for effective health and wellness activities in the workplace. Therefore the integration of wellness programs in the workplace has become a bigger priority to make employees feel like they are still connected while working at home. Employers have thus modified their wellness offerings to offer more proactive initiatives, including on-site fitness classes, gym memberships, exercise breaks, tobacco cessation programs, and food wellness programs.

Certain factors driving the market growth include growing prevalence and early onset of chronic diseases and reduction in employee healthcare costs. In today's work culture, most people do not have enough time to do some activities after work or during their free time, which is causing them to have health problems.

Chronic diseases pose a great threat globally, as the incidence of many of these illnesses is increasing. Obesity is one of the chronic diseases that has burdened many countries globally due to an unhealthy and sedentary lifestyle, including many developed countries. Cardiovascular diseases (CVD) are also rising globally. As per a 2018 report by the American Heart Association, CVDs were the leading global cause of death, which accounted for more than 17.9 million deaths per year in 2015, which is expected to grow to more than 23.6 million by 2030. Cancer is another chronic illness that has increased over the years. Cancer Research UK suggests that if recent trends in the incidence of major cancers and population growth are consistent, it is predicted that there will be 27.5 million new cancer cases worldwide each year by 2040. This estimate increased 61.7% from 2018, as per the organization's report in 2019.

As a result, many chronic diseases are on the rise. However, these diseases are preventable. Therefore, executing a holistic approach to corporate wellness programs is currently on-demand to educate employees on the importance of creating healthy habits and the benefits of sticking to wellness goals.

Wellness programs benefit the employees' health and reduce absenteeism and lead to more energized productive employees, and therefore greater productivity for the firm. As a result, it helps people to adopt and maintain healthy behaviors. This benefit is expected to help corporate employees reduce the risk of illnesses. Hence, the demand for these plans is also expected to increase as the incidence of chronic diseases increases.

Scope of the Report

As per the scope, corporate wellness refers to initiatives designed to support and encourage a complete approach to employee wellbeing by creating an organizational culture of health. Recommending a corporate wellness solution that extends beyond traditional wellness programs promotes healthy habits among employees. It improves health outcomes while improving productivity, optimizing human resource investments, and boosting employee engagement. The corporate wellness market is segmented by service type (health risk assessment, nutrition and weight management, stress management, smoking cessation, and other service types), end user (private sector and public sector and other end users), and geography (North America, Europe, Asia-Pacific, Middle-East and Africa, and South America). The report offers the value (in USD million) for the above segments.

By Service Type
Health Risk Assessment
Nutrition and Weight Management
Stress Management
Smoking Cessation
Other Service Types
By End User
Private Sector
Public Sector and Other End Users
Geography
North America
United States (By Service Type and End User)
Canada (By Service Type and End User)
Mexico (By Service Type and End User)
Europe
Germany (By Service Type and End User)
United Kingdom (By Service Type and End User)
France (By Service Type and End User)
Italy (By Service Type and End User)
Spain (By Service Type and End User)
Rest of Europe (By Service Type and End User)
Asia-Pacific
China (By Service Type and End User)
Japan (By Service Type and End User)
India (By Service Type and End User)
Australia (By Service Type and End User)
South Korea (By Service Type and End User)
Rest of Asia-Pacific (By Service Type and End User)
Middle-East and Africa
GCC (By Service Type and End User)
South Africa (By Service Type and End User)
Rest of Middle-East and Africa (By Service Type and End User)
South America
Brazil (By Service Type and End User)
Argentina (By Service Type and End User)
Rest of South America (By Service Type and End User)

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Key Market Trends

Stress Management Shows Lucrative Growth Opportunity in the Global Corporate Wellness Market

The high prevalence of extended work hours, heavy workload, and work pressure-related issues create physical and mental repercussions, such as hypertension, heart attacks, and a feeling of instability among the employees. With the rising competition, the employees work under a lot of pressure and excessive demands. Hence, stress disturbs the equilibrium of work-life balance for the employees.

With the COVID-19 pandemic, increasing concerns about mental health and stress have grown, including concerns about suicidal ideation. The COVID-19 pandemic has severely impacted the mental health of employees. After its onset, it led to the work from home transition, which resulted in a great deal of stress among employees due to isolation. In a survey from June 2020, 13% of adults reported new or increased substance use due to coronavirus-related stress, and 11% of adults reported thoughts of suicide in the previous 30 days. Suicidal cases have long been on the rise and may worsen during the pandemic. Therefore to tackle the problem, wellness service providers were found adopting virtual methods to provide services such as meetings with psychologists and health coaches.

According to the American Institute of Stress, an alarming 94% of the American workforce experienced workplace stress in 2019. Therefore, stress management programs are anticipated to be a crucial part of employee management processes in the coming years. The incorporation of anti-stress programs, such as yoga, therapy, EAPs, social activities, childcare initiatives, provision of work from home, flexible timings, and mindfulness training, is augmenting the growth of the corporate wellness market.

The various employers also offer classes (e.g., meditation/mindfulness, time management, stress management, etc.), counseling, perks, and on-site amenities (e.g., nap pods, quiet rooms, free massages, sick rooms, games/activities). Therefore, all these activities help in removing the stress of the employees.

Hence, the increased depression and stress enhanced the requirement of behavioral/mental health management, leading to the growth of the concerned segment of the market.

Corporate Wellness Market Latest Trends

North America Dominates the Global Corporate Wellness Market During the Forecast Period

In the North American region, the United States accounted for the largest market share as stress is a leading health concern that affects the US population.

The outbreak of the COVID-19 pandemic in the United States has infused high stimulus into the corporate wellness market. The workforce population largely affected by one or more chronic diseases or other comorbidities warranted supporting their health and well-being. It set high expectations from employers, driving companies to proactively manage population health with their programs. From helping employees adjust to the new normal and be nimble to reducing health risks, employers are focused on preventively and proactively managing the same. This is expected to increase access to wellness and expand or improve the quality of already existing programs.

As per Gallup’s 2019 data on emotional states, over half of the American population experienced stress during the day, which was 20% higher than the world average of 35%.

As per the American Institute of Stress, 83% of US workers suffer from work-related stress. In 2019, 94% of US workers reported experiencing stress at their workplace. Around 23% of people describe their stress levels as high, while 6% state that their stress levels are unreasonably high. In addition, in 2019, 80% of workers in the United States were stressed due to ineffective company communication.

Moreover, every year in the United States, work-related stress causes 120,000 deaths and results in USD 190 billion in healthcare costs. At the same time, US businesses lose up to USD 300 billion yearly due to workplace stress. Both the human and financial costs of stress are enormous. The cost of stress in the workplace also drains the US budget, which represents between 5% and 8% of the total national healthcare spending.

Gap Healthcare Group Inc., a company in Canada, offers Group Wellness Workshop as a 1-hour session and delivers a presentation on certain lifestyle topics, such as smoking cessation or stress management. It focuses on promoting a healthy lifestyle to employees by using universal learning principles, case studies, and best practices to provide practical information, tools, and resources to support employees’ health.

Hence, a large section of the population in the United States is involved in work-related stress, which is anticipated to drive the corporate wellness market during the forecast period.

Corporate Wellness Market Geography Trends

Competitive Landscape

The Global Corporate Wellness market is competitive and consists of a few major players. Companies like ComPsych, EXOS, MARINO WELLNESS, Privia Health, Quest Diagnostics, SOL WELLNESS, TRUWORTH WELLNESS, Virgin Pulse, Wellness Corporate Solutions LLC, Wellsource Inc. hold a substantial market share in the market. The market is characterized by the increase in many corporations focusing on expansion to include in-house employee wellness services. Some of the market players are expanding to accommodate and to cater to larger groups of employees.

Recent Developments

  • In December 2020, Mental wellness startup Mindhouse announced the launch of Wellness Labs – a collaborative learning platform for senior HR professionals focused on transitioning work environments during and post the pandemic.
  • In June 2020, GreenLattey launched TwelveWeek Challenge App. The world’s first achievement store launched 360-degree wellness activity for corporate people. This is to help people stay home, stay safe, and stay healthy.

Table of Contents

  1. 1. INTRODUCTION

    1. 1.1 Study Deliverables

    2. 1.2 Study Assumptions

    3. 1.3 Scope of the Study

  2. 2. RESEARCH METHODOLOGY

  3. 3. EXECUTIVE SUMMARY

  4. 4. MARKET DYNAMICS

    1. 4.1 Market Overview

    2. 4.2 Market Drivers

      1. 4.2.1 Growing Prevalence and Early Onset of Chronic Diseases

      2. 4.2.2 Reduction in Employee Healthcare Costs

    3. 4.3 Market Restraints

      1. 4.3.1 Slow Adoption and Lack of Awareness

    4. 4.4 Porter's Five Forces Analysis

      1. 4.4.1 Threat of New Entrants

      2. 4.4.2 Bargaining Power of Buyers/Consumers

      3. 4.4.3 Bargaining Power of Suppliers

      4. 4.4.4 Threat of Substitute Products

      5. 4.4.5 Intensity of Competitive Rivalry

  5. 5. MARKET SEGMENTATION

    1. 5.1 By Service Type

      1. 5.1.1 Health Risk Assessment

      2. 5.1.2 Nutrition and Weight Management

      3. 5.1.3 Stress Management

      4. 5.1.4 Smoking Cessation

      5. 5.1.5 Other Service Types

    2. 5.2 By End User

      1. 5.2.1 Private Sector

      2. 5.2.2 Public Sector and Other End Users

    3. 5.3 Geography

      1. 5.3.1 North America

        1. 5.3.1.1 United States (By Service Type and End User)

        2. 5.3.1.2 Canada (By Service Type and End User)

        3. 5.3.1.3 Mexico (By Service Type and End User)

      2. 5.3.2 Europe

        1. 5.3.2.1 Germany (By Service Type and End User)

        2. 5.3.2.2 United Kingdom (By Service Type and End User)

        3. 5.3.2.3 France (By Service Type and End User)

        4. 5.3.2.4 Italy (By Service Type and End User)

        5. 5.3.2.5 Spain (By Service Type and End User)

        6. 5.3.2.6 Rest of Europe (By Service Type and End User)

      3. 5.3.3 Asia-Pacific

        1. 5.3.3.1 China (By Service Type and End User)

        2. 5.3.3.2 Japan (By Service Type and End User)

        3. 5.3.3.3 India (By Service Type and End User)

        4. 5.3.3.4 Australia (By Service Type and End User)

        5. 5.3.3.5 South Korea (By Service Type and End User)

        6. 5.3.3.6 Rest of Asia-Pacific (By Service Type and End User)

      4. 5.3.4 Middle-East and Africa

        1. 5.3.4.1 GCC (By Service Type and End User)

        2. 5.3.4.2 South Africa (By Service Type and End User)

        3. 5.3.4.3 Rest of Middle-East and Africa (By Service Type and End User)

      5. 5.3.5 South America

        1. 5.3.5.1 Brazil (By Service Type and End User)

        2. 5.3.5.2 Argentina (By Service Type and End User)

        3. 5.3.5.3 Rest of South America (By Service Type and End User)

  6. 6. COMPETITIVE LANDSCAPE

    1. 6.1 Company Profiles

      1. 6.1.1 ComPsych Corporation

      2. 6.1.2 EXOS

      3. 6.1.3 Marino Wellness LLC

      4. 6.1.4 Privia Health LLC

      5. 6.1.5 Quest Diagnostics Incorporated

      6. 6.1.6 SOL WELLNESS

      7. 6.1.7 Truworth Wellness Technologies Pvt Ltd

      8. 6.1.8 Virgin Pulse Inc.

      9. 6.1.9 Wellness Corporate Solutions LLC

      10. 6.1.10 Wellsource Inc.

      11. 6.1.11 ADURO INC.

      12. 6.1.12 Beacon Health Options

      13. 6.1.13 Fitbit Inc.

      14. 6.1.14 Virgin Pulse

      15. 6.1.15 Provant Health Solutions

    2. *List Not Exhaustive
  7. 7. MARKET OPPORTUNITIES AND FUTURE TRENDS

**Subject to Availability
**Competitive Landscape covers- Business Overview, Financials, Products and Strategies and Recent Developments

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Frequently Asked Questions

The Global Corporate Wellness Market market is studied from 2018 - 2026.

The Global Corporate Wellness Market is growing at a CAGR of 6.51% over the next 5 years.

The Global Corporate Wellness Market is valued at 56997 Million USD in 2018.

The Global Corporate Wellness Market is valued at 83214 Million USD in 2026.

Asia Pacific is growing at the highest CAGR over 2021- 2026.

North America holds highest share in 2020.

Wellness Corporate Solutions, LLC, EXOS, ComPsych Corporation , Virgin Pulse Inc. , Quest Diagnostics Incorporated are the major companies operating in Global Corporate Wellness Market.

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