The global corporate wellness market size is expected to be worth around US$ 94.9 billion by 2030, according to a new report by Vision Research Reports.
The global corporate wellness market size was valued at US$ 52.8 billion in 2020 and is anticipated to grow at a CAGR of 7.04% during forecast period 2021 to 2030.
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Corporate Wellness Market (By Service: Health Risk Assessment, Fitness, Smoking Cessation, Health Screening, Nutrition & Weight Management, Stress Management, Others; By End-use: Small Scale Organizations, Medium Scale Organizations, Large Scale Organizations; By Category: Fitness & Nutrition Consultants, Psychological Therapists, Organizations/Employers; By Delivery Model: Onsite, Offsite) – Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030
Rising obese and overweight population increases insurance costs that account for the financial burden on the employers. The corporate wellness initiatives target particular health risk factors such as stress, obesity, smoking, poor eating, and lack of exercise.
The pandemic has caused a change in the process of delivering wellness services. Although in-person sessions have resumed to some extent, the virtual platform has been made available to at-risk employees to meet their psychological and fitness needs. Initially, the lockdown imposed due to COVID19 resulted in transition to work from home, causing a great deal of stress.
|Market Size||USD 94.9 billion by 2030|
|Growth Rate||CAGR of 7.04% From 2021 to 2030|
|Forecast Period||2021 to 2030|
|Segments Covered||Service, End-use, Category, Delivery Model|
|Regional Scope||North America, Europe, Asia Pacific, Latin America, Middle East & Africa|
|Companies Mentioned||ComPsych, Wellness Corporate Solutions, Virgin Pulse, Provant Health Solutions, EXOS, Marino Wellness, Privia Health, Vitality Group, Wellsource, Inc., Central Corporate Wellness, Truworth Wellness, SOL Wellness, Well Nation, ADURO, INC., Beacon Health Options, Fitbit, Inc.|
Employers have started offering some kind of fitness program for the purpose of disease prevention and improve productivity. According to a study conducted by Harvard economists, absenteeism costs fall by USD 2.7 for every dollar spent on fitness programs. Therefore, employees need to be encouraged to adopt a healthier lifestyle to improve their performance.
Employers providing the programs have noticed a significant rise in productivity and a decline in leaves and attrition. In addition, companies in the U.K. initiated the Fit for Work service, which offers a tax benefit of USD 663.3 per year. Organizations are providing wearables, such as Fitbit, Apple watch, and Google watches, which helps in keeping track of parameters such as heart rate and blood pressure.
The health risk assessment segment dominated the market for corporate wellness and accounted for the largest revenue share of 21.1% in 2020. Corporate wellness programs mainly include screening activities to identify health risks and implement appropriate interventional strategies to promote a healthy lifestyle among employees. Around 80% of the employers offering employee well-being services, opt for health risk assessment of their employees. In June 2016, Wellness Corporate Solutions launched the WCS Analytics + platform, which consists of an interactive data dashboard that enables the clients to plan and implement healthy activities leading to productive workplaces.
The large scale organizations dominated the end-use segment and accounted for the largest revenue share of 52.8% in 2020. According to RAND, around 70% of organizations invested in health screening services in the year 2013. Well-documented studies indicate that correctly implemented programs can yield a return on investments of around 3:1. Larger organizations can incorporate programs and services into their company’s infrastructure. Small scaled organizations can benefit from corporate memberships and outsourcing the services.
The implementation of corporate wellness programs helps in tracking various diseases. Health screening programs are conducted at regular intervals to keep a check on health, promoting preventive care, and reducing treatment costs. The focus of corporate wellness programs on such conditions can reduce the disease burden and the overall cost of healthcare premium paid by the employer to any insurance provider. Although lockdown and closure of offices have resulted in a large group of employees switching to work from home models, it still remains vital to ensure that employees are able to access and continue to use wellness services at the workplace.
In the category segment, organizations dominated the market and accounted for the largest revenue share of 50.3% in 2020. The service providers offer in-house as well as outsourced health management services for large as well as small scale corporations. The trend of on-site fitness, which includes yoga and meditation, is becoming popular. Therefore, the stress management segment is anticipated to witness the fastest growth from 2021 to 2028.
Onsite corporate wellness programs dominated the delivery model segment and accounted for the largest revenue share of more than 57% in 2020. The segment is anticipated to witness a high growth rate over the forecast period. Onsite wellness initiatives provide a personal touch to employee wellbeing, along with the facilities to exercise under the guidance of fitness consultants and coaches to meet their personal health needs.
Many organizations have restructured or added benefits and insurance plans to meet employees’ and their families’ health needs. Service providers are creating awareness among employees regarding unhealthy aspects related to work from home due to COVID-19. For instance, the pandemic has resulted in a shift from in-person meetings to virtual meetings. However, associated challenges such as the need to focus harder to process non-verbal cues such as body language and facial expressions, poor internet connections leading to disconnection from the meeting, and multitasking during meetings are causing more stress and exhaustion as compared to in-person meetings.
North America dominated the corporate wellness market and accounted for the largest revenue share of more than 42% in 2020. According to the RAND employer survey, approximately 50.0% of the employers in the U.S. offer wellness programs to their employees. Larger employers offer more complex wellness initiatives.
- Wellness Corporate Solutions
- Virgin Pulse
- Provant Health Solutions
- Marino Wellness
- Privia Health
- Vitality Group
- Wellsource, Inc.
- Central Corporate Wellness
- Truworth Wellness
- SOL Wellness
- Well Nation
- ADURO, INC.
- Beacon Health Options
- Fitbit, Inc.
- Service Outlook
- Health Risk Assessment
- Smoking Cessation
- Health Screening
- Nutrition & Weight Management
- Stress Management
- End-use Outlook
- Small Scale Organizations
- Medium Scale Organizations
- Large Scale Organizations
- Category Outlook
- Fitness & Nutrition Consultants
- Psychological Therapists
- Delivery Model Outlook
- Regional Outlook
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
- South Africa
- North America
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
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