High stress levels and deadlines at the workplace have caused many a breakdown among employees. Corporate wellness programs are designed by large organizations by themselves or with the help of others for ensuring the wellbeing of employees. They contain a holistic approach and deal with employee behavior in a steady manner. The global corporate wellness market report by Market Research Future (MRFR) analyzes the value of various solutions by prioritizing employee health.
Market Outlook
The global Corporate Wellness Market is estimated to exhibit 7% CAGR from 2018 to 2023 (forecast period) to reach a large valuation. The market size stood at USD 49.7 billion in 2017. Programs designed for keeping stress levels under check are expected to drive market growth. According to a report by the U.S. Department of Health and U.S. Department of Labor, nearly 80% companies in the United States with strength of over 50 employees offer some wellness program. Focus of large corporations to reduce healthcare expenses and advocation of positive behavior at the marketplace are other market drivers. Furthermore, rise of private capex, surge in white-collar worker numbers, and increasing prevalence of lifestyle diseases such as obesity, smoking, and lethargy are factors which can influence the market growth till 2023.
Coaching services which can foster long-term relationships between employees and employers are gaining traction. Implementation of coaching and wellness programs can spell low leave rates due to absenteeism. Companies with forward thinking approaches and with an aim for increasing efficiency can augment the corporate wellness market demand till the end of the forecast period.
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Competitive Outlook
Central Corporate Wellness, Truworth Health Technologies Pvt. Ltd., EXOS, Sodexo Group, Wellness Corporate Solutions, LLC, 1to1help.net Pvt. Ltd., Privia Health, SOL Wellness, ProvantHealth (Hooper Holmes, Inc.), Wellsource, Inc., Virgin Pulse, ComPsych Corporation, Marino Wellness, Bupa Wellness Pty Ltd, and The Vitality Group, Inc., are notable players currently operational in the corporate wellness market.
Segmentation Analysis
The corporate wellness market is segmented by category, service type, and end-user.
By category, it is segmented into smoking cessation, health screening, health risk assessment, nutrition & weight management, stress management, and others. Among these, the health risk assessment segment accounted for the largest market share in 2017 with corporations implementing intervention programs to prevent the chances of burnouts or breakdowns.
By service type, it is segmented into organizations, psychological therapists, and fitness & nutrition consultants.
By end-user, it is segmented into large-scale businesses, small-scale businesses, and medium-scale businesses.
Regional Analysis
Asia Pacific (APAC), the Middle East & Africa (MEA), the Americas, and Europe are regions covered in the global corporate wellness market report.
The Americas is projected to dominate the global market due to establishment of various corporate wellness programs for boosting employee morale and promoting a healthy work culture. It was the leading region in 2017 due to expanded healthcare budgets of nations of the U.S. and Canada, rise of lifestyle diseases, and offerings of wearables to employees. Tie-ups with wellness centers and spas can be beneficial to the market.
The Europe region is expected to experience a giant windfall in the coming years due to increasing investments in wellness programs. Moreover, tax benefit schemes accorded to enterprises such as Fit for Work initiative in the U.K. can bode well for the market. The regional growth can be supported by incorporation of health and wellness programs by medium to large enterprises.
The APAC region can experience a robust growth rate due to corporate social responsibility (CSR) initiatives being a tax benefit for large organizations. Large employee workforce in China and India can trigger the demand for wellness activities. Lastly, the MEA region can register a modest growth rate due to investment in employee health and change in healthcare reforms in the United Arab Emirates (UAE).
Industry News
Corporate wellness programs are focusing on female employees in an attempt to bridge the large gender divide at the workplace. For instance, the program at Deloitte India offers women employees counselling services at the time of pregnancy and does check-ins with expectant mothers on diet, health and nutrition, and anxiety.
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