The global corporate wellness market is expected to grow at a CAGR of around 8.5% from 2020 to 2027 and expected to reach the market value of around US$ 84.5 Bn by 2027.
Any workplace health promotion activity or organizational policy aimed at encouraging healthy behavior in employees and improving health outcomes. Workplace wellness has evolved over the last decade to include the establishment of a "culture of health" on the job.
Rising prevalence of obesity associated with deskbound lifestyle
Obesity was found in 40% of adults aged 20 to 39 years, 44.8% of adults aged 40 to 59 years, and 42.8% of adults aged 60 and older, in 2017-2018 according to the Centers for Disease Control and Prevention (CDC). Furthermore, lifestyle disorders share risk factors with long-term exposure to three modifiable lifestyle behaviors. These include smoking, an unhealthy diet, and physical inactivity – all of which contribute to the development of chronic diseases such as heart disease, stroke, diabetes, obesity, metabolic syndrome, chronic obstructive pulmonary disease, and some types of cancer. According to United Nations estimates, by 2030, the proportion of total global deaths due to chronic diseases is expected to rise to 70%, with the global disease burden rising to 56%.
A holistic approach to corporate wellness program will propel the corporate wellness market growth
According to data from the U.S. Department of Health and Human Services, some employers may provide a workplace wellness program as part of a group health plan for employees. Some employers, for example, provide certain incentives or rewards related to group health plan benefits, such as premium or cost-sharing reductions, in exchange for participation in a wellness program. Other employers may provide workplace wellness program on their own, rather than as part of a group health plan. Individually identifiable health information collected from or created about wellness program participants is PHI and is protected by the HIPAA Rules when offered as part of a group health plan. But apart from that, according to the Workplace Health in America 2017 report, more than 156 million full-time workers in the United States spend the majority of their daily waking hours at work. The Centers for Disease Control and Prevention (CDC) and researchers from the University of North Carolina at Chapel Hill's Gillings School of Global Public Health surveyed nearly 3,000 diverse workplaces about their health promotion program and policies. These included for-profit, non-profit, and government workplaces of all sizes and industries throughout the United States. According to the report, nearly 30% of workplaces nationwide offered some type of program to address physical activity, fitness, or sedentary behavior. Around 19% of workplaces offered a program to help employees quit using tobacco products, and around 17% of workplaces offered a program to address obesity or weight management.
Big calls for Corporate Wellness" amid COVID-19 pandemic
COVID-19 has resulted in change that the world has never seen before. In just a few weeks, health-care systems have gone into crisis mode, governments have closed borders, and financial markets have become volatile. Our current pandemic has once again demonstrated that our future is far less predictable than we imagined. Climate change and environmental factors, rapid population growth, and hyper-expansion of information and technology all govern organizations (at the very least). They will now add the emerging threat of global viruses to this list. To avoid this, organizations will now not only strengthen their emergency management and business continuity plans to mitigate product shortages, labor shortages, and financial difficulties, but they will also add prevention and wellness to their efforts. Employers will priorities prevention and wellness because they recognize that these strategies help employees manage stress and boost immunity to prevent disease, as well as connect employees with one another through healthy lifestyles and maintain a positive company culture. Companies will be forced to take a broader interest in the stability of the bedrock upon which their existence is based, including environmental health; integrity in government policy, including energy and health; and the evolution of education. People's protection, safety, and wellness will become a priority in the workplace in the future. Physical, mental, and emotional wellness will be prioritized, for example, by improving building health through ventilation, sanitation, cleaning, lighting, and other wellness strategies. It will be a corporate responsibility to ensure that employees are as healthy as possible, with a functioning immune system, education and expertise in personal wellness and wellbeing, increased remote working options, and significant shifts in perspective that see employees treated reverently as whole human beings. This will also include an ethical examination of previously accepted and ignored factors detrimental to wellness (e.g., the vast amounts of time spent in motor vehicle commutes) and will motivate organizations to redefine their beliefs, policies, and practices supporting when and how people work in order to facilitate greater wellness and effectiveness.
The global corporate wellness market is segmented based on service, category, delivery model, and end-use. By service, the market is segmented as health risk assessment, fitness, smoking cessation, health screening, nutrition & weight management, stress management, and others. By category, the market is segmented based on fitness & nutrition consultants, psychological therapists, and organizations/employers. By delivery model, the market is classified into onsite and offsite. By end-use, the market is segmented as small scale organizations, medium scale organizations, and large scale organizations
The health risk assessment service segment is expected to dominate the global corporate wellness market. Organizations/employers are expected to dominate the global corporate wellness market by category. The onsite corporate wellness program segment is expected to dominate the global corporate wellness market based on delivery model. Furthermore, large scale organizations are expected to dominate the global corporate wellness market by end-use.
North America is expected to dominate the global corporate wellness market with a reasonable market share throughout the forecast period. According to the RAND employer survey, roughly 50% of employers in the United States provide wellness program to their employees. Larger corporations provide more complex wellness program. This is one of the major factors driving the growth of the global corporate wellness market. Asia Pacific, on the other hand, is expected to grow rapidly in the coming years, with a significant CAGR. The region's need for corporate wellness program is driven by the region's growing working population and growing awareness about employee health management.
The prominent players in the global corporate wellness market involve ComPsych Corporation, Wellness Corporate Solutions, Virgin Pulse, Provant Health Solutions, EXOS (formed Athletes' Performance), Marino Wellness, Privia Health, Vitality Group International, Inc., Wellsource, Inc., and among others
Market By Service
Health Risk Assessment
Nutrition & Weight Management
Market By Category
Fitness & Nutrition Consultants
Market By Delivery Model
Market By End-use
Small Scale Organizations
Medium Scale Organizations
Large Scale Organizations
Corporate wellness market is expected to reach a market value of around US$ 84.5 Bn by 2027.
The corporate wellness market is expected to grow at a CAGR of around 8.5% from 2020 to 2027.
Based on delivery model, onsite segment is the leading segment in the overall market.
Corporate wellness during COVID-19 pandemic is one of the prominent factors that drive the demand for corporate wellness market.
ComPsych Corporation, Wellness Corporate Solutions, Virgin Pulse, Provant Health Solutions, EXOS (formed Athletes' Performance), Marino Wellness, Privia Health, Vitality Group International, Inc., Wellsource, Inc., and among others.
North America is anticipated to grab the highest market share in the regional market
Asia Pacific is expected to be the fastest growing market in the forthcoming years