Corporate Wellness Market Witness Excellent Revenue Growth During 2023-2030: Grand View Research Inc

 Corporate Wellness Market Growth & Trends

The global corporate wellness market size is expected to reach USD 74.9 billion by 2030, expanding at a CAGR of 4.47% during the forecast period, based on a new report by Grand View Research, Inc. Rising obese and overweight population increases insurance costs that account for the financial burden on employers. 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 COVID-19 resulted in a transition to work from home, causing a great deal of stress. Companies around the globe are modifying their corporate wellness strategies to meet the emerging public health crisis due to COVID-19.

Organizations are increasingly using corporate wellness programmes to boost employee health and productivity, mitigate health risks, and minimize employee healthcare expenses. Businesses are more conscious of the importance of maintaining a psychologically and physically healthy workforce. As a result, capital investment in employee wellness programmes, solutions, and services has surged. Absenteeism expenses are reduced by USD 2.7 for every dollar spent on fitness programmes, according to a study conducted by Harvard economists. As a direct consequence, employees must be encouraged to live a healthier lifestyle in order to perform better.

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, and Google watches, which helps in keeping track of parameters such as heart rate and blood pressure.

Moreover, the International Labor Organization (ILO) estimates that the Asia-Pacific employs 1.9 billion people. Globalization has led in significant economic expansion throughout the region, with most countries experiencing a continuous increase in the number of employees. Additionally, the region's workforce is aging, with the region's population aged 60 and over predicted to grow by 24% by 2050, according to the United Nations report. This would result in an increase in the burden of chronic diseases among the region's working population in the following years. These factors create a potential for the market to grow in emerging countries throughout the forecast period.

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Corporate Wellness Market Report Highlights

• In terms of service, the health risk assessment segment dominated the corporate wellness market in 2022. The health assessment activities enable employers to implement strategic initiatives to deal with the identified health risks
• The stress management segment is likely to showcase the fastest growth rate from 2023 to 2030, owing to the rising preference for on-site yoga and meditation services and the rising prevalence of depression and anxiety due to the COVID-19 pandemic.
• Based on End-Use, large scale organizations segment dominated the market in 2022. The infrastructure in large scale companies makes conducting fitness services easier and convenient
• North America dominated the market in 2022 due to the popularity of corporate wellness in the region. According to a survey by Benefits Canada conducted on 1300 employers, North America had the highest number of corporate wellness programs. More than 80.0% of the employers in North America are offering corporate wellness services to their employees

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Corporate Wellness Market Segmentation

Grand View Research has segmented the global corporate wellness market based on service, end-use, category, delivery model, and region:

Corporate Wellness Service Outlook (Revenue, USD Million, 2016 - 2030)

• Health Risk Assessment
• Fitness
• Smoking Cessation
• Health Screening
• Nutrition & Weight Management
• Stress Management
• Others

Corporate Wellness End-Use Outlook (Revenue, USD Million, 2016 - 2030)

• Small Scale Organizations
• Medium Scale Organizations
• Large Scale Organizations

Corporate Wellness Category Outlook (Revenue, USD Million, 2016 - 2030)

• Fitness & Nutrition Consultants
• Psychological Therapists
• Organizations/Employers

Corporate Wellness Delivery Model Outlook (Revenue, USD Million, 2016 - 2030)

• Onsite
• Offsite

Corporate Wellness Regional Outlook (Revenue, USD Million, 2016 - 2030)

• North America
  • US.
  • Canada
• Europe
  • UK.
  • Germany
  • France
  • Italy
  • Spain
  • Russia
  • Netherlands
  • Switzerland
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • New Zealand
  • South Korea
• Latin America
  • Brazil
  • Mexico
  • Argentina
• Middle East & Africa (MEA)
  • South Africa
  • Saudi Arabia
  • UAE

List of Key Players of the Corporate Wellness Market

• ComPsych
• Wellness Corporate Solutions
• Virgin Pulse
• EXOS
• Marino Wellness
• Privia Health
• Vitality
• Wellsource, Inc.
• Central Corporate Wellness
• Truworth Wellness
• SOL Wellness

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services. To help clients make informed business decisions, we offer market intelligence studies ensuring relevant and fact-based research across a range of industries, from technology to chemicals, materials and healthcare.