Corporate Wellness Market size is expected to observe substantial growth from 2021 to 2027 due to the rising awareness pertaining to employee health and wellbeing. There is a growing focus on limiting healthcare costs coupled with the higher adoption of wearable technology. Increasing requirements for chronic disease prevention will act as a significant contributor to the industry growth.
Corporate wellness is a program designed to support as well as encourage a holistic approach to offer employee wellbeing by the creation of an organizational culture of health.
However, the presence of flexible workplace policies and emotional unavailability offered by the programs may hamper the market progression to some extent.
The health risk assessment is anticipated to see inclination. This is attributable to its mounting use to assist individuals in identifying and understanding their health risks as well as to monitor their health status over time. Health risk assessment (HRA) is a screening tool that includes a questionnaire, along with an assessment of health status, and personalized feedback of actions that help in reducing risks, maintaining health, and preventing diseases. In addition, the rising dependency on healthy lifestyles among employees will further favor the market dynamics.
On the basis of category, the market share from organizations/employers is slated to rise driven by the growing preference for in-house and outsourced health management services.
With regards to end-use, the market is identified across small-scale organizations, medium-scale organizations, large-scale organizations, and others. The demand from large-scale organizations will expand with the increasing need for improved employee care and the higher investments in health screening services. The influx of work from home models has also increased the obligation for better accessibility and wellness services. The growing focus on enhancing the company’s infrastructure will play a key role in the market expansion.
North America corporate wellness market size is likely to attain traction owing to the higher concerns caused by the rising levels of stress in the region. According to estimates, around 94% of American workers reported facing stress issues at their workplace in 2019. The growing prevalence of chronic diseases among this population has triggered the rising focus on health and well-being. The surging emphasis on improvising the quality of the existing programs will also add to the regional growth.
Asia Pacific is set to record a significant share in the market through 2027 on account of the expanding working population in the region. The rising consumer awareness along with the mount in the number of initiatives for maintaining and securing employee mental health will foster the regional progression.
Provant Health Solutions, Virgin Pulse (Red IntermediateCo, LLC), Wellness Corporate Solutions, Marino Wellness, EXOS, Privia Health (Brighton Health Group Holdings, LLC), Vitality Group, Central Corporate Wellness, Wellsource, Inc., and ComPsych are some of the noted market players.
Partnership-oriented strategies, such as acquisitions and mergers, along with other initiatives like programs and investments, are actively adopted by these firms to strengthen their geographical footprint as well as to sustain competition.
For instance, in December 2017, Provant Health Solutions adopted Cambridge, a well-known AI-assisted health coaching platform by Massachusetts-based Twine Health for its employee health programs.
In response to the global COVID-19 outbreak, which accounted for major health, lifestyle, and business changes, the industry is witnessing lucrative demand due to the mount in concerns related to health and stress. The severe impacts on the mental health of employees have driven the path for suicidal ideation.
The rising sense of stress and isolation has also urged wellness service providers to take up virtual methods in order to facilitate meetings with psychologists as well as health coaches. Along with this, numerous companies such as SAP, Salesforce, and 3M have considerably prioritized several virtual wellness programming and initiatives during the pandemic.
Market, By Service
Market, By Category
Market, By End-use
The above information is provided for the following regions and countries: