Corporate Wellness Market Size Is Expected To Reach USD 109.4 billion at a CAGR 8.37% by 2030 | Market Research Future
Research Reports
Nov 21, 2022
Market Research Future Insights –
The corporate wellness market had a value of USD 57.3 billion in 2021 and is anticipated to grow at an 8.37% CAGR from 2022 to 2030 to reach USD 109.4 billion. Corporate wellness is a programme created to help employees and their families. It encourages a healthy workplace by integrating different health activities into daily work to lower health risks, enhance productivity, and improve quality of life. The growth of the worldwide corporate wellness market is attributable to the increased investment in mental health and stress management programmes, rising usage of wearable technology & fitness activities, and increasing chronic diseases among corporate employees. However, worries over employee data breaches serve as a restraint on the market’s expansion. On the other hand, participants in the global corporate wellness industry have lucrative potential thanks to the focus on prioritizing employee health and well-being in growing markets.
Increasing funding for mental health and stress reduction initiatives, increasing use of exercise activities and wearable technologies, and among workers in corporations, rising chronic diseases have been playing key roles as a driving source of this market. According to the American Institute of Stress, busyness, juggling several tasks, interpersonal problems, and a lack of job security are the main causes of stress. Additionally, about 80% of American workers report feeling anxious at work; of these, 62% conclude the day with neck-related problems and 34% experience insomnia-like symptoms as a result of excessive workplace stress. Additionally, corporations are taking methods to deal with stressful conditions, such as the creation of wellness challenges like the self-care challenge, meditation challenge, breathing challenge, and walking challenge.
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Regional analysis –
With a revenue share of 39.6% in 2021, North America dominated the corporate wellness industry. According to the RAND employer survey, employers in the United States provide wellness programmes to their employees in about 50% of situations. Larger employers provide more complicated wellness initiatives. The strong effect of office culture on the region’s business owners also influences them to offer these services to improve the health of their employees.
During the predicted period, Asia Pacific is likely to experience an exceptional growth rate. A burgeoning working population and more awareness of employee health management in the Asia Pacific region necessitate corporate employee health efforts. Additionally, the market will profit from the aging working-class population as corporations spend extensively on healthcare infrastructure, creating a significant opportunity to meet unmet needs in the area.
Key Players –
Some of the important key companies in the Corporate Wellness Market are present on the international scene and have made contributions to raising market revenue. These significant pivotal figures are ComPsych Corporation (US), Wellness Corporate Solutions (US), Virgin Pulse (US), Privia Health (US), UnitedHealth Group (US), Quest Diagnostics (US), EXOS (US), Central Corporate Wellness (Singapore), Sodexo (France), Vitality Group International Inc. (US).
Market Segmentation –
The Corporate Wellness Market is ideally categorized into 3 parts based on service, category, and end-user. The segmentation of service is further sub-categorized based on Health Risk Assessment, Fitness, Smoking Cessation, Biometric Screening, Nutrition & Weight Management, Stress Management, Alcohol & Drug Abuse Services, and others. The category-based market is further divided into Fitness & Nutrition Consultants, Psychological Therapists, and Organizations. Whereas the end-user-based category is divided into Small Scale Organizations, Medium Scale Organizations, Large Scale Organizations.
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