Corporate Wellness Market Growth & Trends
The global corporate wellness market size is expected to reach USD 97.4 billion by 2027, expanding at a CAGR of 6.9%, according to a new report by Grand View Research, Inc. Rising lifestyle related disorders lead to rise in financial burden on the employers due to associated insurance costs. The corporate wellness initiatives target specific health risk factors including stress, obesity, smoking, poor eating, and lack of exercise to improve employee productivity.
Organizations have initiated the implementation of wellness programs to improve business profits by reducing employee healthcare related costs. According to a study conducted by Harvard economists, absenteeism costs fall by USD 2.73 for every dollar spent on the programs. Therefore, employees need to be encouraged to adopt a healthier lifestyle to improve their performance.
Various employers collaborate with gyms and sports centers to establish pricing strategies. Employees receive discounts and membership benefits if they opt for gym memberships via their employers. Organizations are providing wearable devices such as Fitbit health bands, Apple watches, and Google watches, which helps in keeping track of parameters such as heart rate and blood pressure.
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Corporate Wellness Market Report Highlights
The health risk assessment segment dominated the overall corporate wellness market in terms of revenue share in the year 2019. The health screening 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 over the forecast period from 2020 to 2027, owing to the rising preference for onsite yoga and meditation services
Large scale organizations dominated the end-use segment in the market in 2019. The infrastructure in large scale companies makes conducting wellness services easier and convenient
The large scale organizations segment dominated the market in 2019 and fitness and nutrition consultants segment is anticipated to witness the fastest growth rate over the forecast period
Services dominated the type segment in 2019 and the technology segment is projected to be the fastest growing segment during the forecast period
North America dominated the overall market in terms of revenue share in the year 2019 due to growing popularity of corporate wellness among organizations in the region. According to a survey by Benefits Canada conducted on 1,300 employers, North America had the highest number of corporate wellness programs. In this region, more than 80% of the employers are offering corporate wellness services to their employees
Some of the key players in this market are ComPsych; Wellness Corporate Solutions; Virgin Pulse; Provant Health Solutions; EXOS; Marino Wellness, Privia Health; Vitality Group; Wellsource, Inc.; Central Corporate Wellness; Truworth Wellness; and SOL Wellness.