The global corporate wellness market size is expected to be worth around US$ 94.9 billion by 2030, according to a new report by Vision Research Reports.
The global corporate wellness market size was valued at US$ 52.8 billion in 2020 and is anticipated to grow at a CAGR of 7.04% during forecast period 2021 to 2030.
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Latest Research Study on “Corporate Wellness Market (By Service: Health Risk Assessment, Fitness, Smoking Cessation, Health Screening, Nutrition & Weight Management, Stress Management, Others; By End-use: Small Scale Organizations, Medium Scale Organizations, Large Scale Organizations; By Category: Fitness & Nutrition Consultants, Psychological Therapists, Organizations/Employers; By Delivery Model: Onsite, Offsite) – Global Industry Analysis, Size, Share, Growth, Trends, Revenue, Regional Outlook 2021 – 2030”.
Rising obese and overweight population increases insurance costs that account for the financial burden on the employers. The 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 COVID19 resulted in transition to work from home, causing a great deal of stress.
Employers have started offering some kind of fitness program for the purpose of disease prevention and improve productivity. According to a study conducted by Harvard economists, absenteeism costs fall by USD 2.7 for every dollar spent on fitness programs. Therefore, employees need to be encouraged to adopt a healthier lifestyle to improve their performance.
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 watch, and Google watches, which helps in keeping track of parameters such as heart rate and blood pressure.
In this study, the years considered to estimate the market size of Corporate Wellness are as follows:
- Historic Year: 2017-2020
- Base Year: 2021
- Forecast Year 2021 to 2030
The health risk assessment segment dominated the market for corporate wellness and accounted for the largest revenue share of 21.1% in 2020. Corporate wellness programs mainly include screening activities to identify health risks and implement appropriate interventional strategies to promote a healthy lifestyle among employees. Around 80% of the employers offering employee well-being services, opt for health risk assessment of their employees. In June 2016, Wellness Corporate Solutions launched the WCS Analytics + platform, which consists of an interactive data dashboard that enables the clients to plan and implement healthy activities leading to productive workplaces.
The large scale organizations dominated the end-use segment and accounted for the largest revenue share of 52.8% in 2020. According to RAND, around 70% of organizations invested in health screening services in the year 2013. Well-documented studies indicate that correctly implemented programs can yield a return on investments of around 3:1. Larger organizations can incorporate programs and services into their company’s infrastructure. Small scaled organizations can benefit from corporate memberships and outsourcing the services.
The implementation of corporate wellness programs helps in tracking various diseases. Health screening programs are conducted at regular intervals to keep a check on health, promoting preventive care, and reducing treatment costs. The focus of corporate wellness programs on such conditions can reduce the disease burden and the overall cost of healthcare premium paid by the employer to any insurance provider. Although lockdown and closure of offices have resulted in a large group of employees switching to work from home models, it still remains vital to ensure that employees are able to access and continue to use wellness services at the workplace.
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In the category segment, organizations dominated the market and accounted for the largest revenue share of 50.3% in 2020. The service providers offer in-house as well as outsourced health management services for large as well as small scale corporations. The trend of on-site fitness, which includes yoga and meditation, is becoming popular. Therefore, the stress management segment is anticipated to witness the fastest growth from 2021 to 2028.
Onsite corporate wellness programs dominated the delivery model segment and accounted for the largest revenue share of more than 57% in 2020. The segment is anticipated to witness a high growth rate over the forecast period. Onsite wellness initiatives provide a personal touch to employee wellbeing, along with the facilities to exercise under the guidance of fitness consultants and coaches to meet their personal health needs.
Many organizations have restructured or added benefits and insurance plans to meet employees’ and their families’ health needs. Service providers are creating awareness among employees regarding unhealthy aspects related to work from home due to COVID-19. For instance, the pandemic has resulted in a shift from in-person meetings to virtual meetings. However, associated challenges such as the need to focus harder to process non-verbal cues such as body language and facial expressions, poor internet connections leading to disconnection from the meeting, and multitasking during meetings are causing more stress and exhaustion as compared to in-person meetings.
North America dominated the corporate wellness market and accounted for the largest revenue share of more than 42% in 2020. According to the RAND employer survey, approximately 50.0% of the employers in the U.S. offer wellness programs to their employees. Larger employers offer more complex wellness initiatives.
- Wellness Corporate Solutions
- Virgin Pulse
- Provant Health Solutions
- Marino Wellness
- Privia Health
- Vitality Group
- Wellsource, Inc.
- Central Corporate Wellness
- Truworth Wellness
- SOL Wellness
- Well Nation
- ADURO, INC.
- Beacon Health Options
- Fitbit, Inc.
- Service Outlook
- Health Risk Assessment
- Smoking Cessation
- Health Screening
- Nutrition & Weight Management
- Stress Management
- End-use Outlook
- Small Scale Organizations
- Medium Scale Organizations
- Large Scale Organizations
- Category Outlook
- Fitness & Nutrition Consultants
- Psychological Therapists
- Delivery Model Outlook
- Regional Outlook
- North America
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
- South Africa
- North America
The Corporate Wellness market research report covers definition, classification, product classification, product application, development trend, product technology, competitive landscape, industrial chain structure, industry overview, national policy and planning analysis of the industry, the latest dynamic analysis, etc., and also includes major. The study includes drivers and restraints of the global market. It covers the impact of these drivers and restraints on the demand during the forecast period. The report also highlights opportunities in the market at the global level.
The report provides size (in terms of volume and value) of Corporate Wellness market for the base year 2020 and the forecast between 2021 and 2030. Market numbers have been estimated based on form and application. Market size and forecast for each application segment have been provided for the global and regional market.
This report focuses on the global Corporate Wellness market status, future forecast, growth opportunity, key market and key players. The study objectives are to present the Corporate Wellness market development in United States, Europe and China.
It is pertinent to consider that in a volatile global economy, we haven’t just conducted Corporate Wellness market forecasts in terms of CAGR, but also studied the market based on key parameters, including Year-on-Year (Y-o-Y) growth, to comprehend the certainty of the market and to find and present the lucrative opportunities in market.
In terms of production side, this report researches the Corporate Wellness capacity, production, value, ex-factory price, growth rate, market share for major manufacturers, regions (or countries) and type.
In terms of consumption side, this report focuses on the consumption of Corporate Wellness by regions (countries) and application.
Buyers of the report will have access to verified market figures, including global market size in terms of revenue and volume. As part of production analysis, the authors of the report have provided reliable estimations and calculations for global revenue and volume by Type segment of the global Corporate Wellness market. These figures have been provided in terms of both revenue and volume for the period 2017 to 2030. Additionally, the report provides accurate figures for production by region in terms of revenue as well as volume for the same period. The report also includes production capacity statistics for the same period.
With regard to production bases and technologies, the research in this report covers the production time, base distribution, technical parameters, research and development trends, technology sources, and sources of raw materials of major Corporate Wellness market companies.
Regarding the analysis of the industry chain, the research of this report covers the raw materials and equipment of Corporate Wellness market upstream, downstream customers, marketing channels, industry development trends and investment strategy recommendations. The more specific analysis also includes the main application areas of market and consumption, major regions and Consumption, major Chinese producers, distributors, raw material suppliers, equipment providers and their contact information, industry chain relationship analysis.
The research in this report also includes product parameters, production process, cost structure, and data information classified by region, technology and application. Finally, the paper model new project SWOT analysis and investment feasibility study of the case model.
Overall, this is an in-depth research report specifically for the Corporate Wellness industry. The research center uses an objective and fair way to conduct an in-depth analysis of the development trend of the industry, providing support and evidence for customer competition analysis, development planning, and investment decision-making. In the course of operation, the project has received support and assistance from technicians and marketing personnel in various links of the industry chain.
The Corporate Wellness market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, global presence, production sites and facilities, production capacities, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to Corporate Wellness market.
Prominent players in the market are predicted to face tough competition from the new entrants. However, some of the key players are targeting to acquire the startup companies in order to maintain their dominance in the global market. For a detailed analysis of key companies, their strengths, weaknesses, threats, and opportunities are measured in the report by using industry-standard tools such as the SWOT analysis. Regional coverage of key companies is covered in the report to measure their dominance. Key manufacturers of Corporate Wellness market are focusing on introducing new products to meet the needs of the patrons. The feasibility of new products is also measured by using industry-standard tools.
Key companies are increasing their investments in research and development activities for the discovery of new products. There has also been a rise in the government funding for the introduction of new Corporate Wellness market. These factors have benefited the growth of the global market for Corporate Wellness. Going forward, key companies are predicted to benefit from the new product launches and the adoption of technological advancements. Technical advancements have benefited many industries and the global industry is not an exception.
New product launches and the expansion of already existing business are predicted to benefit the key players in maintaining their dominance in the global market for Corporate Wellness. The global market is segmented on the basis of region, application, en-users and product type. Based on region, the market is divided into North America, Europe, Asia-Pacific, Latin America and Middle East and Africa (MEA).
Reasons to Purchase this Report:
– Market segmentation analysis including qualitative and quantitative research incorporating the impact of economic and policy aspects
– Regional and country level analysis integrating the demand and supply forces that are influencing the growth of the market.
– Market value USD Million and volume Units Million data for each segment and sub-segment
– Competitive landscape involving the market share of major players, along with the new projects and strategies adopted by players in the past five years
– Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
The study objectives of this report are:
- To analyze and study the global market capacity, production, value, consumption, status (2017-2020) and forecast (2021-2030);
- Focuses on the key manufacturers, to study the capacity, production, value, market share and development plans in future.
- Comprehensive company profiles covering the product offerings, key financial information, recent developments, SWOT analysis, and strategies employed by the major market players
- To define, describe and forecast the market by type, application and region.
- To analyze the global and key regions market potential and advantage, opportunity and challenge, restraints and risks.
- To identify significant trends and factors driving or inhibiting the market growth.
- To analyze the opportunities in the market for stakeholders by identifying the high growth segments.
- To strategically analyze each submarket with respect to individual growth trend and their contribution to the market
- To analyze competitive developments such as expansions, agreements, new product launches, and acquisitions in the market
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