Corporate Wellness Market: Segmented: By Source (Health Risk Assessment, Fitness, Smoking Cessation, Biometric Screening, Nutrition & Weight Management, Stress Management, Alcohol & Drug Abuse Services, And Others); By Category (Fitness & Nutrition Consultants, Psychological Therapists, And Organizations); , And Region - Global Analysis of Market Size, Share & Trends For 2019-2020 And Forecasts To 2031
Corporate Wellness Market to surpass USD 12.3 billion by 2031 from USD 6.4 billion in 2021 at a CAGR of 8.9% in the coming years, i.e., 2021-31.
Corporate wellness is a program that supports employees and their families by incorporating various health activities into regular work activities to decrease health risks, improve quality of life, and increase productivity. Corporate Wellness programs address specific policies and interferences that address a variety of risk factors and health conditions, as well as plan strategies that may influence multiple organizational levels, such as individual employee behavior change, organizational culture, and worksite environment. Workplace wellness programs are an important aspect of any firm that uses a variety of tactics and treatments to improve the health of its employees.
The escalating professional fight among employees to outperform their peers, produce on or before deadlines, reduce budgets, and increase sales are just a few reasons that contribute to employee stress. These variables induce mental health concerns and stress in employees, which has a negative impact on their health and productivity. Lack of job stability, juggling work, people issues, and overload are all important sources of stress, all these factors provide lucrative opportunities for global Corporate Wellness Market.
Global Corporate Wellness Market is fragmented by category into Fitness & Nutrition Consultants, Psychological Therapists, and Organizations. Fitness and nutrition consultants are qualified nutritionists who provide health and diet advice to individuals, businesses, and public health agencies. The consultants examine the client's diet plan and recommend adjustments to the client's eating habits in order to reach health goals such as disease treatment and weight loss.
Global Corporate Wellness market is segmented by source into Health Risk Assessment, Fitness, Smoking Cessation, Biometric Screening, Nutrition & Weight Management, Stress Management, Alcohol & Drug Abuse Services, and Others. Organizations can use health risk assessment services to learn about health trends affecting their workforce and track their progress year over year. A set of questions is used in health risk assessments to determine employee health and quality of life at work.
Rising global stress
The escalating professional fight among employees to outperform their peers, produce on or before deadlines, reduce budgets, and increase sales are just a few reasons that contribute to employee stress. These variables induce mental health concerns and stress in employees, which has a negative impact on their health and productivity. Lack of job stability, juggling work, people issues, and overload are all important sources of stress, all these factor provide lucrative opportunities for global Corporate Wellness Market, according to Fatpos Global.
Early-onset of chronic diseases
The rising prevalence and early onset of chronic diseases, as well as lower employee healthcare expenditures, are driving market expansion. In today's work culture, most people do not have enough time after work or during their leisure time to engage in mental and physical activities, resulting in health issues. Chronic diseases are a major concern to the world's population, as the prevalence of many of these ailments is rising.
High risk of data breaching
Healthcare data leaks are the latest craze among cybercriminals. Concerns about data privacy do not prohibit corporate wellness programmes. Employees who participate in wellness initiatives contribute personal information and health-related data. Furthermore, fitness trackers and other digital devices are more vulnerable to hacking due to they have limited data security protections and can be watched by cybercriminals. Corporate wellness providers, on the other hand, are more worried about their clients' personal and medical information, and are cooperating with cybersecurity firms to prevent data breaches.
Company Overview, Business Strategy, Key Product Offerings, Financial Performance, Key Performance Indicators, Risk Analysis, Recent Development, Regional Presence, SWOT Analysis
Global Corporate Wellness market is segmented based on regional analysis into five major regions: North America, Latin America, Europe, Asia Pacific and the Middle East and Africa. North America accounted for XX percent of the market in 2021, and the region is expected to grow at a CAGR of XX percent over the next decade. The Americas have recently dominated the worldwide corporate wellness market and are expected to do so again over the projected period. This can be ascribed to reasons such as high awareness for mental health and job stress, increasing popularity of workplace wellness, high healthcare expenditure, and the presence of the main players in the region.
The COVID-19, on the other hand, caused a financial catastrophe for the companies, resulting in a considerable number of layoffs. These businesses also seek to reduce operational and other costs associated with paying their employees' salaries. The subscription to the wellness programmes was also cancelled as a result of this. As a result, the COVID-19 epidemic had a mixed influence on the market.
|Market size value in 2021
|USD 6.4 billion
|Revenue forecast in 2031
|USD 12.3 billion
|CAGR of 8.9% from 2021 to 2031
|Base year for estimation
|Revenue in USD million and CAGR from 2021 to 2031
|Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Source, Category, and Region
|North America, Europe, Asia Pacific, Latin America, Middle East & Africa (MEA)
|Key companies profiled
|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, Well Nation, ADURO, INC., Beacon Health Options, Fitbit, Inc. and Other Prominent Players
The Corporate Wellness Market size was estimated at USD 12.3 billion in 2021 and is expected to reach 12.3 billion by 2031.
Key players: 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, Well Nation, ADURO, INC., Beacon Health Options, Fitbit, Inc., and Other Prominent Players
Fitness & Nutrition Consultants segment and Health Risk Assessment segment are anticipated to hold the largest Corporate Wellness Market
Drivers: Rising global stress and Early-onset of chronic diseases
Corporate wellness is a program that supports employees and their families by incorporating various health activities into regular work activities to decrease health risks, improve quality of life, and increase productivity.
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