Increasing Awareness About Health to Drive the Global Corporate Wellness Market at a Sensational CAGR of 7% During Forecast 2018-2023

Corporate Wellness Market Overview:

The global Corporate Wellness Market is estimated to exhibit growth by expanding at 7.0% during the forecast period to reach a valuation of USD 49.7 billion in 2017. This growth is attributable to the higher acceptance of corporate wellness programs, which are designed to evaluate the employee’s health.

Additionally, these corporate wellness growth analysis programs are designed to estimate the probable health risks and promote healthy behavior at the workplace. Thus, these programs promote a healthy environment at workplaces and enhance productivity by lower healthcare spending substantially. Such factors are driving growth of the global corporate wellness market.

Further, the adoption of such programs results in improve morale & quality of work and decreases absenteeism; thus, several organizations are adopting corporate wellness programs. Rising prevalence of obesity, smoking, alcoholism, and other chronic diseases among white-collar workers especially in the private sector are boosting the adoption of corporate wellness.

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Corporate Wellness Market -Competitive Analysis:

·         ComPsych Corporation

·         SOL Wellness

·         Wellness Corporate Solutions

·         Wellsource

·         Truworth Health Technologies Pvt. Ltd

·         Central Corporate Wellness

·         Virgin Pulse

·         EXOS

·         Marino Wellness

·         Privia Health

Corporate Wellness Market -Segmentation:

·         The global corporate wellness market overview has been segmented into category, service type, end user, and region.

·         By service type, the market is segmented into stress management, health risk assessment, nutrition & weight management, fitness, smoking cessation, health screening, and others. Of these, the health risk assessment segment dominated the global corporate wellness market in 2017 owing to the increasing adoption of wellness programs for wellbeing and assessment of health risks of employees. Additionally, implementation of the appropriate intrusion strategies and promotion of adopting a healthy lifestyle are benefiting the segmental growth.

·         On the basis of category, the market is segmented into psychological therapists, fitness & nutrition consultants, and organizations.

·         Based on end users, the market is segmented into medium-scale businesses, small-scale businesses, and large-scale businesses.

Corporate Wellness Market -Regional Analysis:

Regionally, the Corporate Wellness Market is segmented into the Americas, Asia-Pacific, Europe, and Middle East & Africa. Of these, North America dominated the global corporate wellness market in 2017 and is estimated to remain dominant during the forecast period owing to the presence of corporate wellness program providers coupled with a substantial increase in the prevalence of chronic diseases in the region. Additionally, the most significant expenditure on healthcare in the region and surge in the adoption of wellness activities in Canada and the U.S.

Further, Europe is likely to hold the second-largest share in the revenue of the corporate wellness market owing to the increasing activeness of European employees and employers. Additionally, corporate wellness programs are increasingly taking a crucial part of medium or large organizations in the region, which is augmenting the growth of the market. The corporate wellness programs have become the strategic priority in European organizations; thus, the market in the region is flourishing continuously. However, the market in the Asia Pacific is estimated to expand by exhibiting a faster CAGR owing to robust industrialization and urbanization in the region. In addition to this, the increasing awareness about the health of employees due to the effects of long working hours and larger workload in countries such as India and China are estimated to benefit the market growth in the coming years as well.

Industry News:

In 2019, 1% Fitness has introduced its new Healthy Employee Lifestyle Program (H.E.L.P.). The fitness organization provides businesses and organizations with nutritious meals. Such initiatives are corporate programs estimated to benefit the overall corporate wellness market in the coming years.