Zion Market Research has published a new report titled “Corporate Wellness Market by Service (Health Risk Assessment, Fitness, Smoking Cessation, Health Screening, Nutrition & Weight Management, Stress Management, and Others) and by End-User: Global Industry Perspective, Comprehensive Analysis, and Forecast, 2018–2025”. According to the report, global corporate wellness market was valued at approximately USD 5,370 million in 2018 and is expected to generate around USD 8,601 million by 2025, at a CAGR of around 7.0% between 2019 and 2025.
Several organizations worldwide have started introducing wellness programs for their employees to prevent various types of diseases and improve productivity. Corporate wellness is about people. Since the last decade, companies have started adopting a holistic approach for their employees instead of just addressing their health-related risks. There is huge evidence that illustrates the worth of creating a realistic program that helps to focus on employee engagement and challenges faced by the employees. The corporate wellness market study recognizes the necessity to expurgate the increasing costs of healthcare as the most important driving factor for corporate wellness market growth in the future.
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Organizations offer employee health benefits, such as health insurance, subsidies for prescription drugs, and reimbursement of premiums. The rising incidences of chronic diseases and obesity witnessed among the employees are increasing their treatment costs, and thereby the cost to the company. To combat this, several companies are addressing the benefits of corporate wellness programs, which will help their workforce to maintain a healthy life, lessen stress, and improve productivity. This, in turn, is likely to drive the global corporate wellness market in the future.
The global corporate wellness market is segmented on the basis of service and end-user. By service, the corporate wellness market is divided into health risk assessment, nutrition and weight management, smoking cessation, health screening, fitness, stress management, and others. The health risk assessment segment is estimated to hold a major share of the global corporate wellness market in 2018, due to the increasing health screening activities in various organizations, which, in turn, allows the organizations to apply strategic and beneficial initiatives to manage the recognized employee’s health risks. The stress management and smoking cessation segments are anticipated to register higher CAGR, owing to the increasing stress and depression witnessed among the corporates. According to the Annual Work Stress Survey carried by Harris Interactive on behalf of Everest College, about 83% of employees in North America suffered from stress by means of at least one thing at work in 2014.
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By end-user, the global corporate wellness market is segmented into small-scale organizations, medium-scale organizations, and large-scale organizations. Large-scale organizations are anticipated to dominate the global corporate wellness market in terms of revenue in the future, owing to the high adoption of corporate wellness programs. The small- and medium-scale organizations are anticipated to show significant CAGR, due to the increasing awareness of employee wellness and health management.
By region, North America is estimated to lead the global corporate wellness market over the estimated timeline. This can be attributed to the high occurrence of lifestyle-related diseases and adoption of wellness services and programs in the region. Europe is likely to follow North America in terms of market growth. The Asia Pacific corporate wellness market is projected to register the highest growth rate in the future, owing to the increasing cases of chronic diseases, rising working population, and growing awareness about employee health risks.
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Some key players of the global corporate wellness market are Hooper Holmes, Inc., Wellness Corporate Solutions, ComPsych Corporation, United Health Group, Sodexo, Bupa Wellness, Recovre Group, Central Corporate Wellness, Truworth Wellness, CXA Group, SOL Wellness, Virgin Pulse, Inc., Interactive Health, Inc., FitLinxx, Inc., and ConneXions Asia, among others.
This report segments the global corporate wellness market into:
Global Corporate Wellness Market: Service Analysis
- Health Risk Assessment
- Smoking Cessation
- Health Screening
- Nutrition and Weight Management
- Stress Management
Global Corporate Wellness Market: End-User Analysis
- Small-Scale Organizations
- Medium-Scale Organizations
- Large-Scale Organizations
Global Corporate Wellness Market: Regional Analysis
- North America
- Asia Pacific