Corporate Wellness Market Size & Share Analysis - Growth Trends & Forecasts (2024-2029) (2024 - 2029)

Corporate Wellness Market Analysis

The Corporate Wellness Market size is estimated at USD 190.75 billion in 2024, and is expected to reach USD 288.22 billion by 2029, growing at a CAGR of 8.61% during the forecast period (2024-2029).

Factors such as the growing prevalence and early onset of chronic diseases, as well as increased efforts to reduce employee healthcare costs, are projected to boost the market growth. The increased uptake of technology-powered corporate wellness solutions and the surge in employers' adoption of corporate wellness programs are further expected to boost market growth.

The rising prevalence of chronic diseases such as cancer, diabetes, and others is the key factor driving market growth. The majority of people in today's work culture do not have enough time to engage in mental and physical activities after work or in their free time, which is leading to health issues. For instance, as per October 2022 data from eKincare, over 5 in 10 employees faced some sort of mental disorder, and around 50% of male employees were more prone to chronic diseases like diabetes and hypertension. In addition, as per the Australian Institute of Health and Welfare estimates, the country recorded 14,800 lung cancer cases in 2023, compared to 14,529 lung cancer cases in 2022. Thus, the increase in the burden of chronic diseases is expected to facilitate the demand for corporate wellness solutions, thereby fostering market expansion.

Cardiovascular diseases (CVDs) and obesity are also increasing among the population due to an unhealthy and sedentary lifestyle, which results in various health issues. Although these diseases are preventable, it is currently necessary to implement a holistic approach to corporate wellness programs to educate employees about the value of developing healthy habits and the advantages of adhering to wellness objectives. For instance, as per December 2022 data published by the World Obesity Federation, around 1 billion people globally are expected to have obesity by 2030.

As per June 2023 data from the Endocrine Society, employees with obesity or overweight issues were more prone to develop weight-related comorbidities like hypertension, sleep apnea, and cancer, among others. Thus, such risks associated with lifestyle diseases are likely to augment the adoption of corporate wellness solutions to mitigate such challenges, supporting market expansion.

Companies are increasingly recognizing the importance of investing in employee health and well-being to enhance productivity, reduce absenteeism, and lower healthcare costs. Similarly, with rising healthcare expenditures, companies are opting for corporate wellness programs as a proactive strategy to mitigate healthcare expenses. For instance, as per the Annual Health and Benefits Survey conducted by Global Insurance Brokers in November 2023, around 88% of corporate companies in India struggled with increased hospital bills, and about 46% of firms were ready to invest in corporate wellness solutions. Thus, the increasing importance of corporate wellness solutions among employers is anticipated to support market growth over the forecast period.

The rising activities by companies to bolster their service offerings are contributing to market growth. For instance, in January 2022, Mindhouse rebranded itself to Shyft to highlight the company's focus on offering a variety of wellness solutions for a broader spectrum of health conditions and issues and helping customers in the reversal, remission, and management of their health conditions. In addition, in February 2022, a health tech company, Quantum CorpHealth Pvt. Ltd opened three new offices in India (Bengaluru, Pune, and Hyderabad) to meet the country's rapidly increasing need for health and wellness services for corporate employees and their dependents.

The surge in the prevalence of chronic diseases, increased efforts in the reduction of employee healthcare costs, increased uptake of technology-powered corporate wellness solutions, and several strategies undertaken by market players are projected to support global market growth. However, slow adoption and lack of awareness among the population are some of the factors likely to hinder the market growth over the forecast period.

Corporate Wellness Market Trends

The Stress Management Segment is Expected to Witness Significant Growth

Corporate Wellness Industry Segmentation

As per the scope of the report, corporate wellness refers to initiatives designed to support and encourage a complete approach to employee well-being by creating an organizational culture of health. Recommending a corporate wellness solution extends beyond traditional wellness programs and promotes healthy habits among employees. It aids beneficial outcomes while improving productivity, optimizing human resource investments, and boosting employee engagement.

The corporate wellness market is segmented by service type, end user, and geography. Based on service type, the market is segmented into health risk assessment, nutrition and weight management, stress management, smoking cessation, and other service types. Based on end user, the market is segmented into private sector and public sector and other end users. Based on geography, the market is segmented into North America, Europe, Asia-Pacific, the Middle East and Africa, and South America. The report covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (USD) for all the above segments.