Corporate Wellness Market Share and Size
| Study Period | 2019 - 2029 |
| Market Size (2024) | USD 190.75 Billion |
| Market Size (2029) | USD 288.22 Billion |
| CAGR (2024 - 2029) | 8.61 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
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, 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 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 are the key factors driving market growth. Most 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. 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. 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 Market Growth
The stress management segment is anticipated to witness significant growth during the forecast period owing to factors like extended work hours, heavy workloads, and work pressure-related issues that create physical and mental repercussions, such as hypertension, heart attacks, and a feeling of instability among the employees.
With rising competition, employees are having to work under pressure and excessive demand. As a result, stress disturbs the equilibrium of work-life balance for employees.
According to the American Psychological Association's Work and Well-being Survey of October 2022, 79% of employees experienced work-related stress in their corporate lives. As per the same source, almost 3 out of 5 workers cited the negative effects of work-related stress. Also, 26% of the employees reported a loss of enthusiasm or energy to work, and 19% reported a lack of effort at work. Such undue pressure at the workplace is expected to increase demand and the need to organize stress management activities or sessions, which is anticipated to fuel segment growth over the forecast period.
According to September 2023 data from MHFA England, mental health was a crucial concern in the United Kingdom, and around 51% of long-term sick leaves were due to mental stress. As per the same source, around 55% of workers felt that their work had become more demanding and challenging. Thus, such issues associated with mental health are expected to create demand for robust stress management solutions in corporations, thereby fostering market expansion.
Various strategic initiatives undertaken by market players are expected to bolster the segment’s growth. In July 2023, Workplace Options launched a tool for workplace stress index data to manage and maintain employee mental health. Similarly, in October 2022, the Health and Safety Executive (HSE) launched a new qualification in partnership with NEBOSH to help employers take action regarding increased work-related stress in the United Kingdom.
The increasing burden of mental health issues in the workplace, coupled with several strategic initiatives undertaken by market participants, is projected to accelerate segment expansion over the forecast period.
The North American Corporate Wellness Market is Projected to Witness Healthy Growth During the Forecast Period
North America is expected to dominate the corporate wellness market share over the forecast period due to rising corporate stress among the population and increasing initiatives to manage stressful situations. Higher adoption of employee wellness programs by organizations, technological advancements, and increasing awareness about healthy health are also anticipated to support market growth.
The increase in work-related health issues like stress and mental health across the United States is projected to boost market growth over the coming years. According to a January 2024 update from the American Psychological Association, workplace stress was among the top concerns in the United States. Around 77% of workers suffered from corporate stress, and around 57% of people reported negative health impacts due to work-related stress. The growing stress concerns among corporate workers are expected to bolster demand for robust corporate wellness programs, accelerating regional market growth.
Supportive government legislation to promote the uptake of corporate wellness services across the region is further projected to augment regional market growth. For instance, in June 2023, the Biden-Harris Management Agenda directed government agencies to create awareness about employee support and well-being across the United States. Thus, supportive government legislation for promoting corporate well-being is another factor supporting market expansion.
The introduction of innovative corporate solutions is projected to augment regional market growth. For instance, in October 2023, Eleu Health launched an innovative data-driven corporate wellness solution for corporate employees. In December 2023, WebMD Ignite launched a new health risk assessment solution, Health Advisor, to help providers drive patient acquisition and engagement while promoting more preventive care to healthcare consumers. Thus, such initiatives are expected to bolster the regional market growth over the forecast period.
The rising corporate stress among the population, increasing initiatives to manage stressful situations, supportive government legislation for stress management, and higher adoption of employee wellness programs by organizations are expected to propel market growth over the coming years.
Corporate Wellness Industry Overview
The corporate wellness industry is competitive and consists of several significant players. The market players focus on expansion to include in-house employee wellness services. Some market players are expanding to accommodate and cater to a larger group of employees. Companies like ComPsych Corporation, Exos, Quest Diagnostics Incorporated, Virgin Pulse, and Corporate Wellness hold a substantial market share.
Corporate Wellness Market Leaders
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Quest Diagnostics Incorporated
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Exos
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Corporate Wellness
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Virgin Pulse
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ComPsych Corporation.
*Disclaimer: Major Players sorted in no particular order
Corporate Wellness Market News
- November 2024: Truworth Wellness launched an AI-driven wellness platform designed to offer personalized health recommendations to employees, enhancing engagement and outcomes.
- October 2024: Quest Diagnostics introduced a new suite of biometric screening services tailored for corporate clients, aiming to provide more detailed health insights for employees.
- September 2024: Privia Health expanded its corporate wellness services by integrating mental health support into its existing programs, addressing the growing need for comprehensive employee well-being solutions.
- August 2024: Virgin Pulse partnered with Cigna Healthcare to launch a personalized digital platform aimed at enhancing individual health and well-being.
- August 2024: Wellsource updated its health risk assessment tools to include modules on mental health and stress management, reflecting the increasing importance of holistic wellness in the workplace.
Corporate Wellness Market Report - Table of Contents
1. INTRODUCTION
1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2. RESEARCH METHODOLOGY
3. EXECUTIVE SUMMARY
4. MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Growing Prevalence and Early Onset of Chronic Diseases
4.2.2 Reduction in Employee Healthcare Costs
4.3 Market Restraints
4.3.1 Slow Adoption and Lack of Awareness
4.4 Porter's Five Forces Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5. MARKET SEGMENTATION (Market Size by Value - USD)
5.1 By Service Type
5.1.1 Health Risk Assessment
5.1.2 Nutrition and Weight Management
5.1.3 Stress Management
5.1.4 Smoking Cessation
5.1.5 Other Service Types
5.2 By End User
5.2.1 Private Sector
5.2.2 Public Sector and Other End Users
5.3 By Geography
5.3.1 North America
5.3.1.1 United States
5.3.1.2 Canada
5.3.1.3 Mexico
5.3.2 Europe
5.3.2.1 Germany
5.3.2.2 United Kingdom
5.3.2.3 France
5.3.2.4 Italy
5.3.2.5 Spain
5.3.2.6 Rest of Europe
5.3.3 Asia-Pacific
5.3.3.1 China
5.3.3.2 Japan
5.3.3.3 India
5.3.3.4 Australia
5.3.3.5 South Korea
5.3.3.6 Rest of Asia-Pacific
5.3.4 Middle East and Africa
5.3.4.1 GCC
5.3.4.2 South Africa
5.3.4.3 Rest of Middle East and Africa
5.3.5 South America
5.3.5.1 Brazil
5.3.5.2 Argentina
5.3.5.3 Rest of South America
6. COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 ComPsych Corporation.
6.1.2 Exos
6.1.3 Marino Wellness
6.1.4 Privia Health
6.1.5 Quest Diagnostics Incorporated
6.1.6 SOL Integrative Wellness Centre
6.1.7 Truworth Wellness Technologies Pvt. Ltd
6.1.8 Virgin Pulse
6.1.9 Corporate Wellness
6.1.10 Wellsource Inc.
6.1.11 Vitality Group International Inc.
- *List Not Exhaustive
7. MARKET OPPORTUNITIES AND FUTURE TRENDS
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 industry 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 users, 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 size and trends for 17 countries across major regions globally. The market research report offers the value (USD) for all the above segments.
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Corporate Wellness Market Research FAQs
How big is the Corporate Wellness Market?
The Corporate Wellness Market size is expected to reach USD 190.75 billion in 2024 and grow at a CAGR of 8.61% to reach USD 288.22 billion by 2029.
What are the market segments of the corporate health and wellness industry?
This market is segmented by service type including health risk assessments, weight and nutrition management, stress management, and smoking cessation and by end-users, primarily in the private and public sectors.
What are the key challenges in implementing a corporate wellness program?
The key challenges in implementing a corporate wellness program include slow adoption, limited awareness among employees, and insufficient funding and time investment from companies.
What are the main trends in corporate wellness today?
Key trends in corporate wellness include a focus on mental health, wearable health trackers, on-site activities like fitness classes, and tech-driven solutions like fitness apps.
Who are the leading players in corporate wellness?
The leading players in corporate wellness include Quest Diagnostics Incorporated, Exos, Virgin Pulse, ComPsych Corporation and Marino Wellness LLC.
How do small and medium-sized enterprises (SMEs) implement corporate wellness programs?
SMEs use low-cost wellness initiatives like fitness apps, gym discounts, stress management sessions and flexible hours, adapting quickly to employee needs for impactful results.
Corporate Wellness Industry Report
The global corporate wellness sector is experiencing significant growth, driven by the adoption of health programs by businesses to enhance employee productivity and reduce operational costs. These initiatives, which include health risk assessments and stress management services, address various health risks and conditions, contributing to an organizational focus on overall well-being. The industry trends indicate that increased awareness of employee health and the financial impact of illness-related absenteeism and chronic diseases are major factors influencing this growth. The pandemic has further underscored the importance of stress management and mental health, prompting top corporate wellness companies to innovate and create supportive workplaces that boost mental wellbeing. Emerging industry trends highlight the significance of holistic approaches that educate employees on maintaining healthy habits, thereby directly influencing organizational performance and reducing healthcare costs. By investing in effective wellness programs, companies are seeing a notable return on investment, fostering a productive, health-conscious work environment. The industry statistics reveal that the corporate wellness sector is expanding, with a focus on market growth and market value. For a comprehensive analysis, including market share, size, market segmentation, and market forecast, stakeholders can refer to the detailed industry reports available. The market research provided offers valuable market data and insights into the industry's future outlook. The market research report example and report pdf available from Mordor Intelligence deliver an in-depth market review, industry statistics, and analysis, helping stakeholders navigate the evolving corporate wellness landscape. Industry research indicates that market leaders are setting trends in industry sales and market overview, further solidifying the industry's growth rate and market predictions. Overall, the corporate wellness sector presents a promising industry outlook with significant opportunities for growth and development. The market analysis emphasizes the importance of continuous investment in wellness programs to maintain a c a competitive edge and ensure the well-being of employees.
Corporate Wellness Market Report Snapshots
