Corporate Wellness Market Size, Share & Trends Report

Corporate Wellness Market Size, Share & Trends Analysis Report By Service (Health Risk Assessment, Fitness, Smoking Cessation), By End-use, By Category, By Delivery Model (Onsite, Offsite), By Region, And Segment Forecasts, 2020 - 2027

  • Published Date: Dec, 2020
  • Base Year for Estimate: 2019
  • Report ID: GVR-2-68038-395-9
  • Format: Electronic (PDF)
  • Historical Data: 2016 - 2018
  • Number of Pages: 100

Report Overview

The global corporate wellness market size was valued at USD 57.2 billion in 2019 and is expected to expand a CAGR of 5.4% from 2020 to 2027. Many businesses and enterprises in various industry verticals have started implementing health programs for their employees, which is expected to boost the market over the forecast period. Wellness programs at the workplace help companies in augmenting productivity while reducing the overall operational costs. Rising awareness regarding employee health and wellbeing is expected to drive the market. 

U.S. corporate wellness market size, by service, 2016 - 2027 (USD Billion)

The COVID-19 pandemic has severely impacted the mental health of employees. After its onset, it led to the work from home transition which resulted in a great deal of stress among employees due to the feeling of isolation. Moreover, the pandemic hit the economy creating a financial crisis for many individuals which in turn affected their mental health. To tackle the problem, wellness service providers are adopting virtual methods to provide services such as meetings with psychologists and health coaches.

Corporate wellness programs include a set of policies, programs, and benefits addressing multiple risk factors and conditions and influencing both employees and the overall organization. According to the National Center for Chronic Disease Prevention and Health Promotion (NCCDPHP), in the U.S., corporate programs promoting wellbeing and health, and providing disease prevention plans can potentially influence more than 150 million employees reducing the cost of healthcare significantly.

Employees are encouraged to adopt a healthier lifestyle and help companies to enhance productivity and reduce costs, by ultimately improving employee wellbeing. The total costs related to lost productivity due to absenteeism related to illnesses are expected to cross USD 150 billion in the coming years. The growth in the obese population leads to increased insurance costs accounting for the financial burden on the employers.

Service Insights

The health risk assessment segment dominated the market for corporate wellness and accounted for a revenue share of 21.0% in 2019. Corporate wellness programs mainly include screening activities to identify health risks and implement appropriate interventional strategies to promote a healthy lifestyle among employees. Around 80.0% of the employers offering employee well-being services opt for health risk assessment of their employees. In June 2016, Wellness Corporate Solutions launched the WCS Analytics + platform, which consists of an interactive data dashboard that enables the clients to plan and implement healthy activities leading to productive workplaces.

Category Insights

In the category segment, organizations dominated the market and accounted for the largest revenue share of 50.5% in 2019. The service providers offer in-house as well as outsourced health management services for large as well as small scale corporations. The trend of on-site fitness, which includes yoga and meditation, is becoming popular. Therefore, the fitness and nutrition segment is anticipated to witness the fastest growth from 2020 to 2027.

Delivery Model Insights

Onsite corporate wellness programs dominated the market and accounted for the largest revenue share of 57.2% in 2019. The segment is anticipated to witness the fastest growth rate over the forecast period. Onsite wellness initiatives provide a personal touch to employee wellbeing, along with the facilities to exercise under the guidance of fitness consultants and coaches to meet their personal health needs.

Many organizations have restructured or added benefits and insurance plans to meet employees' and their families' health needs. Service providers are creating awareness among employees regarding unhealthy aspects related to work from home due to COVID-19. For instance, the pandemic has resulted in a shift from in-person meetings to virtual meetings. However, associated challenges such as the need to focus harder to process non-verbal cues such as body language and facial expressions, poor internet connections leading to disconnection from the meeting, and multitasking during meetings are causing more stress and exhaustion as compared to in-person meetings.

End-use Insights

Large scale organizations dominated the end-use segment in the corporate wellness market in 2019 and accounted for the largest revenue share of 52.9%. According to RAND, around 70.0% of organizations invested in health screening services in the year 2013. Well documented studies indicate that correctly implemented programs can yield a return on investments of around 3:1. Larger organizations can incorporate programs and services into their company’s infrastructure. Small scaled organizations can benefit from corporate memberships and outsourcing the services. 

Global corporate wellness market share, by end use, 2019 (%)

The implementation of corporate wellness programs helps in tracking various diseases. Health screening programs are conducted at regular intervals to keep a check on health, promoting preventive care, and reducing treatment costs. The focus of wellness programs on such conditions can reduce the disease burden and the overall cost of healthcare premium paid by the employer to any insurance provider.

Regional Insights

North America dominated the market and accounted for the largest revenue share of 42.0% in 2019. According to the RAND employer survey, approximately 50.0% of the employers in the U.S. offer wellness programs to their employees. Larger employers offer more complex wellness initiatives. In Asia Pacific, the market is likely to witness an impressive growth rate over the forecast period from 2020 to 2027. The growth in the working population in Asia Pacific and growing awareness about health management of employees are responsible for the need for corporate wellness programs.

Key Companies & Market Share Insights

The market is characterized by the increase in many corporations focusing on expansion to include in-house employee wellness services. In the U.S., there are more than 550 organizations offering employee wellness programs. Some of the market players are expanding in order to accommodate and to cater to larger groups of employees. For instance, Wellness Corporate Solutions, a company based in the U.S., relocated its warehouse to a new facility in response to rising demand for biometric screening services in the U.S. in August 2016. Some of the prominent players in the corporate wellness market include:

  • ComPsych

  • Wellness Corporate Solutions

  • Virgin Pulse

  • Provant Health Solutions

  • EXOS

  • Marino Wellness

  • Privia Health

  • Vitality Group

  • Wellsource, Inc.

  • Central Corporate Wellness

  • Truworth Wellness

  • SOL Wellness

  • Well Nation

  • ADURO, INC.

  • Beacon Health Options

  • Fitbit, Inc.

Corporate Wellness Market Report Scope

Report Attribute

Details

Market size value in 2020

USD 52.8 billion

Revenue forecast in 2027

USD 87.2 billion

Growth Rate

CAGR of 5.4% from 2020 to 2027

Base year for estimation

2019

Historical data

2016 - 2018

Forecast period

2020 - 2027

Quantitative units

Revenue in USD million and CAGR from 2020 to 2027

Report coverage

Revenue forecast, company share, competitive landscape, growth factors & trends

Segments covered

Service, end-use, category, delivery model, region

Regional scope

North America; Europe; Asia Pacific; Latin America; Middle East & Africa

Country scope

U.S.; Canada; U.K.; Germany; France; Italy; Spain; Japan; China; India; Australia; Brazil; Mexico; South Africa

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; SOL Wellness, Well Nation; ADURO, INC.; Beacon Health Options; Fitbit, Inc.

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Segments Covered in the Report

This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2027. For the purpose of this study, Grand View Research has segmented the global corporate wellness market report based on service, end-use, category, delivery model, and region:

  • Service Outlook (Revenue, USD Million, 2016 - 2027)

    • Health Risk Assessment

    • Fitness

    • Smoking Cessation

    • Health Screening

    • Nutrition & Weight Management

    • Stress Management

    • Others

  • End-use Outlook (Revenue, USD Million, 2016 - 2027)

    • Small Scale Organizations

    • Medium Scale Organizations

    • Large Scale Organizations

  • Category Outlook (Revenue, USD Million, 2016 - 2027)

    • Fitness & Nutrition Consultants

    • Psychological Therapists

    • Organizations/Employers

  • Delivery Model Outlook (Revenue, USD Million, 2016 - 2027)

    • Onsite

    • Offsite

  • Regional Outlook (Revenue, USD Million, 2016 - 2027)

    • North America

      • U.S.

      • Canada

    • Europe

      • U.K.

      • Germany

      • France

      • Italy

      • Spain

    • Asia Pacific

      • Japan

      • China

      • India

      • Australia

    • Latin America

      • Brazil

      • Mexico

    • Middle East & Africa

      • South Africa

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