The global corporate wellness market size was valued at USD 52.8 billion in 2020 and is expected to expand at a compound annual growth rate (CAGR) of 7.0% from 2021 to 2028. Many businesses and enterprises in various industry verticals have started implementing health programs for their employees, which will also boost market demand. 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 for corporate wellness.
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 obese and overweight population leads to increased insurance costs accounting for the financial burden on the employers.
Due to the COVID-19 pandemic, the businesses have found ways to protect and prioritize their employees physically by providing tech support to assist social distancing in the implementation of new leave policies. Employer’s focus has shifted to preventive and constructive management by helping workers adapt to new standards.
The health risk assessment segment dominated the market for corporate wellness and accounted for the largest revenue share of 21.1% in 2020. 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% 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.
The large scale organizations dominated the end-use segment and accounted for the largest revenue share of 52.8% in 2020. According to RAND, around 70% 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.
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 corporate 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. Although lockdown and closure of offices have resulted in a large group of employees switching to work from home models, it still remains vital to ensure that employees are able to access and continue to use wellness services at the workplace.
In the category segment, organizations dominated the market and accounted for the largest revenue share of 50.3% in 2020. 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 stress management segment is anticipated to witness the fastest growth from 2021 to 2028.
Onsite corporate wellness programs dominated the delivery model segment and accounted for the largest revenue share of more than 57% in 2020. The segment is anticipated to witness a high 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.
North America dominated the corporate wellness market and accounted for the largest revenue share of more than 42% in 2020. 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.
Asia Pacific is likely to witness an impressive growth rate over the forecast period from 2021 to 2028. The growth of the working population in the Asia Pacific and growing awareness about the health management of employees are responsible for the need for corporate wellness programs in the region.
The market is characterized by the increase in many corporations focusing on expansion to include in-house corporate 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 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 the 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.
Report Attribute |
Details |
Market size value in 2021 |
USD 58.2 billion |
Revenue forecast in 2028 |
USD 93.4 billion |
Growth Rate |
CAGR of 7.01% from 2021 to 2028 |
Base year for estimation |
2020 |
Historical data |
2016 - 2019 |
Forecast period |
2021 - 2028 |
Quantitative units |
Revenue in USD million and CAGR from 2021 to 2028 |
Report coverage |
Revenue forecast, company ranking, competitive landscape, growth factors, and 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; and SOL Wellness, Well Nation, ADURO, INC., Beacon Health Options, Fitbit, Inc. |
Customization scope |
Free report customization (equivalent up to 8 analysts working days) with purchase. Addition or alteration to country, regional & segment scope. |
Pricing and purchase options |
Avail customized purchase options to meet your exact research needs. Explore purchase options |
This report forecasts revenue growth at the global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2016 to 2028. For the purpose of this study, Grand View Research has segmented the global corporate wellness market report on the basis of service, end-use, category, delivery model, and region:
Service Outlook (Revenue, USD Million, 2016 - 2028)
Health Risk Assessment
Fitness
Smoking Cessation
Health Screening
Nutrition & Weight Management
Stress Management
Others
End-use Outlook (Revenue, USD Million, 2016 - 2028)
Small Scale Organizations
Medium Scale Organizations
Large Scale Organizations
Category Outlook (Revenue, USD Million, 2016 - 2028)
Fitness & Nutrition Consultants
Psychological Therapists
Organizations/Employers
Delivery Model Outlook (Revenue, USD Million, 2016 - 2028)
Onsite
Offsite
Regional Outlook (Revenue, USD Million, 2016 - 2028)
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 (MEA)
South Africa
b. Some key players operating in the corporate wellness market are ComPsych; Wellness Corporate Solutions; Virgin Pulse; Provant Health Solutions; EXOS; Marino Wellness, Privia Health; Vitality Group; Wellsource, Inc.; Central Corporate Wellness; Truworth Wellness; and SOL Wellness, Well Nation, ADURO, INC., Beacon Health Options, and Fitbit, Inc.
b. Key factors that are driving the corporate wellness market growth include growing preference for employee wellness, availability of wellness providers, and rising investments by employers.
b. The global corporate wellness market size was estimated at USD 52.8 billion in 2020 and is expected to reach USD 58.2 billion in 2021.
b. The global corporate wellness market is expected to grow at a compound annual growth rate of 7.01% from 2021 to 2028 to reach USD 93.4 billion by 2028.
b. North America dominated the corporate wellness market with a share of 42% in 2020. Approximately 50% of the employers in the U.S. offer wellness programs to their employees and larger organizations offer more advanced wellness initiatives.
b. The health risk assessment segment accounted for the largest revenue share in the corporate wellness market in 2020.
b. In terms of delivery model, onsite wellness programs accounted for a dominant market share in 2020 and are also expected to show the fastest growth through 2028.
b. As per a recent RAND employer survey, around 50% of employers in the United States provide wellness programs to their employees.
b. The large-scale organizations accounted for the largest share in the end-use segment of the corporate wellness market in 2020, followed by medium-scale organizations.
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With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.
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