The global corporate wellness market size is expected to reach USD 87.2 billion by 2027, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.4% from 2020 to 2027. Rising obese and overweight population increases insurance costs that account for the financial burden on the employers.The corporate wellness initiatives target particular health risk factors such as stress, obesity, smoking, poor eating, and lack of exercise.
The pandemic has caused a change in the process of delivering wellness services. Although in-person sessions have resumed to some extent, the virtual platform has been made available to at-risk employees to meet their psychological and fitness needs. Initially, the lockdown imposed due to COVID-19 resulted in transition to work from home, causing a great deal of stress.
Employers have started offering some kind of fitness program for the purpose of disease prevention and improve productivity. According to a study conducted by Harvard economists, absenteeism costs fall by USD 2.7 for every dollar spent on fitness programs. Therefore, employees need to be encouraged to adopt a healthier lifestyle to improve their performance.
Employers providing corporate fitness programs have noticed a significant rise in productivity and a decline in leaves and attrition. In addition, companies in the U.K. initiated the Fit for Work service, which offers a tax benefit of USD 663.3 per year. Organizations are providing wearables, such as Fitbit, Apple watch, and Google watches, which help in keeping track of parameters such as heart rate and blood pressure.
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The health risk assessment segment dominated the market in terms of revenue share in the year 2019. The health screening activities enable employers to implement strategic initiatives to deal with the identified health risks
The stress management segment is likely to showcase the fastest growth rate over the forecast period from 2020 to 2027, owing to the rising preference for on-site yoga and meditation services
Large scale organizations dominated the end-use segment in the market in 2019. The infrastructure in large scale companies makes conducting wellness services easier and convenient
North America dominated the overall market in terms of revenue share in the year 2019 due to popularity of corporate fitness in the region. According to a survey by Benefits Canada conducted on 1300 employers, North America had the highest number of corporate wellness programs. In this region, more than 80.0% of the employers are offering corporate wellness services to their employees
Grand View Research has segmented the corporate wellness market based on service, end use, category, delivery model, and region:
Corporate Wellness Service Outlook (Revenue, USD Million, 2016 - 2027)
Health Risk Assessment
Nutrition & Weight Management
Corporate Wellness End-use Outlook (Revenue, USD Million, 2016 - 2027)
Small Scale Organizations
Medium Scale Organizations
Large Scale Organizations
Corporate Wellness Category Outlook (Revenue, USD Million, 2016 - 2027)
Fitness & Nutrition Consultants
Corporate Wellness Delivery Model Outlook (Revenue, USD Million, 2016 - 2027)
Corporate Wellness Regional Outlook (Revenue, USD Million, 2016 - 2027)
Middle East & Africa
List of Key Players of Corporate Wellness Market
Wellness Corporate Solutions
Provant Health Solutions
Central Corporate Wellness
Beacon Health Options
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