The global corporate wellness market size is expected to reach USD 84.9 billion by 2025, according to a new report by Grand View Research, Inc. The market is estimated to expand at a CAGR of 6.8% during the forecast period. Rising demand for corporate wellness activities due to increased insurance costs that result in financial burden on employers is driving the market. The corporate wellness initiatives target particular health risk factors such as stress, obesity, smoking, diet, lack of exercise, etc.
Various companies across the globe have started initiating wellness programs for disease prevention and productivity improvement. According to a study conducted by Harvard economists, absenteeism costs fall by USD 2.73 for every dollar spent on wellness programs. Therefore, the employees need to be encouraged to adopt a healthier lifestyle to improve their productivity.
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Further key findings from the study suggest:
Corporate wellness programs are aiming at the improvement of employee well-being, to reduce absenteeism costs, which account for a huge productivity and monetary loss
In addition, employers have to pay the mandated health insurance costs, which increases their economic burden
Health risk assessment segment led the overall market, in terms of revenue share, in 2017. The health screening activities enable the employers to implement strategic initiatives to deal with the identified health risks
Stress management segment is likely to witness the fastest growth rate over the forecast period (from 2018 to 2025), owing to rising preference for on-site yoga and meditation services
Large-scale organizations dominated the end-use segment in 2017. Implementation of wellness services is easier and convenient in the large-scale companies due to their advanced infrastructure
Medium-scale organizations are likely to experience the fastest growth over the forecast period, due to increasing adoption of health screening services
Wellness service providers dominated the market in 2017. The fitness & nutrition consultants segment is anticipated to witness the fastest growth from 2018 to 2025
North America was the dominant regional market in 2017, in terms of revenue share
Asia Pacific is likely to have an impressive growth rate over the forecast periodon account of rapidly growing number of working individuals
Some of the key players in this market are ComPsych Corporation; Virgin Pulse, Inc.; Provant Health Solutions LLC; EXOS, Vitality Group, Inc.; Interactive Health, Inc.; Sodexo, FitLinxx, Inc.
Grand View Research has segmented the global corporate wellness market on the basis of service, end use, category, and region:
Corporate Wellness Service Outlook (Revenue, USD Million, 2014 - 2025)
Health Risk Assessment
Nutrition & Weight Management
Corporate Wellness End Use Outlook (Revenue, USD Million, 2014 - 2025)
Corporate Wellness Category Outlook (Revenue, USD Million, 2014 - 2025)
Fitness & Nutrition Consultants
Corporate Wellness Regional Outlook (Revenue, USD Million, 2014 - 2025)
Middle East & Africa
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