NEW
YORK, Oct. 10, 2024 /PRNewswire/ -- Report with
the AI impact on market trends - The Global Corporate Wellness
Market size is estimated to grow by USD
37.62 billion from 2024-2028, according to Technavio.
The market is estimated to grow at a CAGR of 9.45%
during the forecast period. Increasing need to combat rising
healthcare costs is driving market growth, with a trend
towards adoption of wearable technology. However, poor
engagement level among employees poses a challenge - Key
market players include Aduro LLC, Central Corporate Wellness,
ComPsych Corp., Exos Works Inc., Fit Athletic Club LLC, Kinema
Fitness, Laboratory Corp. Of America Holdings, Marino Wellness LLC,
Privia Health Group Inc., Quest Diagnostics Inc., Sodexo SA, SOL
Integrative Wellness Centre, Truworth Wellness, United Health
Group Inc., Virgin Pulse Inc., Vitality Group LLC, WebMD Health
Services Group Inc., Wellsource Inc., WellSteps.com LLC, and
Workplace Options LLC.
Key insights into market evolution with
AI-powered analysis. Explore trends, segmentation, and growth
drivers- View the snapshot of this report
Corporate Wellness
Market Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2017 - 2021
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
9.45%
|
Market growth
2024-2028
|
USD 37621.2
million
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
8.42
|
Regional
analysis
|
North America, Europe,
APAC, South America, and Middle East and Africa
|
Performing market
contribution
|
North America at
39%
|
Key
countries
|
US, Germany, China,
Canada, and UK
|
Key companies
profiled
|
Aduro LLC, Central
Corporate Wellness, ComPsych Corp., Exos Works Inc., Fit Athletic
Club LLC, Kinema Fitness, Laboratory Corp. Of America Holdings,
Marino Wellness LLC, Privia Health Group Inc., Quest Diagnostics
Inc., Sodexo SA, SOL Integrative Wellness Centre, Truworth
Wellness, United Health Group Inc., Virgin Pulse Inc., Vitality
Group LLC, WebMD Health Services Group Inc., Wellsource Inc.,
WellSteps.com LLC, and Workplace Options LLC
|
Market Driver
Wearable technology, including activity trackers and
smartwatches like Fitbit Blaze and Garmin Vivoactive HR, is
becoming a significant trend in corporate wellness programs. These
devices enable employers to monitor employee health data, including
vital signs, location, and biofeedback. Popular devices offer
features such as GPS, heart rate monitoring, smart notifications,
and lateral distance tracking. Companies like New York Life, Pitney
Bowes, and Sharp Healthcare have adopted these tools, providing
employees with motivation to improve their health outcomes. Devices
help corporations track and aggregate employee data, enhancing
wellness programs' success. The integration of wearable technology
in corporate wellness is anticipated to fuel market growth during
the forecast period by promoting employee health and
productivity.
The Corporate Wellness Market is experiencing significant growth
due to increasing focus on Employee Health and addressing Health
Risks in the workplace. Mental health professionals, including
Psychiatrists and Psychological Therapists, are in high demand to
tackle rising Mental Health issues. Chronic Diseases and the Opioid
Crisis are major concerns, leading to Health Education
Services, Biometric Screening, and Smoking Cessation programs.
Small Organizations are also investing in Employee Engagement
through Financial Incentives and Health Risk Assessments. Fitness
Services, Nutrition & Weight Management, Stress Management, and
Virtual Consultation are popular offerings. With the shift to
Remote Work and Work-from-Home, Virtual Care and Digital
Therapeutics are gaining traction. Employee Productivity is a key
driver, with Absenteeism and Attrition costing businesses dearly.
Onsite Services, Fitness & Nutrition Consultants, Art Therapy,
and Health Promotion complete the suite of offerings in this
Delivery Model. Health Management Services cater to Sedentary
Lifestyles and Preventive Care, while Health Insurance and Employee
Health Services round out the market landscape.
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Market Challenges
- The global corporate wellness market faces challenges due to
low employee engagement and participation in wellness programs.
Without understanding employees' needs and interests, organizations
risk investing in ineffective initiatives. Employees may lack
motivation, face work pressure, or find inconvenient timings for
wellness activities. Privacy concerns can also deter participation
in health assessments. These factors can negatively impact the
success and return on investment for corporate wellness programs.
To mitigate these challenges, it's crucial for employers to gather
employee feedback and tailor programs to their unique needs.
Effective communication, employer support, and addressing privacy
concerns can help boost participation and improve outcomes for both
employees and the organization.
- The Corporate Wellness Market faces several challenges in
delivering effective health and well-being services to employees.
These include providing health education services and virtual
consultation in a digital age, implementing virtual care and mental
health programs, addressing sedentary lifestyles and stress
management in a work-from-home environment, and dealing with budget
constraints and job insecurity. Employers must also consider the
delivery model of health programs, from onsite services to virtual
wellness programs, and the integration of health insurance and
employee health services. Additionally, addressing issues such as
discrimination, stress relief initiatives, and personalized
wellness through nutrition management and fitness classes is
crucial. The aging workforce and remote work also present unique
challenges, requiring innovative solutions such as psychological
therapists, fitness & nutrition consultants, art therapy, and
digital therapeutics. Employers must prioritize employee well-being
to boost productivity, reduce absenteeism and attrition, and
improve employee retention.
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Segment Overview
This corporate wellness market report extensively covers market
segmentation by
- Application
- 1.1 Health assessments and screenings
- 1.2 Nutrition and fitness
- 1.3 Stress management
- 1.4 Others
- Deployment
- 2.1 SMEs
- 2.2 Large organizations
- Geography
- 3.1 North America
- 3.2 Europe
- 3.3 APAC
- 3.4 South America
- 3.5 Middle East and
Africa
1.1 Health assessments and screenings-
Corporate wellness programs begin with essential health assessments
conducted by providers to understand an employee's medical history
and specific health needs. These assessments consist of workplace
evaluations, employee surveys, and analysis of attendance records,
injury reports, medical insurance, and worker claims. Health
screenings follow, identifying risk factors like smoking, alcohol
consumption, obesity, high blood pressure, high cholesterol, and
high blood glucose. Employee health screenings help individuals
address health issues, reducing absenteeism and increasing
productivity. They also boost morale by demonstrating employer
care. Vendors like Central Corporate Wellness, Wellness Corporate
Solutions, and EXOS offer various health assessment and screening
services, contributing to the growth of this market segment.
Central Corporate Wellness provides onsite health screenings, while
Wellness Corporate Solutions offers biometric screenings and
traditional laboratory checkups. EXOS specializes in performance
capability assessments. These factors are expected to fuel the
expansion of the health assessments and screening segment in the
global corporate wellness market.
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Research Analysis
The Corporate Wellness Market focuses on promoting employee
health and well-being in the workplace. With the increasing
prevalence of health risks such as chronic diseases, mental health
issues, and stress, companies are recognizing the importance of
investing in their employees' well-being. Mental health
professionals, including psychiatrists, play a crucial role in
addressing mental health concerns. Employee engagement is key to
the success of wellness programs, which may offer financial
incentives, health risk assessments, smoking cessation, fitness
programs, health screenings, nutrition & weight management,
stress management, and virtual techniques. The shift to remote work
due to the pandemic has brought new challenges, including
work-from-home ergonomics, absenteeism, job insecurity, and
discrimination. Stress relief initiatives, employee retention,
budget constraints, and personalized wellness are also important
considerations in corporate wellness.
Market Research Overview
The Corporate Wellness Market encompasses various initiatives
aimed at promoting employee health and well-being in the workplace.
This market addresses health risks, including chronic diseases and
mental health issues, through a range of services. Mental health
professionals such as psychiatrists and psychological therapists
offer virtual consultation and care. Health risk assessments,
biometric screening, smoking cessation, fitness services, and
employee assistance programs are common offerings. Small
organizations can benefit from these services, addressing chronic
conditions, opioid crisis, and stress management. Virtual
techniques like health education services, fitness classes, and
nutrition management are increasingly popular. Remote work and
work-from-home arrangements necessitate new delivery models.
Employee engagement is boosted through financial incentives and
personalized wellness programs. Health promotion and preventive
care are essential for employee productivity, while digital
therapeutics cater to an aging workforce and job insecurity. Budget
constraints call for innovative solutions like virtual wellness
programs and online platforms. Stress relief initiatives,
discrimination, and absenteeism are other concerns addressed by
this market. Employee retention is a key focus, with onsite
services and fitness & nutrition consultants offering art
therapy and stress management.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- Application
-
- Health Assessments And Screenings
- Nutrition And Fitness
- Stress Management
- Others
- Deployment
-
- Geography
-
- North America
- Europe
- APAC
- South America
- Middle East And Africa
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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SOURCE Technavio