Corporate Wellness - Market Insights, Competitive Landscape, and Market Forecast - 2030

Corporate Wellness - Market Insights, Competitive Landscape, and Market Forecast - 2030

Corporate Wellness Market By Service (Health Risk Assessment, Fitness, Stress Management, And Others), Corporate Type (Public And Private), Category (Fitness And Nutrition Consultants, Psychologists, Organizations, And Others) And Geography (North America, Europe, Asia-Pacific, And Rest Of The World) is expected to grow at a steady CAGR forecast till 2030 owing to the increasing screen time, rapid urbanization, faulty lifestyle, and the increasing awareness among organizations towards employee health management

The global corporate wellness market is estimated to grow at a CAGR of 6.47% during the forecast period from 2024 to 2030 to reach USD 117.3 billion by 2030. The demand for Corporate Wellness is primarily being boosted by the increasing screen time, rising workload, rapid urbanization, unhealthy diet, faulty lifestyle, smoking, and the increasing awareness among organizations towards employee health management for increased work output and efficiency, during the forecast period from 2024 to 2030.

Corporate Wellness Market Dynamics:

According to the Centers for Disease Control and Prevention (CDC), work-related stress is frequently linked to workplace conditions such as prolonged work hours, repetitive tasks, and stringent deadlines. These factors often lead to compromised personal safety and health among employees, resulting in decreased work efficiency and output.

In response to rising health issues and inadequate family health support, global corporations are increasingly recognizing the importance of well-being as a social good. Companies are now extending care not only to their employees but also to their families and work teams. This shift has led to the implementation of various fitness campaigns and health improvement programs aimed at benefiting entire communities. Additionally, businesses are investing in initiatives that ensure their products, manufacturing processes, and other activities create a positive and sustainable impact.

A recent research study published in 2024 highlighted that Corporate Social Responsibility (CSR) initiatives led by Indian businesses have effectively alleviated the burden on public healthcare institutions and contributed to strengthening the healthcare infrastructure within Indian companies.

Consequently, the deteriorating health status of employees due to increasing work-related stress and pressure, coupled with the growing awareness among corporate entities about the importance of enhancing employee health, is expected to drive substantial growth in the corporate wellness market during the forecast period.

However, lack of proper design and implementation, data privacy and security concerns associated with corporate wellness programs may act as significant restraints that are expected to limit the growth of the corporate wellness market during the forecast period.

Corporate Wellness Market Segment Analysis:

Corporate Wellness market by Service (Health Risk Assessment, Fitness, Stress Management, and Others), Corporate Type (Public and Private), Category (Fitness and Nutrition Consultants, Psychologists, Organizations, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the corporate wellness market, the fitness category is projected to capture a significant revenue share in 2023. This growth is driven by global corporations' efforts to reduce employee health expenditures, promote a balanced work-life, and facilitate regular interactions with nutritionists, among other initiatives.

By encouraging healthier daily routines and lifestyles, companies can significantly reduce healthcare costs associated with low fitness levels, obesity, injuries, and diseases. Simple actions such as taking the stairs, drinking less soda, getting more sleep, and managing stress at work can foster behavior changes that positively impact overall well-being and productivity.

For instance, Virgin Pulse’s daily engagement platform encourages users to adopt healthy habits like meditating each morning, taking the stairs, drinking more water, eating nutritious foods, and saving money. Companies using Virgin Pulse’s program have reported an average 16% reduction in healthcare claim costs per member by implementing these tools.

Given these factors, the fitness category within the corporate wellness market is expected to drive substantial demand during the forecast period from 2024 to 2030.

North America Is Expected To Dominate The Overall Corporate Wellness Market:

North America is expected to account for the highest proportion of the Corporate Wellness Market in 2023, out of all regions. This is due to the presence of global corporate key players in the region, along with the growing cases of obesity, unhealthy lifestyles, and rising shift in work culture in North America, among others. Additionally, the growing awareness and focus of corporate giants on building up a healthy employee workforce, and the presence of developed and sophisticated healthcare infrastructure in the region are some other key factors driving the growth of the Corporate Wellness market in North America.

According to research from the U.S. Centers for Disease Control (2023), it estimated that six in ten adults in the U.S. had a chronic disease (e.g., stress, lung disease, stroke, Alzheimer’s, diabetes and kidney disease) and four in ten have two or more diseases annually on average.

According to a recent study by Willis Towers Watson (2023), nearly 45% of US workers reported having experienced mental illness in their lifetime. Over 76% of employees reported that they experienced emotional distress due to work pressures in 2022, with more than 51% reporting that their emotional distress was severe enough to impact their ability to do their job well.

In addition, recent data from the Bureau of Labor Statistics (BLS) (2023) highlighted that over one-third (36%) of US workers were experiencing symptoms related to depression or anxiety on any given day.

For example, companies such as American Express took on one of the most common and expensive wellness issues in the American workplace: diabetes by launching its pilot program in 2012, by partnering with the non-profit Community Health Charities to roll out the “Healthy Living with Diabetes” Program. The program included periodic blood sugar testing, webinars, and learning sessions, one-on-ones with medical professionals, healthy living tools and resources, and online content, including videos and quizzes. Thus, due to the presence of global corporate giants such as Johnson and Johnson, American Express, Alphabet, among others in the US that have focused on employee health management since decades, offering significant perks throughout employee tenure, is also expected to drive the corporate wellness market in North America during the forecast period.

Corporate Wellness Market Key Players:

Some of the key market players operating in the Corporate Wellness market include Virgin Pulse, EXOS, Wellsource, Wellness Corporate Solutions, Wellnessconnect, Limeade, Wellness 360, IncentFit, Central Corporate Wellness, HealthifyMe, Wellable, ComPsych, Trueworth Wellness, Privia Health, YuMuuv, Sol Wellness, Aduro, Marino Wellness, Vitality, Headspace, and others.

Recent Developmental Activities In The Corporate Wellness Market:

In May 2024, the Business Roundtable launched its Mental Health Initiative aimed at identifying the best practices for companies to promote mental well-being in the workplace. The initiative also included resources, training programs, peer forums, and tools for managers.

In November 2022, To the New, a digital technology company, launched Wellness 360, an initiative to develop a healthy balance between the employees’ professional and personal lives. It is a structured, company-wide programme that educates employees and helps them cultivate complete wellness.

In August 2021, financial services company Zerodha, launched an initiative to help its employees to stay fit and maintain a non-sedentary lifestyle, by giving a month’s salary bonus to its employees who reached their ’12-month get healthy’ fitness goals.

Key Takeaways From The Corporate Wellness Market Report Study

Market size analysis for current Corporate Wellness Market size (2023), and market forecast for 6 years (2024 to 2030)

Top key service offerings, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years

Key companies dominating the global Corporate Wellness market.

Various opportunities available for the other competitors in the Corporate Wellness Market space.

What are the top-performing segments in 2023? How these segments will perform in 2030?

Which are the top-performing regions and countries in the current Corporate Wellness market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for Corporate Wellness market growth in the coming future?

Target Audience Who Can Be Benefited From This Corporate Wellness Market Report Study

Corporate Wellness service providers

Public and Private Corporate companies

Corporate Wellness-related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Service Providers dealing in Corporate Wellness

Various corporates who want to know more about the Corporate Wellness Market and the latest service offerings in the Corporate Wellness Market.

Frequently Asked Questions For The Corporate Wellness Market:

1. What are Corporate Wellness?

Corporate Wellness, also known as corporate well-being or workplace wellness, refers to initiatives and programs implemented by companies to promote the health and well-being of their employees.

2. What is the market for Corporate Wellness?

The global corporate wellness market is estimated to grow at a CAGR of 6.47% during the forecast period from 2024 to 2030 to reach USD 117.3 billion by 2030.

3. What are the drivers for the Global Corporate Wellness market?

The corporate wellness market is slated to witness prosperity owing to the increasing screen time, rising workload, rapid urbanization, unhealthy diet, faulty lifestyle, smoking, and the increasing awareness among organizations towards employee health management for increased work output and efficiency, during the forecast period from 2024 to 2030.

4. Who are the key players operating in the global Corporate Wellness market?

Some of the key market players operating in the corporate wellness market include Virgin Pulse, EXOS, Wellsource, Wellness Corporate Solutions, Wellnessconnect, Limeade, Wellness 360, IncentFit, Central Corporate Wellness, HealthifyMe, Wellable, ComPsych, Trueworth Wellness, Privia Health, YuMuuv, Sol Wellness, Aduro, Marino Wellness, Vitality, Headspace, and others.

5. Which region has the highest share in the Global Corporate Wellness market?

North America is expected to dominate the overall corporate wellness market during the forecast period from 2024 to 2030. This is due to the presence of global corporate key players in the region, along with the growing cases of obesity, unhealthy lifestyles, and rising shifts in work culture in North America, among others. Additionally, the growing awareness and focus of corporate giants on building up a healthy employee workforce, the presence of developed and sophisticated healthcare infrastructure in the region are some other key factors driving the growth of the corporate wellness market in North America.