PUBLISHER: The Business Research Company | PRODUCT CODE: 1311023
PUBLISHER: The Business Research Company | PRODUCT CODE: 1311023
“Corporate Wellness Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on corporate wellness market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for corporate wellness ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The corporate wellness market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Major players in the corporate wellness market are ComPsych Corporation, Wellness Corporate Solutions LLC, Virgin Pulse, Provant Health Solutions LLC, Exos, Marino Wellness, Privia Health, Vitality Group International Inc., Wellsource Inc., Central Corporate Wellness, Truworth Wellness, SOL Wellness LLC, Well Nation, Aduro Inc., Beacon Health Options Inc., and Fitbit Inc.
The global corporate wellness market is expected to grow from $60.64 billion in 2022 to $65.14 billion in 2023 at a compound annual growth rate (CAGR) of 7.4%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The corporate wellness market is expected to reach $87.94 billion in 2027 at a CAGR of 7.8%.
The corporate wellness market revenues earned by entities by offering remote working arrangements, financial education, work-life balance, on-site fitness accommodations, and de-stressing activities. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
Corporate wellness, often called workplace wellness, refers to a general term for initiatives, plans, and organizational guidelines intended to encourage positive behavior at work. It is a planned employer-funded program created to assist employees in adopting and maintaining practices that lower health risks, enhance quality of life, increase productivity, and boost an organization's bottom line.
North America was the largest region in the corporate wellness market in 2022. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in corporate wellness report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of corporate wellness services are health risk assessment, fitness, smoking cessation, health screening, nutrition and weight management, stress management, and others. A health risk assessment, or HRA, also known as a health appraisal or health assessment, is a screening solution that assists individuals in identifying and understanding their health risks as well as monitoring their health condition over time. The various delivery models are involved, such as onsite and offsite, which are categories as fitness and nutrition consultants, psychological therapists, and organizations or employer. It is used by various end users, such as the private sector, the public sector, and others.
The rising prevalence of chronic illnesses among corporate workers is expected to propel the growth of the corporate wellness market in the coming future. A chronic illness is a medical condition or illness that often lasts for three months or more and has the potential to get worse over time. The rising prevalence of chronic illnesses among corporate workers expands the corporate wellness market as companies wellness programs enhance the health conditions of workers by providing a wide range of services that minimize chronic disease conditions. For instance, in November 2021, according to the Bureau of Labor Statistics, a US-based intergovernmental organization, the number of respiratory disease cases reported by employers increased by around 4,000%, from 10,800 in 2019 to 428,700 in 2020. The rate of respiratory illness grew from 1.1 cases per 10,000 full-time equivalent workers in 2019 to 44.0 cases per 10,000 full-time equivalent workers in 2020. Therefore, the rising prevalence of chronic illnesses among corporate workers is driving the growth of the corporate wellness market.
Technological advancements are a key trend gaining popularity in the corporate wellness market. Major companies operating in the corporate wellness market are focused on developing technological solutions to strengthen their position in the market. For instance, in September 2022, Virgin Pulse, a US-based company that offers employee well-being solutions, launched VP Activate, a more advanced intelligent communication solution that makes it easy for companies and health systems to reach out to their audiences more quickly and proactively. VP Activate is a data-driven, multiple-channel communication solution that recognizes and connects people at risk of a care gap, as well as determines the best approach to interact with important groups to promote action. It assesses each person's requirements, identifies obstacles to filling care gaps and other wellness activities, and then employs a surround-sound strategy to achieve good results through both online and offline channels.
In September 2022, Telus Corporation, a Canada-based company that offers employee well-being solutions, telecommunications, and other services, acquired LifeWorks Inc. for approximately $1.69 billion. Through the acquisition, TELUS Health's global reach has expanded, it currently serves corporate clients in more than 160 countries and covers 50 million people worldwide. LifeWorks Inc. is a Canada-based provider of employee wellness and human resources services and technology.
The countries covered in the corporate wellness market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resale along the supply chain, either further along the supply chain or as part of other products.
The corporate wellness market research report is one of a series of new reports from The Business Research Company that provides corporate wellness market statistics, including corporate wellness industry global market size, regional shares, competitors with a corporate wellness market share, detailed corporate wellness market segments, market trends and opportunities, and any further data you may need to thrive in the corporate wellness industry. This corporate wellness market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.