PUBLISHER: The Business Research Company | PRODUCT CODE: 1464072
PUBLISHER: The Business Research Company | PRODUCT CODE: 1464072
Corporate wellness solutions encompass programs, services, and initiatives instituted by organizations to foster the health and well-being of their workforce. These solutions aim to enhance employees' physical, mental, and emotional well-being, resulting in increased productivity, reduced healthcare expenses, and enhanced employee satisfaction.
The primary services offered by corporate wellness solutions include health risk assessment, fitness programs, smoking cessation support, health screenings, nutrition and weight management guidance, stress management resources, and other related offerings. Health risk assessments (HRAs) are integral components of these solutions, aiding employees in understanding their current health status, identifying potential risks, and receiving personalized recommendations for improving their well-being. Corporate wellness solutions are delivered through both cloud-based and on-premises platforms, offered in onsite and offsite models tailored to the needs of large organizations, medium-sized enterprises, and small businesses alike.
The corporate wellness solutions market research report is one of a series of new reports from The Business Research Company that provides corporate wellness solutions market statistics, including corporate wellness solutions industry global market size, regional shares, competitors with a corporate wellness solutions market share, detailed corporate wellness solutions market segments, market trends and opportunities, and any further data you may need to thrive in the corporate wellness solutions industry. This corporate wellness solutions 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.
The corporate wellness solutions market size has grown strongly in recent years. It will grow from $77.14 billion in 2023 to $84.76 billion in 2024 at a compound annual growth rate (CAGR) of 9.9%. The expansion observed during the historical period can be attributed to several factors, including the increasing adoption of corporate wellness programs aimed at promoting the well-being of employees, the growing recognition of the need for such programs due to longer working hours and increased life expectancy, the rising trend of employers implementing corporate wellness initiatives, and the escalating healthcare costs prompting organizations to invest in employee wellness programs.
The corporate wellness solutions market size is expected to see strong growth in the next few years. It will grow to $121.02 billion in 2028 at a compound annual growth rate (CAGR) of 9.3%. The projected growth in the forecast period can be attributed to several factors, including the increasing prevalence of obesity and lifestyle-related disorders, growing awareness about stress management and the prevalence of chronic diseases, the heightened adoption of technology-powered corporate wellness solutions, a focus on enhancing employee productivity and performance, and the emphasis on chronic disease prevention within organizations. Major trends expected in this forecast period include the emergence of countries with a sizable working population, a globally prominent focus on workforce health, the utilization of technology to actively engage employees in wellness programs, the proliferation of digital wellness platforms, and the implementation of wellness initiatives tailored for remote work environments.
The increasing emphasis on stress management is poised to drive notable growth within the corporate wellness solutions market in the foreseeable future. Stress management entails the adoption and practice of various cognitive and behavioral techniques aimed at effectively managing and coping with stress. Corporate wellness solutions play a crucial role in enhancing productivity, job satisfaction, and overall well-being by fostering a workplace environment that prioritizes employees' mental health and aids them in navigating stress effectively. For instance, as per the 2022 Mind the Workplace report published by Mental Health America, an analysis of survey responses from over 11,300 U.S. employees across 17 industries revealed a significant increase in the difficulty of concentration at work, with 71% of respondents experiencing challenges in 2021 compared to 65% in 2020. Hence, the escalating focus on stress management serves as a key driver propelling the growth of the corporate wellness solutions market.
Prominent entities within the corporate wellness solutions market are at the forefront of developing digital wellness platforms aimed at augmenting employee well-being through a myriad of features and tools. A digital wellness platform represents a technology-based solution designed to bolster various aspects of well-being, encompassing physical, mental, and emotional health, through the deployment of digital tools and resources. For instance, in February 2023, Albertsons Companies Inc., a renowned US-based food and drug retailer, introduced Sincerely Health, a digital health and wellness platform offering personalized health and pharmacy services. Sincerely Health empowers users to pursue their health and wellness objectives through reward points redeemable for groceries, thereby incentivizing healthy behaviors. By providing insights into nutrition, facilitating informed choices about food, physical activity, sleep, and mindfulness, Sincerely Health equips users with the tools and resources necessary to enhance their overall well-being. This initiative underscores Albertsons' commitment to promoting employee health and well-being while fostering a culture of wellness within the organization.
In September 2022, TELUS Health, a prominent digital health technology provider headquartered in Canada, completed the acquisition of LifeWorks Inc. for $2.3 billion. This strategic move bolsters TELUS's foothold in the corporate wellness solutions sector, amalgamating TELUS Health's advanced digital health technologies with LifeWorks' renowned digital and in-person offerings. The merger aims to holistically support employees' overall well-being, encompassing physical, financial, and social dimensions. Additionally, it propels TELUS Health's vision of employer-based healthcare, fostering improved access to proactive healthcare and mental wellness solutions for employees through integrated digital-first approaches. LifeWorks Inc., based in Canada, specializes in delivering a comprehensive array of corporate wellness solutions tailored to enhance mental, physical, social, and financial health.
Major companies operating in the corporate wellness solutions market report are UnitedHealth Group, CVS Health Corporation, Elevance Health, Inc, Centene Corporation, Well Nation, Telus Corporation, Cleveland Clinic, Cerner Corporation, Provant Health Solutions Inc., Privia Health Gr, Fitbit, Inc., Beacon Health Options, Wellness Corporate Solutions, LLC, ComPsych Corporation, Virgin Pulse, Vitality Group, EXOS, Medcan Clinic, Aduro Biotech Inc., Wellsource, Inc., Truworth Wellness, Central Corporate Wellness, Marino Wellness, SOL Wellness
North America was the largest region in the corporate wellness solutions market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the corporate wellness solutions market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
The countries covered in the corporate wellness solutions market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
The corporate wellness solutions market includes revenues earned by entities by providing services such as wellness coaching, fitness and exercise programs, mental health support, biometric screening, substance abuse management, and employee assistance programs. 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.
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 resales along the supply chain, either further along the supply chain or as part of other products.
Corporate Wellness Solutions Global Market Report 2024 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 solutions 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 solutions ? 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 solutions 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.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.