Corporate wellness market size, share, trend analy
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This market research report on the global corporate wellness market offers analysis on market size & forecast, market share, industry trends, growth drivers, and vendor analysis. The market study also includes insights on segmentation by program (HRA, nutrition &weight management, smoking cessation, fitness services, alcohol and drug rehab, stress management, health & education services, and others), by end-users (large private sector businesses, medium private sector businesses, public sector companies, small private sector businesses, non-profit organizations, hospitals/health systems, and universities), by revenue model (recurring revenues and seasonal revenues), by delivery model (onsite and offsite), and by geography (North America, Europe, APAC, and ROW).

Key highlights of corporate wellness market:

  • Corporate wellness has made a change by bringing in a new era of customized education solutions that tend to each employee's individualized wellbeing through AI and big data.
  • Companies are aggregating massive amount of qualitative and quantitative data to build tailored programs, thereby causing a paradigm shift in terms of how employers and employees look at health and wellness.
  • The top workforce risk factors challenging employers according to corporate wellness report are stress, lack of physical activity, poor nutrition, obesity, and lack of sleep.
  • Most of the companies follow no strategy for corporate wellness, but some companies follows adopt strategy to offer enhanced delivery and differentiated strategy.
  • The industry is shifting its focus from wellness to wellbeing to provide holistic programs to the employees.

Corporate Wellness Market - Overview

The incorporation of benefit plans that promotes modern work culture and offers low-cost programs that help employee battle with stress, illness, or other health-related issues is propelling the growth of the global corporate wellness market. These wellness programs are designed to promote the overall health and wellbeing of the employee resulting in improved efficiency and strengthen business performance. The service providers are targeting higher engagement levels, wherein employees are encouraged to take care of themselves in these programs through intrinsic forms of motivation. The organizations are looking for well-balanced corporate wellness programs/plans that look at the total employee wellbeing where physical, mental, financial, work well-being, energy, and a sense of community to create a transformation across the workforce and thereby drive profits in the global market. The growing use of wellness portals that act as a hub for worksite programs and incorporate challenges, incentive tracking, employee health records, check-ins, and educational material will help revolutionize the corporate wellness industry over the next few years. The leading vendors are leveraging technology to integrate AI and data integration to attract a maximum number of consumers. The uneven educational systems, stricter immigration rules, development of technology, and increasing aging workforce are some of the primary factors attributing to the growth of the global market. The implementation of occupational-based health and safety workplace programs is fueling the development of the global corporate wellness market.

The service providers are introducing mobile technology and websites for corporate wellness programs that provide information ranging from in-network provider directories, medication prices, and information on plausible deductibles with therapeutic alternatives, provision of in-home monitoring, and alerts for taking medication as and when prescribed to gain new consumers. The leading vendors are partnering with several other sectors such as mind-body, alternative medicine, fitness, and spa to offer the best options to the consumers in the market. The global corporate wellness market is expected to reach values of approximately $72 billion by 2023, growing at a CAGR of more than 8% during 2017-2023.

Global Corporate Wellness Market Analysis and  Growth Overview

Corporate Wellness Market - Dynamics

Various enterprises across the world are extending the wellness programs to the employees’ family members to increase participation in the global corporate wellness market. In the US employers are beginning to extend wellness support to spouses, children, and parents to deal with the increasing healthcare costs in the market. Such initiatives help organizations gain an edge over players and attract and retain top employees thereby, driving more participation in the market. The inclusion of plans that targets family wellbeing is expected to draw more consumers and create lucrative opportunities for top vendors operating in the global corporate wellness market. Employers are also looking beyond the family, extended social networks, and promoting cross-organizational competitions in the corporate wellness services market. The rising use of social networking sites to create visibility and pass on health and wellness information to the employee’s wider social network will boosts revenues in the global market. The inclusivity of the family provides the benefit of garnering support for a holistically healthy lifestyle by addressing the well-being of an employee on multiple levels. The introduction of these plans will help improve focus, productivity, and stability of the employee.

Corporate Wellness Market - Segmentation

This market research report on corporate wellness includes a detailed segmentation of the market by the program, end-users, revenue model, delivery model, and geography.