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Corporate Wellness Market - Global Outlook and Forecast 2018-2023

SKU : ARZ181003
  • Published on : October 2018

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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.

Global Corporate Wellness Market Segments and Share 2023

 

Corporate Wellness Market – By Program

Preventive care drives the need for corporate health, and risk assessment (HRA) plans in the global corporate wellness market

The global corporate wellness market by the program is classified into HRA, nutrition &weight management, smoking cessation, alcohol and drug rehab, fitness services, stress management, health & education services, and others. HRA segment dominated the largest market share in 2017, growing at a CAGR of more than 8% during the forecast period. With the rapid increase in healthcare costs, preventive care is gaining immense traction in the corporate wellness market. The HRA segment is expected to grow at a stable pace as health risk assessments are considered among the most effective wellness programs by employers and employees alike, pegged at around 50%. The HRA participation in sync with health insurance premiums is a growing trend in the global corporate wellness market. The integration of biometric screenings and physical activity programs will boost participation in this segment in the global market.

The importance and widening acceptance of mental health issues are contributing to the growth of the stress management sector in the corporate wellness market. The incorporation of cognitive behavioral therapy with smartphones is slowly gaining popularity in the global market. The alcohol and drug rehab schedules are designed to recognize the signs of substance abuse, drug testing programs, integration of substance abuse policies, coverage for rehabilitation, and EAPs across organizations in the global corporate wellness market. The implementation of onsite fitness and recreational activities such as treadmill workstation, dance studios, and bowling alleys will boost revenues in the global corporate wellness market.

Corporate Wellness Market – By End-User

Investments to develop on-site activities across large private sector businesses will drive the global corporate wellness market

The end-user segment in the global corporate wellness market is categorized into large private sector businesses, medium private sector businesses, small private sector businesses, public sector companies,  non-profit organizations, hospitals/health systems, and universities.  Large private sector businesses occupied around half of the total market share in 2017, growing at a CAGR of over 8% during the forecast period. The increasing focus on innovations is encouraging organizations to implement strategies that reflect their culture and mission, thereby driving the demand in this segment in the global corporate wellness market. The integration of technology and data to create personalized experiences will boost revenues in the global market over the next few years. The large private sector businesses are using health-focused and general data such as biometrics, health plans, and claims, and pay grade; vendors are looking at user choice, their goals, and aspirations to offer the best plans in the global corporate wellness market. The use of multi-directional communication networks depending on high-touchpoints such as social media, applications, websites, e-mails, face-to-face, text messaging, and portals will transform the corporate wellness market.

The smaller businesses and non-profit organizations are looking for health promotion activities to boost participation in the global corporate wellness market. HRAs, personalized health management, and biometric screenings are the most popular choices for medium private sector businesses. Public sector companies are the largest end-users of preventive health programs in the global corporate wellness market.

Corporate Wellness Market – By Revenue Model

The need for strong connection and constant motivation is driving the recurring revenue model in the global corporate wellness market

The global corporate wellness market by revenue model is segmented into recurring revenues and seasonal revenues. Recurring revenue model dominates more than 2/3rd of the market share in 2017, growing at a CAGR of over 8% during the forecast period. Factors such as automation, guidance, and personalization that empower people with information, provide interactive feedback and enable tracking of program participation are factors that are driving the growth of this revenue model in the global market. The nutrition and weight management programs, tobacco cessation, and employee coaching and online wellness portals form the major part of this revenue model in the global corporate wellness market. The gamification of activities will attribute to higher participation in the global corporate wellness market. The growing demand for onsite flu vaccinations, health and lifestyle coaching, and 24-hour nurse line are the main revenue generators in the seasonal revenue model in the global market.

Corporate Wellness Market – By Delivery Model

Fully integrated services are propelling the popularity of onsite delivery in the global corporate wellness market

The delivery model in the global corporate wellness market is segmented into onsite and offsite. Onsite delivery model occupied more than 2/3rd of the total market share in 2017, growing at a CAGR of around 9% during the forecast period. The increasing demand for fully integrated services that ensure maximum participation and engagement is propelling the growth of this segment in the global corporate wellness market. The growing popularity of onsite clinics that provide ancillary or specialty clinical services such as occupational therapy, massage, dentistry, chiropractic therapy, physical therapy, and optometry apart from a pharmacy is one of the main factors propelling the growth of onsite delivery model. The availability of healthy foods at the workplace, offering physical activity areas, and walking trails are some of the popular programs in this segment. Leading service providers are offering a range of primary care services such as disease management and preventive screenings to gain a larger global corporate wellness market share. Employers also provide seminars for chronic conditions, vaccinations, healthy food options, and wellness fairs to increase employee satisfaction levels.

Team building programs, lab and gym membership vouchers, health fairs, at-home sample collection kits, and remote screening are the most popular offsite plans offered in the global corporate wellness market. Vendors tend to offer these programs as packages through collaborations with testing laboratories, fitness clubs, and health and technology providers in the global corporate wellness market.

Corporate Wellness Market – By Geography

US and Canada in North America are the largest revenues generators in the global corporate wellness market

The global corporate wellness market by geography is segmented into North America, Europe, APAC, and ROW. North America dominated the largest market share in 2017, growing at a CAGR of around 8% during the forecast period. The increasing focus on corporate wellness programs such as work-life balance, employee growth and development, employee engagement, recognition, and health and safety are propelling the growth of the North American market. The initiatives towards enabling an efficient, innovative, and mobile workforce will drive the demand for innovative services in the North American market. The US corporate wellness market is one of the largest revenue generators in the North American region. The growing need for physical, social, and psychological health is boosting the development of the wellness industry in the North American market. Also, wearable devices and apps are gaining significance when it comes to aiding employees to maintain their health in the region, thereby, promoting the evolution of global corporate wellness market.

Various businesses and organizations are working on expanding their spectrum of offerings for a more comprehensive understanding and treatment of their employees’ wellness in the European market. Germany, UK, France, Italy, Spain, and the Netherlands account for the highest expenditures in workplace health promotion. The increasing need for plans that support healthy eating, mental wellbeing, and aiding with managing the snooze hours better is creating investment opportunities in the APAC region in the global corporate wellness market.

Key Countries Profiled in the Report are :

  • US
  • Canada
  • Germany
  • UK
  • France
  • Japan
  • China
  • South Korea
  • GCC
  • Brazil
  • South Africa

Key Vendor Analysis

The global corporate wellness market is highly fragmented with four major players controlling most of the competition level. The service providers are threatened with in-house wellness services which are resulting in major business expansion activities in the global market. The increasing number of M&As will allow companies to expand their businesses and offer more comprehensive offerings in the global corporate wellness market. The players are competing regarding aftersales services, brand value, customization ability, price, skilled workforce, and technological capability in the market. The vendors are collaborating with technology companies to develop rounded programs in the global corporate wellness market.

The major vendors in the global corporate wellness market are:

  • Compsych
  • Wellness Corporate Solutions
  • Virgin Pulse
  • Provant Health Solutions
  • Sodexo

Other prominent vendors in the global corporate wellness market consist of Active Wellness, Aquila, BaySport, Beacon Health Options, Ceridian, Corporate Fitness Works, HealthFitness, Healthtrax, Health Systems Group, Integrated Wellness Partners, Kinema Fitness, LifeStart, LIVunLtd, Professional Fitness Management, Power Wellness, Reach Fitness, Marino Wellness, Midtown Athletic Club, The National Institute for Fitness and Sport (NIFS), OptumHealth, Privia Health,Premise Health, WTS International, Vitality Group, Wellsource, Wisdom Works Group, and Workstride.

Key market insights of corporate wellness market include

  1. The analysis of global corporate wellness market provides market size and growth rate for the forecast period 2018-2023.
  2. It offers comprehensive insights into current industry trends, trend forecast, and growth drivers about the global corporate wellness market.
  3. The report provides the latest analysis of market share, growth drivers, challenges, and investment opportunities in the global corporate wellness market.
  4. It offers a complete overview of market segments and the regional outlook of global corporate wellness market.
  5. The report offers a detailed overview of the vendor landscape, competitive analysis, and key market strategies to gain competitive advantage.

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