Corporate Wellness Market Worth $87.2 Billion By 2027 | CAGR: 5.4%

December 2020 | Report Format: Electronic (PDF)

Corporate Wellness MarketGrowth & Trends

The globalcorporate wellness marketsize is expected to reach USD 87.2 billion by 2027, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 5.4% from 2020 to 2027. Rising obese and overweight population increases insurance costs that account for the financial burden on the employers.The corporate wellness initiatives target particular health risk factors such as stress, obesity, smoking, poor eating, and lack of exercise.

The pandemic has caused a change in the process of delivering wellness services. Although in-person sessions have resumed to some extent, the virtual platform has been made available to at-risk employees to meet their psychological and fitness needs. Initially, the lockdown imposed due to COVID-19 resulted in transition to work from home, causing a great deal of stress.

Employers have started offering some kind of fitness program for the purpose of disease prevention and improve productivity. According to a study conducted by Harvard economists, absenteeism costs fall by USD 2.7 for every dollar spent on fitness programs. Therefore, employees need to be encouraged to adopt a healthier lifestyle to improve their performance.

Employers providing corporate fitness programs have noticed a significant rise in productivity and a decline in leaves and attrition. In addition, companies in the U.K. initiated the Fit for Work service, which offers a tax benefit of USD 663.3 per year. Organizations are providing wearables, such as Fitbit, Apple watch, and Google watches, which help in keeping track of parameters such as heart rate and blood pressure.

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Corporate Wellness Market Report Highlights

• 健康风险评估部分占据了market in terms of revenue share in the year 2019. The health screening activities enable employers to implement strategic initiatives to deal with the identified health risks

• The stress management segment is likely to showcase the fastest growth rate over the forecast period from 2020 to 2027, owing to the rising preference for on-site yoga and meditation services

• Large scale organizations dominated the end-use segment in the market in 2019. The infrastructure in large scale companies makes conducting wellness services easier and convenient

• North America dominated the overall market in terms of revenue share in the year 2019 due to popularity of corporate fitness in the region. According to a survey by Benefits Canada conducted on 1300 employers, North America had the highest number of corporate wellness programs. In this region, more than 80.0% of the employers are offering corporate wellness services to their employees

Corporate Wellness Market Segmentation

Grand View Research has segmented the corporate wellness market based on service, end use, category, delivery model, and region:

Corporate WellnessService Outlook (Revenue, USD Million, 2016 - 2027)

• Health Risk Assessment

• Fitness

• Smoking Cessation

• Health Screening

• Nutrition & Weight Management

• Stress Management

• Others

Corporate Wellness End-use Outlook (Revenue, USD Million, 2016 - 2027)

• Small Scale Organizations

• Medium Scale Organizations

• Large Scale Organizations

Corporate WellnessCategory Outlook (Revenue, USD Million, 2016 - 2027)

• Fitness & Nutrition Consultants

• Psychological Therapists

• Organizations/Employers

Corporate WellnessDelivery Model Outlook (Revenue, USD Million, 2016 - 2027)

• Onsite

• Offsite

Corporate WellnessRegional Outlook (Revenue, USD Million, 2016 - 2027)

• North America

  • U.S.

  • Canada

• Europe

  • U.K.

  • Germany

  • France

  • Italy

  • Spain

• Asia Pacific

  • Japan

  • China

  • India

  • Australia

• Latin America

  • Brazil

  • Mexico

• Middle East & Africa

  • South Africa

List of Key Players of Corporate Wellness Market

• ComPsych

• Wellness Corporate Solutions

• Virgin Pulse

• Provant Health Solutions

• EXOS

• Marino Wellness

• Privia Health

• Vitality Group

• Wellsource, Inc.

• Central Corporate Wellness

• Truworth Wellness

• SOL Wellness

• Well Nation

• ADURO, INC.

• Beacon Health Options

• Fitbit, Inc.