Corporate Wellness Market Size (2024 - 2029)

Corporate Wellness Market Analysis

The Corporate Wellness Market is expected to register a CAGR of 7.03% during the forecast period.

COVID-19 has significantly impacted market growth. Various studies have been conducted that showed that people with chronic diseases, such as diabetes, high blood pressure, cancer, and heart disease, are among the most vulnerable populations to COVID-19 infection and its consequences. This has prompted many people to pay more attention to their health and raise health awareness at work. For instance, from a survey conducted in September 2020, it has been observed that since the COVID-19 outbreak, 74% of employees' productivity has been hampered by poor mental health which raises the need for efficient workplace health and wellness initiatives. Therefore, implementing wellness programs at work is becoming a top concern to ensure that employees feel secure at their workplace which is expected to increase the market growth over the forecast period. In addition, numerous companies are launching fitness programs to make employees feel like they are still connected while working at home. For instance, in February 2022, GYMGUYZ, the world's largest in-home, onsite, and virtual personal training company, revealed expanding its corporate wellness services. The company now offers its corporate wellness services both in-home and on-site at corporate locations and facilities to workers who choose to work from home. Such developments are predicted to have a significant impact on market growth.

The factors such as the growing prevalence and early onset of chronic diseases as well as the reduction in employee healthcare costs are the boosting the market growth.

The rising prevalence of chronic diseases such as cancer, diabetes, and others is the key factor driving the market growth. The majority of people in today's work culture do not have enough time to engage in mental and physical activities after work or in their free time, which is leading to health issues. For instance, as per 2021 statistics published by the American Cancer Society, the global burden of cancer is expected to grow to 27.5 million new cases and 16.3 million cancer deaths by 2040.

Likewise, cardiovascular diseases (CVDs) and obesity are also increasing among the population due to an unhealthy and sedentary lifestyle which resulted in various health issues. Although these diseases are preventable, it is currently necessary to implement a holistic approach to corporate wellness programs to educate employees about the value of developing healthy habits and the advantages of adhering to wellness objectives. For instance, as per 2022 data published by the World Obesity Atlas, 27 million children are expected to have obesity in India by 2030.

Furthermore, the rising company activities in launching several health and wellness programs are also contributing to the market growth. For instance, in January 2022, Mindhouse, rebranded itself to Shyft to highlight company's focus towards offering a variety of wellness solutions for a broader spectrum of health conditions and issues and helping customers in reversal, remission, and management of their health conditions.

However, slow adoption and lack of awareness among the population are some of the factors that are likely to hinder the market growth over the forecast period.

Corporate Wellness Industry Segmentation

As per the scope of the report, corporate wellness refers to initiatives designed to support and encourage a complete approach to employee wellbeing by creating an organizational culture of health. Recommending a corporate wellness solution extends beyond traditional wellness programs and promotes healthy habits among employees. It aids beneficial outcomes while improving productivity, optimizing human resource investments, and boosting employee engagement. The corporate wellness market is segmented by service type (health risk assessment, nutrition and weight management, stress management, smoking cessation, and other service types), by end-user (private sector and public sector and other end-users), and by geography (North America, Europe, Asia-Pacific, Middle East and Africa, and South America). The market report covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value (USD million) for the above segments.