Corporate Wellness Solutions Market - Industry-Specific Opportunities and Trends Affecting the Growth

MarketsandMarkets™ Research Report's View on Revenue Impact?

The corporate wellness solutions market is projected to reach USD 94.6 billion by 2026 from USD 61.2 billion in 2021, at a CAGR of 9.1%.

Factors Responsible for Growth and In-Depth Analysis?

The Growth in the corporate wellness solutions market is driven by rising adoption of corporate wellness programs by employers, increased uptake of technology-powered corporate wellness solutions and substantial burden of chronic lifestyle diseases and mental health in organizations. However, factors posing a challenge to corporate wellness solutions market include low employee engagement and participation in corporate wellness programs and adoption of internal-led corporate wellness programs through benefits packages and perks.

Corporate wellness programs are being increasingly implemented by organizations to improve employee health and productivity, reduce health risks, and lower employee healthcare costs. Companies are becoming more aware of the need to maintain a mentally and physically healthy workforce. This has resulted in increased corporate investments in employee wellbeing programs, solutions, and services.

According to the 3rd annual UnitedHealthcare Wellness Checkup Survey, published in 2019, US employers were expected to invest an average of more than USD 3.6 million in their respective wellbeing programs. This high investment has resulted in a proven positive impact on employee health and wellbeing. These factors indicate a trend of rising adoption of corporate wellness programs in the forecast period.

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Leading Key Players and Analysis:

Key players in the corporate wellness solutions market include ComPsych Corporation (US), LifeWorks, Inc. (Canada), UnitedHealth Group (Optum) (US), Anthem, Inc. (US), Workplace Options (US), Cerner Corporation (US), Centene Corporation (US), TELUS (Canada), Cleveland Clinic (US), Wellright (US), Virgin Group Ltd. (US), CVS Health Corporation (US), Alphabet Inc. (Fitbit) (US), Discovery Limited (Vitality Group) (South Africa), EXOS (US), Laboratory Corporation of American Holdings (US), Sharecare (US), Gilsbar (US), Medcan Clinic (Canada), Limeade (US), Aduro, Inc. (US), TotalWellness (US), Wellsteps (US), Corporate Fitness Works (US), and WellWorks For You (US).

Geographical Analysis in Detailed?

The corporate wellness solutions market is segmented into North America, Europe, Asia Pacific, and Rest of the World. North America accounted for the largest share in the corporate wellness solutions market in 2020. The large share of this regional segment can be attributed to the rising need for corporate wellness solutions for employees due to the rising prevalence of chronic conditions, mental health issues, and substance abuse especially related to the opioid crisis in the region..

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Industry Segmentation:

The health risk assessment segment holds the highest market share, by service offering, in the corporate wellness solutions market

On the basis of service offering, the corporate wellness solutions market is broadly segmented into health risk assessment, nutrition and weight management, smoking cessation, fitness services, biometric screening, alcohol/substance abuse services, mental/behavioral health management, health education services, virtual consultation/virtual care, employee assistance programs, and health benefits programs.

The health risk assessment segment holds the highest market share, by service offering, in the corporate wellness solutions market. The large share of this segment can be attributed to the utility of this service for early identification and mitigation health risks in employees, to reduce absenteeism due to health conditions, and lower healthcare costs.

The small-sized organizations segment to grow at the highest CAGR in the corporate wellness solutions market, in the forecast period.

Based on end user, the corporate wellness solutions market is broadly segmented into large, medium-sized, and small organizations. The small organizations segment is projected to grow at the highest CAGR during the forecast period. Growth in this segment is largely driven by the growing use of corporate wellness programs by these organizations due to the rising affordability and favorable payment models for small businesses.

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