Corporate Wellness Market Size, Trends, Growth Outlook, Top leaders -ComPsych, Virgin Pulse, Privia Health

Corporate Wellness Market Size and Scope-

The SNS Insider report indicates that the Corporate Wellness Market was valued at USD 61.11 billion in 2022, and is expected to reach Corporate Wellness Market size of USD 109.81 billion by 2030, with a compound annual growth rate (CAGR) of 7.6% expected over the forecast period from 2023 to 2030.

The Corporate Wellness Market Report is basically a comprehensive analysis of the trends, opportunities, and challenges within the corporate wellness industry. It covers everything from health assessments and coaching to fitness programs and mental health support for employees. Companies are investing in these programs because they've realized that healthier and happier employees lead to increased productivity, reduced absenteeism, and higher employee retention rates. Plus, with the rise of remote work and other stressors in today's world, it's more important than ever for companies to prioritize their employees' well-being. The report highlights key players in the market like ComPsych Corporation and Wellness Corporate Solutions, as well as emerging trends such as telehealth services and personalized wellness plans. All in all, it's a valuable resource for businesses looking to improve their workforce's overall health and wellness.

Based on SNS Insider's research, according to the National Center for Chronic Disease Prevention and Health Promotion, corporate wellness and health promotion initiatives and the provision of disease prevention plans have the potential to significantly reduce healthcare costs by affecting more than 150 million American workers.

Key Players

The Major players are
→ 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
And Other Players

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Corporate Wellness Market Opportunities -

• Emerging countries with a large working population

The Asia Pacific is home to a workforce of 1.9 billion people, as defined by the International Labour Organisation ILO. Globalization, with a steady rise in the number of workers throughout Asia Pacific countries, is driving rapid growth. In addition, according to the UN Department of Economic and Social Affairs, there will be an ageing workforce in this region as it is expected that by 2050 more than 24 million people aged 60 years or older are going to live in these regions. This would increase the burden of chronic diseases in the working population in this region in the coming years. These factors pose an opportunity for the growth of the Corporate Wellness Market in the forecast period, in emerging countries.

Segmentation Analysis -

Based on the services, the Corporate Wellness Market is divided into health risk assessment, fitness, smoking cessation, health screening, nutrition and weight management, stress management, and others, based on services. In 2022, the health risk assessment segment accounted for 21.0% of the Corporate Wellness Market share. Screening activities to detect health risks, and the implementation of relevant interventional strategies for promoting a healthy lifestyle amongst employees are among the core elements of company's employee health programmes.

Based on the end user, in 2022, large organizations accounted for 53.1% of the Corporate Wellness Market. According to documented studies, larger organisations can integrate programs and services into their organisation's infrastructure in order to deliver a return of around 3:1 on investments. Corporate membership and outsourcing of services may be beneficial for small enterprises.

Key Market Segmentation-

By Service
• Health Risk Assessment
• Fitness
• Smoking Cessation
• Health Screening
• Nutrition & Weight Management
• Stress Management
Others

By End-Use
• Small-scale Organizations
• Medium-scale Organizations
• Large-scale Organization

By Category
• Fitness & Nutrition Consultants
• Psychological Therapists
• Organizations

By Delivery Model
• Onsite
• Offsite

Key Regional Development -

In 2022, North America accounted for the largest revenue share of 39.4 % on the Corporate Wellness Market. According to a RAND employer survey, employers in the United States provide their employees with wellness programmes for about half of cases. More complex wellness programmes are offered by employers with a larger workforce. Moreover, the dominant office culture in this region is influencing regional business owners to adopt these services as a way of ensuring their employees' health.

Asia Pacific is expected to grow at an impressive 5.36% during the forecast period. In view of the increasing labour force and growing awareness about employee health management, corporate social responsibility initiatives are needed in Asia Pacific countries. In addition, the Corporate Wellness Market will benefit from the ageing working class population, as companies are investing heavily in healthcare infrastructure, which provides a significant opportunity to address the lack of demand in the region.

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Key Takeaway from Corporate Wellness Market Study-

The use of wearable devices, health tracking applications and data analysis is increasing in the Corporate Wellness Market. These technologies are enabling employers to create personalised wellness plans and provide them with information on the evolution of their employees' health.
The Corporate Wellness Market is dominated by North America, supported by the emphasis on regulatory compliance and a balanced work life. Nevertheless, due to the focus on lifestyle health issues, Pacific Asia is emerging as one of the fastest growing Corporate Wellness Markets.
The Corporate Wellness Market is competitive, with key players focusing on innovation, expanding services, and taking advantage of technological progress. As companies seek to increase their Corporate Wellness Market reach and capacity, strategic partnerships and acquisitions are a common practice.

Recent Development Related to Corporate Wellness Market -

→ October 2023, Eleu Health Canada, a new Canadian health tech company, has launched its innovative platform with the aim of transforming the healthcare sector. The Eleu Health app provides users with a comprehensive, holistic and 360-degree view of their health and well-being, enabling them to manage their health journeys and improve their mental connection.

→ February 2022, Quantum Corp Health Pvt. Ltd. in order to meet the rapidly growing demand for health and wellness services for corporate employees and their dependants, Ltd India, a pioneer and India's leading provider of health and wellness solutions for corporates and individuals, announced the opening of three new offices in Bengaluru, Pune and Hyderabad.

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Table of Contents - Major Key Points

1.Introduction
2.Research Methodology
3.Market Dynamics
4.Impact Analysis
4.1COVID-19 Impact Analysis
4.2Impact of Ukraine- Russia war
4.3Impact of ongoing Recession
5.Value Chain Analysis
6.Porter's 5 Forces Model
7.PEST Analysis
8.Global Corporate Wellness Market Segmentation, By Service
9.Global Corporate Wellness Market Segmentation, By End-Use
10.Global Corporate Wellness Market Segmentation, By Category
11.Global Corporate Wellness Market Segmentation, By Delivery Model
12.Regional Analysis
13.Company Profiles
14.Competitive Landscape
15.Conclusion

Akash Anand - Head of Business Development & Strategy,
Phone: +1-415-230-0044 (US) | +91-7798602273 (IND),
info@snsinsider.com
Website: https://www.snsinsider.com/
Read our  other Healthcare Related Report

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This release was published on openPR.