Corporate Wellness Market 2023 | Trends, Growth, Size, Share and Forecast 2028
According to the latest report by IMARC Group “Corporate Wellness Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028“, The global corporate wellness market size reached US$ 61.8 Billion in 2022. Looking forward, IMARC Group expects the market to reach US$ 94.8 Billion by 2028, exhibiting a growth rate (CAGR) of 7.6% during 2023-2028.
Corporate wellness is a program for companies to promote an effective approach of creating a healthy work environment by improving the physical and mental health of employees. It comprises various methods and practices, such as productivity enhancement activities, financial planning sessions, smoking cessation programs, fitness improvement activities, nutrition assistance, and health insurance benefits. It is designed to reduce the impact of absenteeism and medical premiums on the performance of employees and encourage them to lead an active lifestyle aided by proactive choices. It improves the performance of the employees and enhances the productivity of the company operations at the same time.
It increases job satisfaction levels, boosts employee morale, and promotes the holistic development of the staff. It enables companies to increase their return on investment (ROI) by retaining their current workforce and saving expenses on hiring new staff. It facilitates enhanced stress management and reduces the occurrence of lifestyle disorders in employees. Corporate wellness also assists in generating healthy behavioral practices in company staff, such as getting proper sleep, eating appropriate diets, leading an active life, and quitting smoking and drinking. It attracts competent and talented individuals into the workforce and increases employee participation in various company activities. Corporate wellness raises the profit levels and maintains the reputation of the organization.
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Note: We are regularly tracking the direct effect of COVID-19 on the market, along with the indirect influence of associated industries. These observations will be integrated into the report.
The increasing demand for corporate wellness programs in various companies to boost productivity and reduce overall operational costs represents one of the key factors driving the market. Besides this, corporate companies are undertaking initiatives to maintain a healthy work environment with for retaining their workforce around the world, which is propelling the growth of the market. In addition, there is a rise in the prevalence of chronic diseases, such as obesity, stroke, heart attacks, and diabetes, due to changing lifestyle activities. This, along with the increasing stress levels among workers, is contributing to the growth of the market.
Apart from this, the rising competition in the workplace to perform better is positively influencing the market. Additionally, the growing smoking and drinking habits among the masses to cope with hectic work schedules across the globe are offering a favorable market outlook. Moreover, corporate wellness programs are beneficial for both employer and employee to maintain a positive organizational environment and culture, which is strengthening the growth of the market. Furthermore, key players operating in the industry are extensively investing in research and development (R&D) activities to enhance the policies of corporate wellness programs and introduce personalized solutions for each employee with artificial intelligence (AI).
Breakup by Service:
- Health Risk Assessment
- Smoking Cessation
- Health Screening
- Nutrition and Weight Management
- Stress Management
Breakup by Category:
- Fitness and Nutrition Consultants
- Psychological Therapists
Breakup by Delivery:
Breakup by Organization Size:
- Small Scale Organizations
- Medium Scale Organizations
- Large Scale Organizations
Market Breakup by Region:
- North America (United States, Canada)
- Asia Pacific (China, Japan, India, South Korea, Australia, Indonesia, Others)
- Europe (Germany, France, United Kingdom, Italy, Spain, Russia, Others)
- Latin America (Brazil, Mexico, Others)
- Middle East and Africa
Competitive Landscape with Key Player:
- Central Corporate Wellness
- Marino Wellness
- Privia Health
- Provant Health Solutions
- SOL Wellness
- Truworth Health Technologies Pvt. Ltd.
- Virgin Pulse
- Wellness Corporate Solutions LLC
- Wellsource Inc.
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As the novel coronavirus (COVID-19) crisis takes over the world, we are continuously tracking the changes in the markets, as well as the industry behaviours of the consumers globally and our estimates about the latest market trends and forecasts are being done after considering the impact of this pandemic.
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