Corporate Wellness Market Value Forecasted To Reach US$ 84.5 Billion By 2027: Acumen Research and Consulting Print E-mail
By GLOBE NEWSWIRE   
Tuesday, 04 May 2021 09:06

LOS ANGELES, May 04, 2021 (GLOBE NEWSWIRE)

LOS ANGELES, May 04, 2021 (GLOBE NEWSWIRE) -- The Global Corporate Wellness Market is expected to grow at a CAGR of around 8.5% from 2020 to 2027 and reach the market value of over US$ 84.5 Bn by 2027.

North America dominates the global corporate wellness market

The United States accounted for the largest market share in the North American region, as stress is a major health concern affecting the US population. According to Gallup's 2019 data on emotional states, more than half of the American population experiences stress during the day, which is 20% higher than the global average of 35%. As a result, a sizable portion of the US population is subjected to work-related stress that is expected to drive the corporate wellness market during the forecast period.

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Market Trends

Stress management acts as a lucrative growth opportunity in the global corporate wellness market

Employees are experiencing physical and mental consequences as a result of the high prevalence of extended work hours, heavy workloads, and work pressure-related issues, such as hypertension, heart attacks, and a sense of insecurity. According to the American Institute of Stress, 94% of the American workforce was stressed at work in 2019. As a result, stress management program are expected to become an important part of employee management processes in the coming years. The incorporation of anti-stress program such as yoga, therapy, EAPs, social activities, childcare initiatives, work-from-home options, flexible scheduling, and mindfulness training is accelerating the growth of the corporate wellness market. Various employers also provide classes (e.g., meditation/mindfulness, time management, stress management, and so on), counseling, or perks, and on-site amenities (e.g., nap pods, quiet rooms, free massages, sick rooms, games/activities). As a result, all of these activities aid in relieving employee stress.

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Market Dynamics

Growing prevalence and early onset of chronic diseases, as well as reductions in employee healthcare costs, are driving market growth. In today's work culture, the majority of people do not have enough time to do some activities after work or in their spare time, which leads to health problems. As a result, many chronic diseases are on the rise; however, these diseases are preventable, so implementing a holistic approach to a corporate wellness program is currently in demand to educate employees on the importance of developing healthy habits and the benefits of adhering to wellness goals. Wellness programs not only benefit employees' health, but they also reduce absenteeism, resulting in more energized, productive employees and, as a result, higher firm productivity. As a result, it makes it easier for people to adopt and maintain healthy behaviors. This benefit is expected to assist corporate employees in lowering their risk of illness. As a result, as the prevalence of chronic diseases rises, so will the demand for these plans.

Segmental Outlook

The global corporate wellness market is segmented based on service, category, delivery model, and end-use. By service, the market is segmented as health risk assessment, fitness, smoking cessation, health screening, nutrition & weight management, stress management, and others. By category, the market is segmented based on fitness & nutrition consultants, psychological therapists, and organizations/employers. By delivery model, the market is classified into onsite and offsite. By end-use, the market is segmented as small scale organizations, medium scale organizations, and large scale organizations

Competitive Landscape

Some of the leading competitors are ComPsych Corporation, Wellness Corporate Solutions, Virgin Pulse, Provant Health Solutions, EXOS (formed Athletes Performance), Marino Wellness, Privia Health, Vitality Group International, Inc., Wellsource, Inc., and among others.

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Some of the key observations regarding the corporate wellness industry include:

  • In May 2020, EXOS announced a partnership with Hyperice, a recovery and performance technology brand that specializes in vibration, compression, and percussion devices. This collaboration will bring Hyperice’s recovery methods, products, and additional health and fitness technology-based offerings to EXOS workplace, physical therapy, and sports performance clients worldwide.     

  • In July 2020, Wellsource, Inc., was chosen as the trusted vendor by Certintell Inc. to provide a health risk assessment (HRA) solution for their clients serving a Medicare patient population. The telehealth provider focuses on solutions for care management and chronic care management services and views the Wellsource HRA as a critical component in improving outcomes and reducing costs associated with chronic conditions.

  • In March 2017, Provant Health Solutions announced an acquisition with Hooper Holmes Inc. The combined entity will offer biometric screenings, health coaching services, assessments, and data analytics. The merged company will maintain its headquarters in Olathe, with another major location in East Greenwich, R.I. Hooper Holmes and Provant have no customer overlap and both companies target growing health care market segments.

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