Corporate Wellness Market to Expand at CAGR of 8.2% during Forecast Period, says TMR Study

ALBANY, N.Y., Feb. 22, 2022 /PRNewswire/ -- The global corporate wellness market was around US$ 40.2 Bn in 2020. The global market is estimated to develop at a CAGR of 8.2% during the forecast period, from 2021 to 2028. The market is expected to surpass the mark of US$ 74.5 Bn by 2028. The global market is expanding due to the increasing utilization of advanced corporate wellness programs in several developing countries. Due to the high rate of chronic diseases throughout the world, the global corporate wellness market is predicted to rise at a rapid pace. The increasing number of health issues among employees necessitates the implementation of health assessment programs in the workplace. Market participants are taking advantage of the potential to generate revenue and improve their position in the global market, as these programs have been shown to be very beneficial in enhancing employee productivity at work. Additionally, the market is being driven by the increasing adoption of such programs to monitor employee health concerns.

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Chronic illness incidences are steadily increasing throughout the world, which is likely to the demand for corporate wellness. Market expansion has resulted in the increase in the number of companies providing corporate wellness programs to various businesses. Firms in the global corporate wellness market are emphasizing on high-quality services to improve employees' general wellbeing and health. Many firms in developing countries are implementing these services in order to enhance their employees' health and quality of life. This has resulted in a huge drop in overall healthcare spending, as well as an increase in employee productivity throughout the world.

North America led the global market due to high knowledge, considerable wellness spending on the national employer healthcare budget, and better adoption of corporate wellness services throughout the region. With a high attractiveness index, North America is expected to be a very profitable market during the forecast period.

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Key Findings of Market Report

• Growing prevalence of cardiovascular illnesses is expected to drive the global corporate wellness market. Corporate wellness initiatives are in place to ensure that staff are aware of the numerous health hazards they could face. Many businesses are developing corporate wellness programs to encourage healthy behavior at work and increase productivity. Corporate wellness initiatives assist workers in gaining a better understanding of the health hazards they face while also lowering healthcare costs.
• Workplace stress, lack of physical activity, and obesity are major workplace health issues with serious occupational health implications. Moreover, full-time employees are more likely to have other severe medical conditions, which is expected to fuel market expansion.
• By 2028, the health risk assessment category is predicted to account for a significant share of the global market. During the forecast period, the category is expected to grow at a rapid pace. A health risk assessment is a rapid and easy tool to provide employees feedback on their health and point them in the right direction for improvement. Employees' physical conditions are evaluated, illness risks are assessed, and general fitness and health levels are analyzed in health risk assessments.
• Majority of companies is looking for long-term solutions to manage rising costs and support their wider consumer base approach of putting greater responsibility for healthcare costs on their employees. Wellness programs are being used by employers to promote employee lifestyle behavior and minimize the occurrence of chronic diseases.

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Corporate Wellness Market: Growth Drivers

• As the prevalence of chronic diseases rises, employers are implementing wellness programs. The burden of severe illnesses at work raises employer's healthcare costs and reduces employee performance.
• Rise in health awareness among the people of the Asia Pacific and North America has raised an understanding about the advantages of leading a healthy lifestyle. It is expected that engagement in health, fitness, and diet regimens will grow as a result of this.

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Global Corporate Wellness Market: Key Players

Some of the key market players are

• Wellness Corporate Solutions
• BupaWellness Pty Ltd. (BupaGroup)
• CXA Group Pte. Limited
• ProvantHealth (Hooper Holmes, Inc.)
• JLT Australia (RecovreGroup)
• Optum, Inc.

Global Corporate Wellness Market: Segmentation

Service Type

• Health Risk Assessment
• Fitness
• Smoking Cessation
• Health Screening
• Weight Management
• Nutrition
• Others

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