Global Corporate Wellness Market to Grow at a CAGR of 6.5% During 2024-2032, Aided by the Growing Health Consciousness

The corporate wellness industry is being driven by rapidly expanding working population and their increased susceptibility to health ailments as a result of sedentary lifestyles and hectic working schedules. The increasing focus on the psychological well-being of employees is bolstering the demand for effective corporate wellness solutions. In addition, a number of benefits associated with wellness programmes, including increased productivity, reduced absenteeism, reduced health costs, and improved corporate image are projected to lead to their increased implementation in the forecast period. Moreover, the rising incidences of mental health issues because of the prolonged work duration and high stress are expected to enhance the adoption of stress management programmes in the forecast period. Also, the wide acceptance of these wellness programmes such as employee assistance, behavioural health, and health navigation programmes among employees is also expected to propel the market growth. Furthermore, the rapid technological advancements such as the adoption of wellness trackers and the growing investments in research and development of wellness initiatives, fuelled by the growing focus on employee health, are expected to support the market growth in the forecast period.

The growing demand for health and safety monitoring solutions amid the COVID-19 pandemic resulted in the development of efficient workplace health management solutions. For instance, in June 2020, Fitbit (NYSE: FIT) launched Ready for Work Solution that aimed at helping employers manage workplace safety during the pandemic. The solution offers employees access to health metrics like exposure, symptoms, and temperature in an all-in-one feature called Daily check-in. The solution is available through Fitbit Health Solutions that aims to assist the employers and employees to contain the spread of virus at workplace. In another case,  Privia Health Group (NASDAQ: PRVA), in 2019, announced its partnership with Health First  to improve the health of communities, as the company aims to expand its presence into Florida’s growing market. With this partnership, the company also intends to bring exciting features such as myPrivia app and integrated technology platform.

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Market Analysis by Service Type, End User, and Region:

• The corporate wellness industry, on the basis of service type, is segmented into health risk assessment, nutrition and weight management, stress management, and smoking cessation, among others. 

• Based on end user, the market can be divided into private sector, and public sector and other end users. 

• The regional markets for corporate wellness include North America, Europe, the  Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

• The global market for corporate wellness is being driven by the increasing health issues among the growing working population.

• The growing importance of psychological well-being of employees and the need to manage stress are further augmenting the market.

• The increasing implementation of wellness programmes by corporates to boost productivity is bolstering the market growth. 

• The rapid technological advancements and the increasing investments in research and development activities by the key industry players are expected to propel the market in the forecast period.

Key Offerings of the Report:

• The EMR report gives an overview of the global market for corporate wellness for the periods (2018-2023) and (2024-2032).

• The report also offers the historical (2018-2023) and forecast (2024-2032) markets for the service types, end users, and major regions of corporate wellness.

• The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

The major players in the global corporate wellness market are ComPsych Corporation, EXOS, Marino Wellness LLC, Privia Health LLC, and Quest Diagnostics Incorporated, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

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