Corporate Wellness Market

Corporate Wellness Market Outlook (2023 to 2033)

Revenue generated by the global corporate wellness market, as detailed in this new research report by Fact.MR, stood at US$ 70.12 billion in 2022. The market is forecasted to advance at a CAGR of 6.8%, culminating in a size of US$ 146.6 billion by 2033-end. Several enterprises and businesses from several industry verticals are implementing health programs for the well-being of their respective employees.

Increasing awareness about employee well-being and health is projected to boost the adoption of employee assistance programs. A set of programs and policies are included in workplace health programs addressing various risk conditions and factors while positively influencing employees as well as organizations.

Adoption of corporate wellness programs at workplaces is increasing to help organizations augment employee productivity and reduce the overall cost of operations. Early onset and rising prevalence of chronic diseases among employees are predicted to propel the need for their well-being, thus generating higher need for corporate wellness programs.

Growing burden of chronic diseases is projected to create significant threats across the globe.

For instance:

• According to data from the American Cancer Society in 2021, the global cancer burden is projected to increase, reaching 16.1 million cancer-related deaths and a surge in cases to 27.51 million by the year 2040.

Similarly, diabetes, obesity, and heart disease are some other chronic diseases that are predicted to negatively impact a large part of the population due to sedentary and unhealthy lifestyles. As such, organizations are adopting a holistic approach to corporate wellness programs to educate employees about the advantages of adhering to fitness goals and building healthy habits.

• Worldwide demand for health risk assessment programs is predicted to increase at a CAGR of 6.7% and reach a market value of US$ 26.1 billion by 2033.
• The market in China is projected to expand at 8.1% CAGR and reach US$ 8.41 billion by the end of 2033.

Many businesses provide healthy meals and gym memberships along with educational resources for topics ranging from financial health to sleep hygiene, which is further anticipated to create remunerative opportunities for players in the corporate wellness market.

Report Attributes	Details
Corporate Wellness Market Size (2022A)	US$ 70.12 Billion
Estimated Market Value (2023E)	US$ 75.88 Billion
Forecasted Market Value (2033F)	US$ 146.6 Billion
Global Market Growth Rate (2023 to 2033)	6.8% CAGR
United States Market Value (2022)	US$ 27.21 Billion
Health Risk Assessment Segment Value (2033)	US$ 26.1 Billion
Japan Market Growth Rate (2023 to 2033)	5.8% CAGR
Germany Market Growth Rate (2023 to 2033)	6.5% CAGR
Key Companies Profiled	Alma Lasers, Inc. Cynosure, Inc. Cutera, Inc. EL.EN S.p.A. Lumenis Ltd. Fotona d.o.o. Lutronic Corporation Sciton, Inc. Lynton Lasers Ltd. Solta Medical, Inc. Sciton, Inc. Syneron & Candela STRATA Skin Sciences Venus Concept

Which Factors are Driving the Need for Corporate Wellness Programs?

“Increased Economic Burden on Employers Due to Issues Related to Health of Employees”

In recent years, there has been a significant increase in health insurance premiums. Moreover, a noteworthy expansion of public & private organizations around the world along with a growing number of unhealthy employees is predicted to lead to lower productivity and a higher rate of absenteeism. These factors are projected to result in an increased economic burden on employers.

Considering issues of health and productivity of employees, several businesses are investing in corporate wellness programs. They aid in reducing incidences of expensive chronic diseases, preventing health problems, and improving the overall health of employees. Multiple preventive measures, including stress management, healthy eating, and regular exercise are anticipated to keep employees healthy and fit, thus reducing the need for expensive medical care.

“Growing Awareness about Importance of Physical Health of Employees”

Several organizations are becoming aware of the correlation between employee productivity, happiness, and health. It is further catalyzing the requirements for economic corporate wellness programs. Furthermore, the increasing awareness among diverse businesses regarding the importance of employees' physical fitness and achieving a balanced work-life is anticipated to foster loyalty, productivity, and engagement.

Incorporation of corporate wellness programs by employers as a strategic imperative is predicted to lead to a favorable market outlook. Several organizations are investing in multiple programs for the promotion of regular physical activities, addressing mental health issues, providing nutrition education, and fostering a wellness culture. Rising commitment to the well-being of employees is forecasted to lead to the increased adoption of corporate wellness programs.

Why is Demand for Corporate Wellness Programs Being Restrained to Some Extent?

“Concerns Related to Breach of Employee-related Data”

The breach of healthcare data has emerged as a recent trend among hackers worldwide. Programs for corporate wellness are also negatively affected by issues related to data privacy. Many employees in these wellness programs share health-related information and personal data. Moreover, fitness trackers and similar digital gadgets are predicted to be more prone to hacking as these devices have limited data security features. Fitness gadgets can be tracked easily by cybercriminals.

What Opportunities Await Start-ups in the Global Market?

“Investments in Technological Innovation to Develop Cutting-edge Fitness-tracking Devices”

The health & wellness sector is undergoing rapid digitalization. Health-tracking applications, telehealth services, wearable devices, and digital platforms are predicted to revolutionize the delivery and assessment of corporate wellness programs. Therefore, start-ups have a wide scope of investing in the development of wearables such as smartwatches and fitness trackers that enable employees to monitor their health metrics, including sleep patterns and heart rate.

Health-related applications offer resources for personalized fitness programs, nutrition tracking, and exercises. Moreover, telehealth services enable remote access to multiple healthcare professionals, offering convenience and flexibility for employees.

Country-wise Insights

North America held 39.5% share of the global market revenue in 2022. Businesses functioning in North America are acknowledging a direct correlation between overall business performance and employee productivity and health. They are investing in comprehensive wellness programs for the well-being and health of their workforce. Supportive government initiatives are also promoting the adoption of these wellness activities.

Emergence of start-ups, including Fika, Timely App, Healthy Workers, The Holistic Concept, Lifesum, Tomo, BlueCall, and Levell, in Europe to encourage the health and safety of workers in organizations is predicted to contribute to market growth.

Why is the United States a Key Market for Corporate Wellness Service Providers?

“High Awareness about Negative Impact of Work Stress on Mental Health”

Demand for corporate wellness services in the United States reached US$ 27.21 billion in 2022, according to a report published by Fact.MR, a market research and competitive intelligence provider.

Dominance of the United States in North America is because of the rising awareness about the effect of work stress on mental health. This is predicted to result in the growing popularity of workplace wellness and increased healthcare expenditure by the majority of employers. Moreover, a significant portion of the working American population is aging, creating a pressing need for mental health support programs.

Rising government support to increase the adoption of workplace health programs is projected to fuel market growth in the country. Further, the presence of various prominent players in the United States is also contributing to revenue streams.

What’s Leading to High Demand for Corporate Wellness Programs in Germany?

“High Emphasis on Work-life Balance Stimulating Demand for Corporate Wellness Programs”

The market in Germany is predicted to advance at a 6.5% CAGR from 2023 to 2033. Work-life balance is a popular concept in Germany that is predicted to hold immense importance in the work culture there. Its importance is projected to increase as the majority of employers and employees recognize the benefits of adopting corporate wellness programs in the workplace. This rising importance of work-life balance is anticipated to extend beyond mere rhetoric. It is ingrained in regular business practices in Germany.

Which Markets in Asia Pacific are Companies Benefiting From?

“Increasing Aging Workforce in China, India, and Japan Driving Healthcare Investments”

The Chinese market is projected to expand at a CAGR of 8.1% and reach US$ 8.41 billion by 2033. The market in Japan is forecasted to advance at a 5.8% CAGR from 2023 to 2033. China, Japan, and India are prominent markets that are generating remunerative opportunities for players.

The rising awareness about employee health management and the growing working population in these countries are projected to contribute to the increasing number of health initiatives taken for corporate employees. The increasingly aging workforce is expected to bring advantages to market players, as several organizations are making substantial investments in healthcare infrastructure.

Category-wise Insights

According to a study published by Fact.MR, health risk assessment programs held 21.1% share of global market revenue in 2022. These programs include multiple screening activities for the identification of health risks and the implementation of appropriate interventional strategies for the promotion of a healthy lifestyle.

Based on the delivery model, the traction for onsite wellness programs is increasing due to their ability to offer immediate and easy access to wellness resources to increase their participation.

Which Corporate Wellness Program Service is Gaining Immense Popularity?

“Increased Adoption of Health Risk Assessment Programs to Identify Potential Health Issues”

The worldwide demand for health risk assessment is projected to increase at 6.7% CAGR and reach a value of US$ 26.1 billion by 2033. The increasing adoption of programs for health risk assessment in private and public organizations is contributing to market growth.

Various businesses are recognizing the significant impact of employee health on operational efficiency and productivity. Wellness programs help organizations reduce their overall health cost with the identification of potential issues related to health before reaching serious conditions. In addition, the rising use of wearables and digital health platforms for the collection and analysis of data is predicted to make health risk assessment more precise and accessible.

Which Delivery Model is Preferred for Corporate Wellness Programs?

“Rising Adoption of Onsite Models Due to Immediate and Easy Access to Wellness Resources”

Onsite employee wellbeing programs offer immediate and easy access to the majority of wellness resources to encourage their engagement and participation. These programs result in increased productivity as they enable employees to resume their work after attending sessions. In addition, onsite wellness programs enable hands-on and customized approaches to wellness to match specific requirements of employees.

Onsite corporate wellness programs, with a personalized approach, prove to be more effective in promoting behavior change and addressing individual health challenges. They are also helpful in reducing healthcare costs, thus encouraging companies to spend on similar activities.

Market Competition

Service providers of corporate wellness programs are adopting certain strategies to achieve their respective goals, including ensuring quality control of products and innovation. Prominent players are investing in offering cutting-edge technologies to improve their services.

For instance:

• Optum and Bassett Healthcare Network, in May 2021, announced a collaboration for the enhancement of the operational and clinical performance of Bassett. Collaborations in Central New York ensure convenient, affordable, and high-quality healthcare delivery to several patients.
• Sodexo, in May 2021, launched “Rise with Sodexo.” This program was designed to address the operational and health challenges faced by its clients around the world.

Leading providers of corporate wellness programs are Cerner Corporation, Fitbit Health Solutions, Ceridian HCM, Inc., Bristlecone Health, Inc., Castlight Health, Inc., Catalyst Sante Inc., ComPsych Corporation, Cigna Corporation, Ebix, Inc., Beacon Health Options, CXA Group Pte. Ltd., Aduro, Inc., CoreHealth Technologies, Applied Health Analytics, and Aanya Wellness.

Segmentation of Corporate Wellness Market Research

• By Service :

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

• By Organization Size :

  • Small
  • Medium
  • Large

• By Category :

  • Fitness & Nutrition Consultations
  • Organizations/Employers
  • Psychological Therapists

• By Delivery Model :

  • Onsite
  • Offsite

• By Region :

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa