Corporate Wellness Market Size Worth $93.4 Billion by 2028 | CAGR: 7.0%: Grand View Research, Inc.

SAN FRANCISCO, Feb. 24, 2022 /PRNewswire/ -- The global corporate wellness market size is expected to reach USD 93.4 billion by 2028, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 7.0% from 2021 to 2028. Rising obese and overweight population increases insurance costs that account for the financial burden on the employers. The corporate wellness initiatives target particular health risk factors such as stress, obesity, smoking, poor eating, and lack of exercise.

Key Insights & Findings from the report:

• The health risk assessment segment dominated the overall market in terms of revenue share in the year 2020. The health screening activities enable employers to implement strategic initiatives to deal with the identified health risks.
• The stress management segment is likely to showcase the fastest growth rate from 2021 to 2028, owing to the rising preference for on-site yoga and meditation services.
• Large scale organizations dominated the end use segment in the market in 2020. The infrastructure in large scale companies makes conducting fitness services easier and convenient.
• North America dominated the market in terms of revenue share in 2020 due to popularity of corporate wellness in the region. According to a survey by Benefits Canada conducted on 1300 employers, North America had the highest number of corporate wellness programs. In this region, more than 80.0% of the employers are offering corporate wellness services to their employees.
• Companies around the globe are modifying their corporate wellness strategies to meet the emerging public health crisis due to COVID 19, though the effect has been surprisingly positive.

Read 115-page market research report, "Corporate Wellness Market Size, Share & Trends Analysis Report By Service (Health Risk Assessment, Fitness), By End-use, By Category, By Delivery Model (Onsite, Offsite), By Region, And Segment Forecasts, 2021 - 2028", published by Grand View Research.

Corporate Wellness Market Growth & Trends

The pandemic has caused a change in the process of delivering wellness services. Although in-person sessions have resumed to some extent, the virtual platform has been made available to at-risk employees to meet their psychological and fitness needs. Initially, the lockdown imposed due to COVID19 resulted in transition to work from home, causing a great deal of stress.

Employers have started offering some kind of fitness program for the purpose of disease prevention and improve productivity. According to a study conducted by Harvard economists, absenteeism costs fall by USD 2.7 for every dollar spent on fitness programs. Therefore, employees need to be encouraged to adopt a healthier lifestyle to improve their performance.

Employers providing the programs have noticed a significant rise in productivity and a decline in leaves and attrition. In addition, companies in the U.K. initiated the Fit for Work service, which offers a tax benefit of USD 663.3 per year. Organizations are providing wearables, such as Fitbit, Apple watch, and Google watches, which helps in keeping track of parameters such as heart rate and blood pressure.

Corporate Wellness Market Segmentation

Grand View Research has segmented the global corporate wellness market on the basis of service, end-use, category, delivery model, and region:

Corporate Wellness Service Outlook (Revenue, USD Million, 2016 - 2028)

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

Corporate Wellness End-use Outlook (Revenue, USD Million, 2016 - 2028)

• Small Scale Organizations
• Medium Scale Organizations
• Large Scale Organizations

Corporate Wellness Category Outlook (Revenue, USD Million, 2016 - 2028)

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

Corporate Wellness Delivery Model Outlook (Revenue, USD Million, 2016 - 2028)

• Onsite
• Offsite

Corporate Wellness Regional Outlook (Revenue, USD Million, 2016 - 2028)

• North America
• The U.S.
• Canada
• Europe
• U.K.
• Germany
• France
• Italy
• Spain
• Asia Pacific
• Japan
• China
• India
• Australia
• Latin America
• Brazil
• Mexico
• Middle East & Africa (MEA)
• South Africa

List of Key Players of Corporate Wellness Market

• Medtronic (Covidien)
• ComPsych
• Wellness Corporate Solutions
• Virgin Pulse
• Provant Health Solutions
• EXOS
• Marino Wellness
• Privia Health
• Vitality Group
• Wellsource, Inc.
• Central Corporate Wellness
• Truworth Wellness
• SOL Wellness

Check out more related studies published by Grand View Research:

• U.S. Corporate Wellness Market - The U.S. corporate wellness market size is expected to reach USD 31.0 billion by 2027, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.8% from 2020 to 2027. Increasing awareness regarding the wellness services at the workplace, high return on investment (ROI), and reduction in expenditure on employee healthcare costs are some of the factors driving the market.
• Canada Corporate Wellness Market - The Canada corporate wellness market size is expected to reach USD 4.7 billion in 2027, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 6.8% during the forecast period. An increase in awareness regarding available employee wellness services and the increasing onset of chronic diseases are some of the factors driving the market growth.
• Workplace Stress Management Market - The global workplace stress management market size is expected to reach USD 13.38 billion by 2026, expanding at a CAGR of 8.4% during the forecast period, according to a new report by Grand View Research, Inc. Rising promotion of employee health and wellbeing is augmenting the market growth. Many enterprises in different industry verticals implement employee health programs boosting market demand for workplace stress management services.

Browse through Grand View Research's Medical Devices Industry Research Reports.

About Grand View Research

Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.

Contact:

Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: sales@grandviewresearch.com
Web: https://www.grandviewresearch.com
Grand View Compass | Grand View Pipeline
Follow Us: LinkedIn | Twitter

Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg