Global Corporate Wellness
Market Report
2024
Delivery Includes:- Market Timeline 2019 till 2031, Market Size, Revenue/Volume Share, Forecast and CAGR, Competitor Analysis, Regional Analysis, Country Analysis, Segment Analysis, Market Trends, Drivers, Opportunities, Restraints, ESG Analysis, Porters Analysis, PESTEL Analysis, Market Attractiveness, Patent Analysis, Technological Trend, SWOT Analysis, COVID-19 Analysis, Consumer Behavior Analysis, etc.
The base year for the calculation is 2023 and 2019 to 2023 will be historical period. The year 2024 will be estimated one while the forecasted data will be from year 2025 to 2031. When we deliver the report that time we updated report data till the purchase date.
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Base Year | 2023 |
Historical Data Time Period | 2019-2023 |
Forecast Period | 2024-2031 |
Global Market Size | 121212 |
Country Market Size | 121212 |
North Americ Market Size | 121212 |
Europe Market Size | 121212 |
Asia Pacific Market Size | 121212 |
South America Market Size | 121212 |
Middle East and Africa Market Size | 121212 |
Market Split by Service Type |
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Market Split by Application |
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Market Split by Organization Size |
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Market Split by Delivery Mode |
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List of Competitors |
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Regional Analysis |
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Country Analysis |
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Key Qualitative Information Covered |
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Corporate Wellness Market is Segmented as below. Particular segment of your interest can be provided without any additional cost. Download the Sample Pages!
According to Cognitive Market Research, the market size of the Corporate Wellness market was XX Million in 2023. This industry’s compounded annual growth rate projected to be is XX% from 2024 to 2031.
Through the development of a health-conscious business culture, corporate wellness initiatives aim to support and encourage a complete approach to employee health. Putting into practice a corporate wellness program that goes above and beyond traditional wellness initiatives promotes healthy behaviors and enhances health outcomes in addition to increasing employee engagement, productivity, and the best use of human resources. This industry has widely improved the lives of corporate individuals with benefits like attracting and retaining new talent, complete job satisfaction, reflecting company values, and promoting a healthy working environment. The Corporate Wellness Industry is segmented by service, organization size, category, and delivery mode. With health risk assessment dominating the service segment, large organizations contribute maximum to the organization size, Organization/Employers under the category section, and off-site with the delivery mode being the dominant segment type.
For instance, Google spends quite a huge amount for corporate wellness where this company states that the programs are thoughtfully designed for the enhancement of physical as well as mental well-being. The Software giant offers programs like access to mental health apps, educational reimbursements, support groups for underrepresented employees and allies, access to fitness centers and massages, on-site meals and snacks, at-home cooking, and workout classes.
Another instance is that of Spain where according to the OECD states that, the introduction of corporate wellness programs can prevent up to 96,000 illnesses by 2050 and increase productivity and employment.
(Source:https://www.betteryou.ai/why-does-google-invest-so-much-in-employee-wellness/) (Source: https://www.emerald.com/insight/content/doi/10.1108/EJIM-02-2022-0072/full/html)
Rising adoption of corporate wellness programs
Corporate wellness programs are in high demand due to growing recognition of the value of employee well-being and the need to address problems like stress, sedentary lifestyles, and mental health difficulties. Employers now realize that putting employee well-being first enhances productivity, lowers healthcare expenses over time, and enhances employees' general quality of life. For instance, InnovateTech, this top IT business is well-known for its innovative approach to worker well-being. A wide range of services are available from InnovateTech, such as on-site yoga sessions, meditation spaces, fitness centers, and nutrition advice. Employee engagement has grown and stress levels have decreased as a result of their dedication to creating a healthy work environment.
Investing in employee wellness is a strategic choice that benefits companies and people in the long run, not merely a fad. By putting employee well-being first, businesses build a culture of positivity and support that develops staff members, lowers healthcare expenses, boosts morale, and draws in top talent. For instance, according to J&J executives, the business has saved $250 million on medical expenses through wellness initiatives over the last ten years; from 2002 to 2008, there was a $2.71 return on investment for every dollar invested. (source: https://hbr.org/2010/12/whats-the-hard-return-on-employee-wellness-programs#:~:text=J%26J's%20leaders%20estimate%20that%20wellness,extra%2C%20not%20a%20strategic%20imperative.)
Organizations all over the nation are embracing data analytics and artificial intelligence (AI) to improve their employee health programs. To improve employee engagement, the corporate wellness sector is digitizing its offerings by including technological elements like wearables and mobile apps into its programs. Additionally, increased knowledge of mental health issues has compelled corporations to concentrate on de-stigmatizing mental health issues within their workforce.
Increasing funding for initiatives that promote stress management and mental health
From the employees' side, there have been several factors causing stress, hypertension, economic burden, and many more difficulties. With the rise in inflation, it has been noticed that it is difficult for employees to manage the financial burdens such as an increase in health insurance premiums and other things that make employees stressed out are the pressure to outperform their coworkers, meet deadlines, stick to budgets, and increase sales. These elements put workers under stress and lead to mental health problems, which have an impact on their general well-being and productivity.
According to the American Institute for Stress, Ninety percent of employees report experiencing stress at work, and forty-two percent of them believe they need assistance in learning stress management techniques. Ten percent are worried about a coworker they think could turn violent, and 25% have felt like yelling or screaming due to work stress. For instance, The Times of India reported that around 60% of employees plan to quit their corporate job due to stress, and almost 80% complain of stress while organizations don’t put in much effort for their stress management. To tackle this, firms are initiating corporate wellness programs by implementing strategies like to satiate their workers' need for growth by offering them support systems like mentoring programs and funding for further training.(source:https://timesofindia.indiatimes.com/business/india-business/60-employees-plan-to-quit-jobs-due-to-stress-study-says/articleshow/55433429.cms)
Challenges faced due to Employee health data breach
These days, mental health services, virtual counselling, and mental wellness applications are among the tech-enabled solutions that make a big difference in workplace mental health and well-being initiatives. In all these programs, staff members provide private information about themselves, such as age, residential address, mental health issues, previous and present medical treatments, and any co-occurring illnesses. However, with such data available, employers are finding it difficult to protect this data and avoid any breaches. According to Corporate Wellness Magazine, there were headlines in the workplace about how a group of academics discovered a vast underground market where employee mental health data was mined and sold for as little as six cents. Due to such news, employees are hesitant to avail the facilities of corporate wellness programs.
The breach was determined to be the result of a successful phishing attack that targeted employees. Once the data was accessed hackers were able to steal patient personal information such as names, dates of birth, social security numbers, addresses, and more. Furthermore, digital gadgets such as fitness tracker are said to be an easy catch for hacking as they have very few security features or measures added to their system. Hence data theft can be a serious problem for employees as well as employers’ side. The organizations can face serious legal problems due to this fiasco.
According to the Global Wellness Institute, there was a sharp fall in the corporate wellness industry from 2019 to 2020. However, due to the rising awareness of the well-being of individuals in the workplace, this industry recovered quickly with almost XX% rise in its market size than that of 2019. Before the offset of the pandemic, there were several initiatives taken by various corporate firms for their employees' well-being. Still, after the imposition of stringent lockdowns across the globe, companies shifted to cost-cutting online platform measures which gave a temporary halt to this industry which huge losses incurred by the firms.
For instance, in 2021 according to the Global Health & Fitness Association, almost 17% of fitness clubs were closed due to the pandemic which incurred huge losses.
Post-pandemic, with the shift in the working patterns of individuals in hybrid mode, there had been virtual wellness offerings with the inclusion of online health solutions like virtual fitness courses, webinars, and mindfulness exercises were offered to accommodate the demands of the sizable remote workforce. For instance, as part of its daily live group workout courses, Best Buy set up a "Wellness Zone" on its Facebook page here employees may watch the videos on demand and also, and they may interact with personal trainers via Zoom where they are provided with customized workouts. Over 1,000 workers currently connect every day to take part in the exercise sessions, according to the company's Health Fitness program manager.
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Corporate firms are deploying various strategies to outperform in the corporate wellness sector. The foremost is to assess the employee needs by surveying to identify the health challenges faced by the employees and the interests of the workforce to develop a program that tailors their needs. Another crucial strategy is to foster a culture of wellness. Involving staff members at all organizational levels is crucial to genuinely establishing a health culture. Incentives for participation, the formation of a wellness committee, and leadership involvement in program marketing are a few examples of how to do this.For instance, according to research conducted by Johnson & Johnson, workers at companies with a strong corporate wellness culture are 2.5 times more pleased overall and are 3 times more likely to take general health-related action. One important aspect of employee well-being is job happiness. Happy, contented workers are productive workers.
Top Companies Market Share in Corporate Wellness Industry: (In no particular order of Rank)
If any Company(ies) of your interest has/have not been disclosed in the above list then please let us know the same so that we will check the data availability in our database and provide you the confirmation or include it in the final deliverables.
North America dominates the market share with XX% and earns a revenue of about USD XX. There are several factors influencing the dominance of North America. The first reason can be of the significant rise in awareness of mental health, individual wellbeing and stress management. With large organizations dominance in the organization segment and these large players present in the North America region. Moreover, the general working population is increasing by age, there has been a rise in corporate wellness initiative for age-related issues. It is also noticed that, North America shows a correlation business performance, productivity and health.
For instance, Wellness Works, Canada has introduced an endeavour for healthy workplace response to pandemic challenges. They aim to develop and sustain a culture of health and performance in their organization, Advocate for workplace health and performance, and demonstrate how their organization is working towards or has developed a healthy, high-performing work culture.
(Source: https://wellnessworkscanada.ca/charter/?gad_source=1&gclid=CjwKCAiAxaCvBhBaEiwAvsLmWNbShz5OkBarg9e_NJSd26GlFw1qyZlbVoJhzzB6-Af-9LtHYLapZBoCLPkQAvD_BwE)
In North America, the United States is a key market in this industry. The reason for this is because of the rising awareness of healthy workplace culture, the increased health expenditure done by employers, and the strong government support for the adoption of such programs.
For instance, Zappos is an online shoe and clothing company based in Las Vegas which also has a weight management program. Furthermore, they also provide on-campus fitness centre as well.
In North America, the United States is a key market in this industry. The reason for this is because of the rising awareness of healthy workplace culture, the increased health expenditure done by employers, and the strong government support for the adoption of such programs.
For instance, Zappos is an online shoe and clothing company based in Las Vegas which also has a weight management program. Furthermore, they also provide on-campus fitness centre as well.
(Source: https://www.aihr.com/blog/best-employee-wellness-programs-examples/)
The current report Scope analyzes Corporate Wellness Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com
The above graph is for illustrative purposes only.
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Global Corporate Wellness Market Report 2024 Edition talks about crucial market insights with the help of segments and sub-segments analysis. In this section, we reveal an in-depth analysis of the key factors influencing Corporate Wellness Industry growth. Corporate Wellness market has been segmented with the help of its Service Type, Application Organization Size, and others. Corporate Wellness market analysis helps to understand key industry segments, and their global, regional, and country-level insights. Furthermore, this analysis also provides information pertaining to segments that are going to be most lucrative in the near future and their expected growth rate and future market opportunities. The report also provides detailed insights into factors responsible for the positive or negative growth of each industry segment.
According to Cognitive Market Research, the health risk assessment holds XX% market and is projected a compounded annual growth rate of XX%. The health risk assessment service holds the dominant share because of their easy access and the utility provided for the immediate identification and elimination of the risk.
Based on substantial evidence health assessments may effectively improve health behaviors in worker populations. The Community Preventive Services Task Force (CPSTF) advises combining health assessments with health education initiatives. According to the CPSTF, several health and safety issues, including heavy drinking and smoking, elevated blood pressure, and high cholesterol, can be resolved by employing HRAs with feedback. In the end, HRAs can lower the number of days missed from work because of illness or disability.
The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Corporate Wellness Industry. Request a Free Sample PDF!
The Organization/Employers segment is largest contributor in corporate wellness industry. This category accounts for almost XX% of the segment. The reason for their dominant share is that they offer both on-site as well as outsourcing for large as well as small corporations. The other reason for this is the huge number of investments being made and also the employers pay an extra health insurance premium to reduce the financial baggage. For instance, Walmart launched Walmart Health in 2019 to provide local communities with accessible healthcare services, both in-person and virtually, for a range of needs at affordable costs.
The above Graph is for representation purposes only. This chart does not depict actual Market share.
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Based on organization size, large organizations dominate the corporate wellness industry. This is because of the huge number of investments being made in these big organizations as a part of their “Corporate Social Responsibility”. the other prominent reason is the rising awareness among the employees and employers for mental well-being to promote and enhance the work and culture and the workers' productivity. For instance, IBM’s Wellness for Life initiative is an extensive program for promoting health that includes consumerism, health plan integration, risk reduction for high-risk individuals, and low-risk health maintenance. With online communities, it aims to enhance employees' health by fostering a shift in the corporate culture and giving them access to social support. To connect with its dispersed personnel, the organization uses a web-based approach. (Source:https://www.ibm.com/ibm/environment/annual/ibm_crr_061505.pdf)
The on-site segment holds the maximum market share. The factors for the on-site segment to dominate are because on-site creates a feeling of belongingness as well as adds a personal touch to employees. The added benefit of it is also with live classes being conducted by fitness coaches and trainers. After the pandemic, with the rise in hybrid work culture, there was an upsurge in the off-site segment but there were several challenges noticed for this segment. For instance, Nike introduced Nike’s Wellness Program which emphasizes weight rooms, yoga studios, and a cross-training program. Employees at the 200-acre Nike site have access to an Olympic-sized swimming pool, a rock-climbing wall, and a basket-ball court. (source:https://about.nike.com/en/impact/initiatives/prioritizing-worker-engagement-and-wellbeing)
Research Analyst at Cognitive Market Research
I am a research analyst working in various domains including the Consumer Goods domain, and my primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. I have knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively. I stay up-to-date with the latest research trends, methodologies, and technologies to ensure that my research is accurate, relevant, and impactful.
Sneha Mali is a research analyst working in various domains including the Consumer Goods, market research and transport & logistics and her primary responsibility is to conduct thorough research on various subjects and provide valuable insights to support client requirements. Her knowledge of research methodologies, and data mining which enables me to analyze large data sets, draw meaningful conclusions, and communicate them effectively.Sneha stay up-to-date with the latest research trends, methodologies, and technologies to ensure that her research is accurate, relevant, and impactful.
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The Global Corporate Wellness Market is witnessing significant growth in the near future.
In 2023, the Nutrition and Weight Management segment accounted for noticeable share of global Corporate Wellness Market and is projected to experience significant growth in the near future.
The Fitness segment is expected to expand at the significant CAGR retaining position throughout the forecast period.
Some of the key companies Virgin Pulse , Provant Health Solutions and others are focusing on its strategy building model to strengthen its product portfolio and expand its business in the global market.
Please note, we have not disclose, all the sources consulted/referred during a market study due to confidentiality and paid service concern. However, rest assured that upon purchasing the service or paid report version, we will release the comprehensive list of sources along with the complete report and we also provide the data support where you can intract with the team of analysts who worked on the report.
Disclaimer:
Service Type | Nutrition and Weight Management, Fitness Services, Stress Management, Smoking Cessation |
Application | Fitness, Nutrition Consultants, Psychological Therapists, Organizations |
Organization Size | Small, Medium, Large |
Delivery Mode | Onsite, Offsite |
List of Competitors | Virgin Pulse, Well Nation, Provant Health Solutions, EXOS, Kinema Fitness, Karelia Health, Com Psych, Others |
This chapter will help you gain GLOBAL Market Analysis of Corporate Wellness. Further deep in this chapter, you will be able to review Global Corporate Wellness Market Split by various segments and Geographical Split.
Chapter 1 Global Market Analysis
Global Market has been segmented on the basis 5 major regions such as North America, Europe, Asia-Pacific, Middle East & Africa, and Latin America.
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Global Market Dynamics, Trends, Drivers, Restraints, Opportunities, Only Pointers will be deliverable
Chapter 2 North America Market Analysis
Chapter 3 Europe Market Analysis
Chapter 4 Asia Pacific Market Analysis
Chapter 5 South America Market Analysis
Chapter 6 Middle East and Africa Market Analysis
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Chapter 7 Top 10 Countries Analysis (Only Available with Corporate User License)
Competitor's Market Share and Revenue (Subject to Data Availability for Private Players)
Chapter 8 Competitor Analysis (Subject to Data Availability (Private Players))
(Subject to Data Availability (Private Players))
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Data Subject to Availability as we consider Top competitors and their market share will be delivered.
Chapter 9 Qualitative Analysis (Subject to Data Availability)
Segmentation Service Type Analysis 2019 -2031, will provide market size split by Service Type. This Information is provided at Global Level, Regional Level and Top Countries Level The report with the segmentation perspective mentioned under this chapters will be delivered to you On Demand. So please let us know if you would like to receive this additional data as well. No additional cost will be applicable for the same.
Chapter 10 Market Split by Service Type Analysis 2019 -2031
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Chapter 11 Market Split by Application Analysis 2019 -2031
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Chapter 12 Market Split by Organization Size Analysis 2019 -2031
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Chapter 13 Market Split by Delivery Mode Analysis 2019 -2031
This chapter helps you understand the Key Takeaways and Analyst Point of View of the global Corporate Wellness market
Chapter 14 Research Findings
Here the analyst will summarize the content of entire report and will share his view point on the current industry scenario and how the market is expected to perform in the near future. The points shared by the analyst are based on his/her detailed in-depth understanding of the market during the course of this report study. You will be provided exclusive rights to interact with the concerned analyst for unlimited time pre purchase as well as post purchase of the report.
Why Nutrition and Weight Management have a significant impact on Corporate Wellness market? |
What are the key factors affecting the Nutrition and Weight Management and Fitness Services of Corporate Wellness Market? |
What is the CAGR/Growth Rate of Fitness during the forecast period? |
By type, which segment accounted for largest share of the global Corporate Wellness Market? |
Which region is expected to dominate the global Corporate Wellness Market within the forecast period? |
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