Covid-19 Impact on Corporate Wellness Solutions Market :
This Covid-19 pandemic led lockdown and mobility restrictions across the world imposed by countries caused supply chain disruptions, remote working, and sudden downturn of all the markets including global corporate wellness solutions market. Some industries have faced downfall, and some industries have experienced positive effects due to this pandemic.
This report offers an overview global corporate wellness solutions market, business changing environment, investment opportunities, challenges facing the market as well as risks that market players may face, market projections, segment study, and more such aspects are studied in detail in the report.
As the economy was shattered, many organizations restricted the budget for corporate wellness solutions. This slowed the growth of this market. On the other side, due to the online work trend, many market companies enhanced their offerings by adding virtual services.
Segment by service outlook :
The corporate wellness solutions market is classified into Health Risk Assessment, Fitness, Smoking Cessation, Health Screening, and Others on the basis of service. The health risk assessment segment accounted for highest revenue share in global corporate wellness solutions market. The key factors such as growing prevalence of chronic diseases, rising healthcare awareness, corporate firms investing significantly in employee-friendly and wellness initiatives are the key factors for growth of Health Risk Assessment segment in global corporate wellness solutions market.
Segment by End-Use :
The corporate wellness solutions market is classified into Small, Medium, and Large on the basis of End-Use. Large scale organizations dominated the corporate wellness solutions market by end-use segment. Large organizations have the capability of incorporating services and programs into their infrastructure. Small organizations prefer outsourcing these solutions.
Segment by Category :
The corporate wellness solutions market is classified into Nutrition Consultancy, Psychological Therapy, and other on the basis of category. This segment was dominated by organizations sub-segment. It accounted for the largest revenue among other sub-segments. The service providers offer large and small-scale corporations in-house and outsourced health management services.
Segment by Delivery Model :
The corporate wellness solutions market is divided online, clinical on the basis of delivery model. Onsite corporate wellness solutions dominated the market. This sub-segment is expected to witness a high growth rate in the forecasted period. Onsite wellness initiatives provide a personal touch to employee well-being and the facilities to exercise under the guidance of fitness coaches and consultants to meet their personal health needs.
Segment by Region :
The corporate wellness solutions market is divided into Europe, North America, Asia Pacific, South America based on geography. North America dominated the corporate wellness solutions market. It registered the highest revenue among other segments. As the working population is expected to grow in the Asia Pacific region, it is estimated that this region will grow significantly in the forecasted period.
Corporate wellness solutions are a set of programs, policies, and benefits that address multiple risk factors and conditions and influence both employees and the organization. Owing to benefit such as holistic approach to employee well-being, healthy corporate environment, actionable insights, data backed engagement, employee engagement, work-life balance of employees, superlative capabilities to promote employee health & wellness, corporate wellness solutions is experiencing rapid adoption as opposed to traditional employee wellness approaches, thus fostering remarkable progress in global corporate wellness solutions market.
Employees are motivated to adopt a healthier lifestyle and help companies reduce costs by improving employee well-being and enhancing productivity. Corporate wellness programs are also used to reduce employee turnover, keep staff satisfied, and attract fresh talent. The activities and services offered by corporate wellness programs vary.
The market value of global corporate wellness solutions market is estimated to reach close to USD 94.6 billion by 2028, at an annualized growth rate of 9.1%. The factors like increasing prevalence of chronic diseases, increased health awareness, corporate firms investing employee friendly initiatives are driving overall progress of global corporate wellness solutions market. As many organizations and businesses are implementing wellness programs for their employees' demand for this market increases.
There are some employees who are pushing against these wellness solutions. The main reason for this is their lack of confidence in their respective employer's ability to implement these programs effectively which is hampering growth of corporate wellness market. Additionally, there is a shortage of qualified professionals in this field, which restrains the market growth.
There are many emerging countries with large working population anticipated to create opportunity for the global corporate wellness solutions market. As the number of working employees increases, this will create a significant opportunity for this market, especially in the Asia Pacific region.
The major players in global corporate wellness solutions market are WellWorks For You, Corporate Fitness Works, Wellsteps, Workplace Options, TotalWellness, Aduro, Laboratory Corporation of American Holdings, Limeade, Discovery Limited, Alphabet, CVS Health Corporation, Gilsbar, Virgin Group, Wellright, Cleveland Clinic, TELUS, Centene, Sharecare, Cerner, Medcan Clinic, Workplace Options, Anthem, UnitedHealth Group, EXOS, LifeWorks, and ComPsych among others.
Latest Trends in Global Corporate Wellness Solutions Market :
- In April 2021, Workplace Options launched a specialized program, Revive, to assist employees experiencing or at risk of burnout through coaching sessions and live counseling.
- In February 2021, LifeWorks, Inc. completed the acquisition of SMG Health Pty. Ltd. (Australia) through its LifeWorks Business, expanding the company's service offerings in Australia.
Corporate Wellness Solutions Market Scope
|Forecast Unit||Value (USD)|
|Revenue forecast in 2028||USD 94.6 billion|
|Growth Rate||CAGR of 9.1% during 2021-2028|
|Segment Covered||by Service, Category, End-User, Delivery Model, Regions|
|Regions Covered||North America, Europe, Asia Pacific, Middle East and Africa, South America|
|Key Players Profiled||WellWorks For You, Corporate Fitness Works, Wellsteps, Workplace Options, TotalWellness, Aduro, Laboratory Corporation of American Holdings, Limeade, Discovery Limited, Alphabet, CVS Health Corporation, Gilsbar, Virgin Group, Wellright, Cleveland Clinic, TELUS, Centene, Sharecare, Cerner, Medcan Clinic, Workplace Options, Anthem, UnitedHealth Group, EXOS, LifeWorks, and ComPsych among others.|
Key segments of the Corporate Wellness Solutions market :
Segment by Service Outlook :
- Health Risk Assessment
- Smoking Cessation
- Health Screening
- Nutrition & Weight Management
- Stress Management
Segment by End-use :
- Small Scale Organizations
- Medium Scale Organizations
- Large Scale Organizations
Segment by Category :
- Fitness & Nutrition Consultants
- Psychological Therapists
Segment by Delivery Model :
Segment by Geography :
· Rest of Europe
· Rest of Asia Pacific
· Rest of South America