Corporate Wellness Solution Market is expected to grow at a CAGR from 2019-2028
The report provides in-depth analysis of the global corporate wellness solution market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028
Global Corporate Wellness SolutionMarket Overview
Growth in the corporate wellness solutionsmarket is driven by rising adoption of corporate wellness programs byemployers, increased uptake of technology-powered corporate wellness solutionsand a substantial burden of chronic lifestyle diseases and mental health inorganizations. Corporate wellness programs are being increasingly implementedby organizations to improve employee health and productivity, reduce healthrisk and lower employee healthcare costs. Furthermore, companies are becomingmore aware of the need to maintain a mentally and physically healthy workforce,which will also boost market demand.
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Companies are becoming more aware ofthe need to maintain a mentally and physically healthy workforce. This hasincreased corporate investment in employee wellbeing programs, solutions andservices. The growth in the obese and overweight population leads to increasedinsurance costs, accounting for the financial burden on employers. According tothe International Labour Organization (ILO), the Asia Pacific constitutes aworkforce of 1.9 billion individuals. The workforce in the region is aging, asthe population aged 60 and above in the region is expected to increase by 24%by 2050, according to the United Nations Department of Economic and Social Affairs.This will increase the burden of chronic diseases in the working population inthis region in the coming years. These factors have created a lucrativeopportunity for the corporate wellness solution market growth.
Lack of qualified and licensedprofessionals to support corporate wellness programs is a major factorrestraining the corporate wellness solutions market. For instance, according tothe health resources and services administration, by 2023, it is projected thatthere would be a 20% decrease in the number of adult psychiatrists in theUnited States. This lack of mental health professionals is restraining thecorporate wellness solution market.
Market Growth Challenge
The key factors such as low employeeengagement and participation in corporate wellness programs and adoption ofinternal-led corporate wellness programs through benefits package and perks areposing a challenge to the corporate wellness solution market. For instance, astudy conducted by United Healthcare in 2017 showed that 63% of employeesshowed unwillingness to spend more than an hour per day improving their healthand wellbeing.
Cumulative Growth Analysis
The report provides in-depth analysisof the global corporate wellness solution market, market size, and compoundannual growth rate (CAGR) for the forecast period of 2022-2028, considering2021 as the base year. Increasing cases of chronic diseases across the globeand the growing number of market players selling corporate wellness programs tovarious organizations has led to the increasing demand for the market and isexpected to witness it growth at a CAGR at a specific CAGR from 2021-2028.
COVID-19 Impact Analysis on GlobalCorporate Wellness Solution Market
The exclusive COVID-19 impact analysisreport by Axiom MRC provides a 360 degree analysis of micro and macro-economicfactors in the global corporate wellness solution market. In addition, completeanalysis of changes in the global corporate wellness solution marketexpenditure, economic and international policies on the supply and demand side.The report also studies the impact of the pandemic on global economies,international trade, business investments, GDP and marketing strategies of keyplayers present in the market. Likewise, the COVID-19 virus spread on one sidehas provided ample growth opportunity for the market with a rise in large andsmall sized organizations. The COVID-19 pandemic has severely impacted themetal health of employees. To tackle the problem, wellness service providersare adopting virtual methods to provide services, such as meetings withpsychologists and health coaches.
Corporate Wellness Solution MarketSegmental Overview
The global corporatewellness solution market comprises of different market segment likeservice, category, delivery model, end-user and geography.
Corporate Wellness Solution Market byService Category
By service category, the corporatewellness solution includes key segment of
- Health Risk Assessment
- Nutritional and weight management
- Smoking Cessation
- Fitness Service
- Biometric Screening
- Alcohol/ Substance Abuse Services
- Mental/ Behavioral health management
- Virtual consultation/ virtual care
- Employee assistance programs
- Health benefit programs
The health risk assessment segmentdominated the market for corporate wellness and, in 2020, accounted for thelargest share of 21.1%. The large share of this segment can be attributed tothe utility of this service for early identification and mitigation of healthrisk in employees, to reduce absenteeism due to health conditions, and lowerhealthcare costs. Health risk assessment is a set of questions that are used toidentify employee health and quality of life at the workplace. The advantage ofhaving an HRA program is that it helps to know about any disease from which theemployee is suffering, which might affect the employee afterward. Around 80% ofemployers offer employee well-being services for health risk assessment oftheir employees.
Corporate Wellness Solution Market byCategory
By category, the corporate wellnesssolution includes key segment of
- Fitness & Nutrition Consultants
- Organization/ Employers
- Psychological Therapists
The organization is anticipated to leadthe market, gaining the majority of the market share in 2021 and is expected tomaintain its dominance over the estimated time period. In 2020, organizationaccounted for the largest revenue share of 50.3%. The implementation ofcorporate wellness programs helps in tracking various diseases. The focus ofcorporate wellness programs on such conditions can reduce the disease burdenand the overall cost of healthcare premium paid by the employer to anyinsurance provider.
Corporate Wellness Solution Market byDelivery Model
By delivery model, the corporatewellness solution includes key segment of
The onsite delivery model isanticipated to lead the market, gaining the majority of the market share in2021, and is expected to maintain its dominance over the estimated time period.In 2020, the onsite delivery model accounted for the largest revenue share,which is more than 57 %. The online program provides the opportunity tomanipulate equipment, practice skills and participate in real-world drillsright in the environment in which they will be expected to perform tasks. Theonline wellness initiative provides a personal touch for employees along withthe facilities to exercise under the guidance of consultants.
Corporate Wellness Solution Market by End-Users
By end-users, the corporate wellnesssolution includes key segment of
- Large organization
- Medium-sized organization
- Small organizations
The large organization dominated theend-use segment and accounted for the largest revenue share of 52.8% in 2020.For instance, in 2013, according to research and development (RAND),approximately 70% of organizations invested in health screening services. Largeorganizations can incorporate programs and services into their company’sinfrastructure. Growth in the segment is mainly driven by the growing use ofcorporate wellness programs by these organizations owing to the favorablemodels for businesses.
Corporate Wellness Solution Market byGeography
The global corporate wellness solutionmarket is studied for the following region
- North America
- Rest of the world (RoW)
North America is anticipated towitness increasing demand for corporate wellness solution owing to presence towell established market players. In 2020, North America corporate wellnessmarket accounted for the largest revenue share of more than 42%. According tothat research and development (RAND), around 50.0% of the employers in theUnited States offer wellness programs to their employees.
Competitive Landscape Analysis
The competitive landscape analysis ofcorporate wellness solution market is majorly focused on expanding the globalgrowth of corporate wellness solution with new product innovation, businessexpansion, increasing presence of range of manufacturer operating in corporatewellness solution has led the growing demand for the market. Besides, themarket offers range of service in different organization to fulfill therequired demand of consumer which is further contributing healthy growth in themarket.
Thekey players studied in market are
- Centene Corporation,
- CVS Health Corporation,
- LifeWorks, Inc.,
- UnitedHealth Group (Optum),
- Virgin Group Ltd.,
- ADURO, INC.,
- Anthem, Inc,
- Beacon Health Options,
- Central Corporate Wellness,
- Cerner Corporation,
- Cleveland Clinic,
- Marino Wellness,
- Fitbit, Inc,
- Privia Health,
- Provant Health Solutions,
- SOL Wellness,
- Truworth Wellness,
- Vitality Group,
- Well Nation,
- Wellness Corporate Solutions,
- Medcan Clinic
February 2022: -Quantum CorpHealth Pvt Ltd, opened three new offices in India to meet thecountry’s rapidly increasing need for health and wellness services forcorporate employees and their dependents.
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