April 18, 2024

Corporate Wellness Market Emphasizes on Stressed Related Issues to Drive Growth Trends by 7.2%

The corporate wellness market comprises services such as health risk assessments, nutrition & weight management, smoking cessation, fitness services, alcohol & drug recovery, stress management, health education services, disease management services, and chronic care management provided to employees of various organizations. These services help decrease absenteeism at the workplace, maintain productivity, enhance workforce engagement, and reduce costs associated with healthcare. The Global Corporate Wellness Market is estimated to be valued at US$ 53,645.7 Mn in 2024 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023 to 2030.

Key Takeaways

Key players operating in the corporate wellness market are Wellness Corporate Solutions, ComPsych Corporation, United Health Group, Sodexo, BupaWellness Pty Ltd., Recovre Group, Central Corporate Wellness, Truworth Wellness, CXA Group Pte. Limited, SOL Wellness, ComPsych Corporation, Virgin Pulse, Inc., Interactive Health, Inc., and ConneXions Asia. Key players focus on providing customized wellness programs and digital platforms for enhanced service delivery.

The growing prevalence of chronic lifestyle diseases and rising healthcare costs have increased the demand for corporate wellness programs globally. Moreover, corporate wellness programs help improve employee productivity and reduce absenteeism, which is a key factor driving their adoption.

Major companies are expanding their corporate wellness offerings globally, especially in emerging markets, to tap the increase in health awareness. This is expected to supplement the growth of the corporate wellness market over the forecast period.

Market key trends

One of the key trends in the corporate wellness market is the rising focus on stress management-related programs and services. The COVID-19 pandemic has significantly increased stress, anxiety, and other mental health issues among employees. This is prompting organizations to offer wellness programs addressing issues like stress, anxiety, depression, and burnout. Customized digital mental health and resilience programs are gaining traction. Companies are collaborating with mental health experts to develop impactful virtual offerings in this area. This growing emphasis on stress-related issues is expected to be a major driver for the corporate wellness market over the coming years.

Porter’s Analysis
Threat of new entrants: Low startup costs prevent many new companies from entering this market. Bargaining power of buyers: Large companies have strong bargaining power over wellness providers due to their ability to sponsor multiple programs. Bargaining power of suppliers: There are many providers for corporate wellness services so suppliers have low bargaining power. Threat of new substitutes: No strong substitute exists for corporate wellness programs which improve employee health and reduce healthcare costs. Competitive rivalry: Intense competition exists between existing corporate wellness providers to win contracts from large companies.

Geographical Regions
North America currently accounts for the largest share of the global corporate wellness market in terms of value as many leading companies offer wellness programs for employees in the region. Initiatives like health risk assessments, fitness programs and medical checkups are common.

Asia Pacific is poised to grow at the fastest pace during the forecast period as multinational companies increasingly provide wellness benefits to attract talent in nations with rapid economic growth. Countries like China and India represent massive opportunities for providers moving forward.

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  1. Source: Coherent Market Insights, Public sources, Desk research
  2. We have leveraged AI tools to mine information and compile it