The Corporate Wellness Global Market Report 2024 by The Business Research Company provides market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa, encompassing 27 major global industries. The report presents a comprehensive analysis over a ten-year historic period (2010-2021) and extends its insights into a ten-year forecast period (2023-2033).
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According to The Business Research Company’s Corporate Wellness Global Market Report 2024, The corporate wellness market size has grown strongly in recent years. It will grow from $65.14 billion in 2023 to $69.92 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%. The growth in the historic period can be attributed to employee health and productivity, stress management, employee engagement, preventive healthcare, occupational health and safety, talent attraction and retention.
The corporate wellness market size is expected to see strong growth in the next few years. It will grow to $95.78 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The growth in the forecast period can be attributed to personalized wellness programs, remote work challenges, global expansion of corporate wellness, holistic well-being approach, return on investment (roi) focus. Major trends in the forecast period include technology integration, flexible and customizable programs, incentivization and gamification, strategic well-being metrics, innovations in wellness technology.
The rising prevalence of chronic illnesses among corporate workers is expected to propel the growth of the corporate wellness market in the coming future. A chronic illness is a medical condition or illness that often lasts for three months or more and has the potential to get worse over time. The rising prevalence of chronic illnesses among corporate workers expands the corporate wellness market as companies’ wellness programs enhance the health conditions of workers by providing a wide range of services that minimize chronic disease conditions. For instance, in November 2021, according to the Bureau of Labor Statistics, a US-based intergovernmental organization, the number of respiratory disease cases reported by employers increased by around 4,000%, from 10,800 in 2019 to 428,700 in 2020. The rate of respiratory illness grew from 1.1 cases per 10,000 full-time equivalent workers in 2019 to 44.0 cases per 10,000 full-time equivalent workers in 2020. Therefore, the rising prevalence of chronic illnesses among corporate workers is driving the growth of the corporate wellness market.
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The corporate wellness market covered in this report is segmented –
1) By Service: Health Risk Assessment, Fitness, Smoking Cessation, Health Screening, Nutrition And Weight Management, Stress Management, Other Services
2) By Delivery Model: Onsite, Offsite
3) By Category: Fitness And Nutrition Consultants, Psychological Therapists, Organizations Or Employers
4) By End User: Private Sector, Public Sector, Other End Users
Technological advancements are a key trend gaining popularity in the corporate wellness market. Major companies operating in the corporate wellness market are focused on developing technological solutions to strengthen their position in the market. For instance, in September 2022, Virgin Pulse, a US-based company that offers employee well-being solutions, launched VP Activate, a more advanced intelligent communication solution that makes it easy for companies and health systems to reach out to their audiences more quickly and proactively. VP Activate is a data-driven, multiple-channel communication solution that recognizes and connects people at risk of a care gap, as well as determines the best approach to interact with important groups to promote action. It assesses each person’s requirements, identifies obstacles to filling care gaps and other wellness activities, and then employs a surround-sound strategy to achieve good results through both online and offline channels.
The corporate wellness market report table of contents includes:
1. Executive Summary
- Corporate Wellness Market Characteristics
- Corporate Wellness Market Trends And Strategies
- Corporate Wellness Market – Macro Economic Scenario
- Global Corporate Wellness Market Size and Growth
. - Global Corporate Wellness Market Competitive Benchmarking
- Global Corporate Wellness Market Competitive Dashboard
- Key Mergers And Acquisitions In The Corporate Wellness Market
- Corporate Wellness Market Future Outlook and Potential Analysis
- Appendix
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