Global Corporate Wellness Market to Reach $87.3 Billion by 2026

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Jul 01, 2021, 09:40 ET

SAN FRANCISCO, July 1, 2021 /PRNewswire/ -- A new market study published by Global Industry Analysts Inc., (GIA) the premier market research company, today released its report titled "Corporate Wellness - Global Market Trajectory & Analytics". The report presents fresh perspectives on opportunities and challenges in a significantly transformed post COVID-19 marketplace.

FACTS AT A GLANCE
Edition: 6; Released: April 2021
Executive Engagements: 379
Companies: 152 - Players covered include ADURO, INC.; Beacon Health Options, Inc.; Bupa Wellness Pty Ltd; Central Corporate Wellness; ComPsych Corporation; EXOS; Fitbit Health Solutions; HealthifyMe Wellness Products and Services PVT. LTD.; Marino Wellness; Morneau Shepell Ltd.; Privia Health, LLC; Sodexo Group; The Vitality Group, Inc.; Truworth Health Technologies Pvt. Ltd; Virgin Pulse, Inc.; Well Nation; Wellness Corporate Solutions; Wellsource, Inc. and Others.
Coverage: All major geographies and key segments
Segments: Service (Health Risk Assessment, Fitness, Smoking Cessation, Health Screening, Nutrition & Weight Management, Stress Management, Other Services); Organization Size (Small, Medium, Large)
Geographies: World; USA; Canada; Japan; China; Europe; France; Germany; Italy; UK; Rest of Europe; Asia-Pacific; Rest of World.

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ABSTRACT-

Global Corporate Wellness Market to Reach $87.3 Billion by 2026
Corporate wellness encompasses metal and physical wellness of employees, the cornerstone for business strength, stability, sustainability and growth. The concept of wellness has been gaining considerable attention across organizations over the last several years owing to its ability to influence employee health, mental wellbeing, performance and quality of life. The trend can be attributed to rising incidence of high blood pressure, high cholesterol, obesity and cardiovascular conditions among employees. Unhealthy lifestyles and associated chronic diseases coerce corporate offices to bear a loss of one trillion dollars in terms of lost productivity. These issues are prompting various organizations to focus on corporate wellness to promote healthy behaviors among employees. Companies around the world are adjusting their corporate wellness plans to match the current public health crisis and given the devastating magnitude of the pandemic, the impact has been fairly positive. Integration of wellness programs in the workplace, be it physical or virtual, has becomes the biggest priority for companies worldwide.

Amid the COVID-19 crisis, the global market for Corporate Wellness estimated at US$56.7 Billion in the year 2020, is projected to reach a revised size of US$87.3 Billion by 2026, growing at a CAGR of 7.3% over the analysis period. Health Risk Assessment, one of the segments analyzed in the report, is projected to record a 6.2% CAGR and reach US$20.7 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Fitness segment is readjusted to a revised 6.9% CAGR for the next 7-year period. Given the rising susceptibility to chronic diseases such as cancer, respiratory diseases, diabetes etc. even in younger age groups, there is increased focus on inclusion of health risk assessment plans in wellness programs. Apart from helping companies reduce employee healthcare expenditure, health risk assessment enables employees to identify possible future health future and establish wellness goals. Health risk assessment begins with analyzing employee medical history, health status, and lifestyle.

The U.S. Market is Estimated at $20.4 Billion in 2021, While China is Forecast to Reach $7.3 Billion by 2026
The Corporate Wellness market in the U.S. is estimated at US$20.4 Billion in the year 2021. China, the world`s second largest economy, is forecast to reach a projected market size of US$7.3 Billion by the year 2026 trailing a CAGR of 8.6% over the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 6.4% and 7% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 6.8% CAGR. The US represents a key market. In the United States, the Affordable Care Act allows employers to increase the size of their financial incentives for completing wellness programs. Under new rules, firms can penalize non participating employees by increasing their premium contribution up to 30% of the cost of the plan for not completing or engaging with corporate wellness programs.

Smoking Cessation Segment to Reach $13.5 Billion by 2026
Smoking cessation programs assist smokers in selecting and receiving the right medication such as lozenge, gum or patches to reduce craving and mitigate withdrawal symptoms. Cigarette addiction worldwide is expected to increase despite organizations and governments across the globe trying to spread awareness over the harmful effects of tobacco, imposition of high taxes on various tobacco products with an aim to reduce their usage, and approving tobacco products that are less harmful and innovative as a suitable substitute to traditional cigarettes. In the recent years, an increasing number of organizations have started focusing on smoking cessation programs at workplaces for assisting employees in improving their health and eventually boosting the bottom line by pushing productivity and saving on healthcare costs. In the global Smoking Cessation segment, USA, Canada, Japan, China and Europe will drive the 6.4% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$7.4 Billion in the year 2020 will reach a projected size of US$11.5 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.2 Billion by the year 2026. More

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