Corporate Wellness Market to Hit $75.3 Billion by 2030: Grand View Research, Inc.
SAN FRANCISCO, Oct. 31, 2022 /PRNewswire/ -- The global corporate wellness market size is expected to reach USD 75.3 billion by 2030, expanding at a CAGR of 4.38% during the forecast period, based on a new report by Grand View Research, Inc. Rising obese and overweight population increases insurance costs that account for the financial burden on employers. Corporate wellness initiatives target particular health risk factors such as stress, obesity, smoking, poor eating, and lack of exercise.
Key Industry Insights & Findings from the report:
- In terms of service, the health risk assessment segment dominated the corporate wellness market in 2021. The health assessment activities enable employers to implement strategic initiatives to deal with the identified health risks.
- The stress management segment is likely to showcase the fastest growth rate from 2021 to 2030, owing to the rising preference for on-site yoga and meditation services and the rising prevalence of depression and anxiety due to the COVID-19 pandemic.
- Based on End-Use, large scale organizations segment dominated the market in 2021. The infrastructure in large scale companies makes conducting fitness services easier and convenient.
- North America dominated the market in 2021 due to the popularity of corporate wellness in the region. According to a survey by Benefits Canada conducted on 1300 employers, North America had the highest number of corporate wellness programs. More than 80.0% of the employers in North America are offering corporate wellness services to their employees.
Read 113 page full market research report, "Corporate Wellness Market Size, Share & Trends Analysis Report By Service (Health Risk Assessment, Fitness), By End Use, By Category, By Delivery Model (Onsite, Offsite), By Region, And Segment Forecasts, 2022 - 2030", published by Grand View Research.
Corporate Wellness Market Growth & Trends
The pandemic has caused a change in the process of delivering wellness services. Although in-person sessions have resumed to some extent, the virtual platform has been made available to at-risk employees to meet their psychological and fitness needs. Initially, the lockdown imposed due to COVID-19 resulted in a transition to work from home, causing a great deal of stress. Companies around the globe are modifying their corporate wellness strategies to meet the emerging public health crisis due to COVID-19.
Organizations are increasingly using corporate wellness programmes to boost employee health and productivity, mitigate health risks, and minimize employee healthcare expenses. Businesses are more conscious of the importance of maintaining a psychologically and physically healthy workforce. As a result, capital investment in employee wellness programmes, solutions, and services has surged. Absenteeism expenses are reduced by USD 2.7 for every dollar spent on fitness programmes, according to a study conducted by Harvard economists. As a direct consequence, employees must be encouraged to live a healthier lifestyle in order to perform better.
Employers providing the programs have noticed a significant rise in productivity and a decline in leaves and attrition. In addition, companies in the U.K. initiated the Fit for Work service, which offers a tax benefit of USD 663.3 per year. Organizations are providing wearables, such as Fitbit, Apple, and Google watches, which helps in keeping track of parameters such as heart rate and blood pressure.
Moreover, the International Labor Organization (ILO) estimates that the Asia-Pacific employs 1.9 billion people. Globalization has led in significant economic expansion throughout the region, with most countries experiencing a continuous increase in the number of employees. Additionally, the region's workforce is aging, with the region's population aged 60 and over predicted to grow by 24% by 2050, according to the United Nations report. This would result in an increase in the burden of chronic diseases among the region's working population in the following years. These factors create a potential for the market to grow in emerging countries throughout the forecast period.
Corporate Wellness Market Segmentation
Grand View Research has segmented the global corporate wellness market based on service, end-use, category, delivery model, and region:
Corporate Wellness Market - Service Outlook (Revenue, USD Million, 2016 - 2030)
- Health Risk Assessment
- Fitness
- Smoking Cessation
- Health Screening
- Nutrition & Weight Management
- Stress Management
- Others
Corporate Wellness Market - End-Use Outlook (Revenue, USD Million, 2016 - 2030)
- Small Scale Organizations
- Medium Scale Organizations
- Large Scale Organizations
Corporate Wellness Market - Category Outlook (Revenue, USD Million, 2016 - 2030)
- Fitness & Nutrition Consultants
- Psychological Therapists
- Organizations/Employers
Corporate Wellness Market - Delivery Model Outlook (Revenue, USD Million, 2016 - 2030)
- Onsite
- Offsite
Corporate Wellness Market - Regional Outlook (Revenue, USD Million, 2016 - 2030)
- North America
- U.S.
- Canada
- Europe
- U.K.
- Germany
- France
- Italy
- Spain
- Russia
- Netherlands
- Switzerland
- Asia Pacific
- Japan
- China
- India
- Australia
- New Zealand
- South Korea
- Latin America
- Brazil
- Mexico
- Argentina
- Middle East & Africa (MEA)
- South Africa
- Saudi Arabia
- UAE
List of Key Players of the Corporate Wellness Market
- ComPsych
- Wellness Corporate Solutions
- Virgin Pulse
- EXOS
- Marino Wellness
- Privia Health
- Vitality
- Wellsource, Inc.
- Central Corporate Wellness
- Truworth Wellness
- SOL Wellness
Check out more related studies published by Grand View Research:
- Wellness Tourism Market - The global wellness tourism market size is expected to reach USD 1.02 trillion by 2030, according to a new report by Grand View Research, Inc. The market is expected to expand at a CAGR of 9.93% from 2022 to 2030. Increasing patient awareness regarding health and wellbeing and personal care will be one of the major drivers for the market. Promotional campaigns arranged by various governments are also encouraging wellness tourism across the globe. Wellbeing services offered by players help customers find solutions to improve or maintain their health and wellbeing. The rising number of health-conscious people is contributing to the increasing demand for wellness activities at popular travel destinations.
- Health Sensors Market - The global health sensors market size is anticipated to reach USD 142.18 billion by 2030, registering a CAGR of 18.53% over the forecast period, according to a new report by Grand View Research, Inc. The market is expected to grow due to the increasing geriatric population, growing inclination towards fitness, and increasing prevalence of chronic diseases. In the current complex healthcare environment, the need for advanced and accurate monitoring systems increases as healthcare organizations progress to provide better services. Health sensors is continuously evolving from ad-hoc to continuous monitoring to provide accurate data to clinicians to make treatment decisions.
- Health Devices Market - The global eHealth devices market size is estimated to reach USD 28.1 billion by 2028 by advancing at a CAGR of 9.4% from 2022 to 2028, according to a new report by Grand View Research, Inc. The market growth for eHealth is significantly driven by the increasing demand for blood pressure meters and care phone/social alarms from the rising geriatric population around the world. The rapidly increasing sedentary lifestyle and lack of physical activity have given rise to various lifestyle diseases such as obesity and diabetes. The rising prevalence of chronic lifestyle diseases is expected to propel market growth in the near future. Technological developments and product launches with more sophisticated functioning and accuracy are expected to boost market growth. However, the high cost of devices and privacy issues will act as restraints for the eHealth device market.
Browse through Grand View Research's Medical Devices Industry Research Reports.
About Grand View Research
Grand View Research, U.S.-based market research and consulting company, provides syndicated as well as customized research reports and consulting services. Registered in California and headquartered in San Francisco, the company comprises over 425 analysts and consultants, adding more than 1200 market research reports to its vast database each year. These reports offer in-depth analysis on 46 industries across 25 major countries worldwide. With the help of an interactive market intelligence platform, Grand View Research Helps Fortune 500 companies and renowned academic institutes understand the global and regional business environment and gauge the opportunities that lie ahead.
Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc.
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: [email protected]
Web: https://www.grandviewresearch.com
Grand View Compass | Astra ESG Solutions
Follow Us: LinkedIn | Twitter
Logo: https://mma.prnewswire.com/media/661327/Grand_View_Research_Logo.jpg
SOURCE Grand View Research, Inc
WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?
Newsrooms &
Influencers
Digital Media
Outlets
Journalists
Opted In
Share this article