According to a Facts and Factors market research report, the global corporate wellness solutions market is projected to reach USD 100 Billion by 2026 from USD 61.3 Billion in 2020, at a CAGR of 8.5% during the forecast period.
Corporate wellness refers to the use of a variety of programs by companies in order to improve their employees’ health and well-being. It entails health promotion initiatives, policies, and other advantages aimed at improving health and increasing productivity. Weight loss, nutrition, and dietary services, fitness, health screenings, stress management activities, and smoking cessation sessions are all available. Large and medium-sized businesses are also providing nap rooms, as well as wearable health trackers, gym memberships, yoga sessions, and mindfulness classes. These programs can help with employee retention, organizational culture, and the work environment. For instance, the World Health Organization (WHO) estimates that over 1.1 billion individuals smoked tobacco in 2015. Tobacco kills more than 7 million people per year throughout the world. Low- and middle-income countries account for about 80% of the world’s 1.1 billion smokers.
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The COVID-19 pandemic has had a negative influence on employees’ mental health. It ushered in the work-from-home phase, which produced a lot of stress among employees due to a sense of isolation. Furthermore, the pandemic wreaked havoc on the economy, causing a financial crisis for many people, negatively impacting their mental health. To counteract the problem, wellness service providers are employing virtual methods to provide services such as consultations with psychologists and health coaches.
Top Market Players
Some of the key players in the global corporate wellness market are ComPsych, Wellness Corporate Solutions, ADURO, Inc, Virgin Pulse, EXOS, Marino Wellness, Provant Health Solutions, Vitality Group, Wellsource, Inc., Central Corporate Wellness, Privia Health, Truworth Wellness, SOL Wellness, Well Nation, Beacon Health Options, Fitbit, Sodexo Group, Bupa Wellness Pty Ltd, Quest Diagnostics and Healthifyme among others.
Rising Corporate Wellness Programs
Organizations are actively using corporate wellness programs to promote employee performance and wellbeing, eliminate risk, and minimize healthcare expenses. Companies are aware of the significance of maintaining a mental and physically fit workforce. As a result, firms are spending more on employee wellness programs, solutions, and services. According to 2019, United Healthcare Wellness Checkup Survey, US firms are anticipated to invest an average of more than USD 3.6 million on their separate wellness programs. This significant investment has had a demonstrable positive impact on staff health and happiness. These variables point to a rising trend of corporate wellness program adoption over the projection period.
North America Dominated The Corporate Wellness Market
The United States accounted for the highest market share in the North American region since stress is a major health problem affecting the US population. Gap Healthcare Group Inc., a Canadian firm, provides a 1-hour Corporate Wellness Workshop that includes a lecture on specific lifestyle issues such as smoking cessation or stress management. It aims at encouraging a healthy lifestyle to employees via the use of universal learning concepts, case studies, and methodologies to give practical health knowledge, tools, and resources. Employee wellness initiatives are becoming an increasingly essential tool for attracting top talent and improving the standard of living for their staff. Thereby, certain developments in improving the health promotion of employees are expanding the market growth in recent years.
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