- Increase in adoption of newly introduced corporate wellness plans for fitness, weight management and nutrition is driving the market.
- Corporate wellness has been evolving in the last few years due to economic transformation and the evolving nature of work.
- The global corporate wellness market is highly fragmented.
Global Corporate Wellness Market, By Service (Weight Management, Health Risk Assessments (Hras), Health Screening, Nutrition, Fitness, Smoking Cessation, Other Services, Vaccinations, Stress Management, Diabetes Management), Geography (North America, South America, Europe, Asia-Pacific, Middle East And Africa)– Industry Trends and Forecast to 2025.
Market Analysis: Global Corporate Wellness Market
The Global Corporate Wellness Market is expected to reach $84.67 billion by 2025, from $50.20 billion in 2017 growing at a CAGR of 6.8% during the forecast period of 2018 to 2025. The upcoming market report contains data for historic year 2016, the base year of calculation is 2017 and the forecast period is 2018 to 2025.
Market Definition: Global Corporate Wellness Market
It is necessary for all to be healthy. People now are cutting down their sugar levels, trying to go to gym, trying to do proper exercise and also trying to quit their bad habits of smocking. Corporate wellness programs are intended to provision and encourage a complete method for the employee wellbeing by making an organizational culture of health.
There are workplace wellness programs that are conducted by the firms for health benefits. These programs help in enhancing the employees productivity and reduces the overall operational cost. These programs help the employees to adopt a healthier life style.
The organizations like spas and wellness centers gives training individually or in group settings, which helps the firms for longer benefits. Corporate wellness has been evolving in the last few years due to economic transformation and the evolving nature of work. There are number of benefits that can be provided by the corporate wellness activities reduced healthcare costs, reduced absenteeism, reduced stress, increased productivity and increased morale.
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In 2018, JLT (Australia) acquired MOOLA, a digital saving and investment service Company which empower individuals with better performance regarding improved emotional, financial and physical wellness.
In 2009, Sodexo introduces a corporate wellness offer that including marketing, designing, managing programs and services, that are aligned with Sodexo’s core value which recognized in “Better Tomorrow Plan.”
Major Market Drivers And Restraints:
- Increase in adoption of newly introduced corporate wellness plans for fitness, weight management and nutrition.
- Growing awareness about corporate wellness programs
- Rise in expenditure on health care
- Lack of availability for corporate wellness services
- Low penetration of health care facilities
Market Segmentation: Global Corporate Wellness Market
- The global corporate wellness market is segmented based on service, and geographical segments.
- Based onservice type, the market is segmented into weight management, Health Risk Assessments (HRAs), health screening, nutrition, fitness, smoking cessation, other services, vaccinations, stress management, diabetes management.
- Based on geography, the market report covers data points for 28 countries across multiple geographies namely North America & South America, Europe, Asia-Pacific and, Middle East & Africa. Some of the major countries covered in this report are U.S., Canada, Germany, France, U.K., Netherlands, Switzerland, Turkey, Russia, China, India, South Korea, Japan, Australia, Singapore, South Africa and, Brazil among others.
Competitive Analysis: Global Corporate Wellness Market
The global corporate wellness market is highly fragmented and the major players have used various strategies such as new product launches, expansions, agreements, joint ventures, partnerships, acquisitions, and others to increase their footprints in this market. The report includes market shares of corporate wellness market for global, Europe, North America, Asia Pacific and South America.
In 2016, United Healthcare partnership with Qualcomm to launch new wellness programs which links with health solutions to employees and consumers and provides the wearable devices, home diagnostics test.
Major Market Competitors/Players: Global Corporate Wellness Market
Some of the major players operating in the global corporate wellness market are Optum, Inc. (United Health Group), Sodexo, JLT Australia (RecovreGroup), Trotter Wellness, ProvantHealth (Hooper Holmes, Inc.), BupaWellness Pty Ltd (BupaGroup), FitLinxx, Corporate Wellness Solutions, SOL Wellness, ComPsych Corporation, ConneXions Asia, CC Group, Truworth Wellness, EXOS, Wellness Corporate Solutions, Central Corporate Wellness, TruworthWellness, CXA Group Pte.Limited, Marino Wellness , Wellness Corporate Solutions , Premise Health , TotalWellness and SOL are among the others.