The global corporate wellness market revenue stood at $51 billion in 2020, and it is expected to rise to $100 billion by 2030. According to the estimates of the market research company, P&S Intelligence, the market will progress at a CAGR of 7.0% from 2020 to 2030 (forecast period). The market is being driven by the rising focus of people on health and wellbeing, increasing incidence of chronic diseases, because of work stress and long working hours, and employees increasingly seeking various wellness perks from companies.
Depending on service type, the market is classified into fitness, health screening, health risk assessment, nutrition and weight management, stress management, and smoking cessation. Out of these, the health risk assessment category held the largest share in the market in the years gone by. Health risk assessment, also popularly known as health and wellbeing assessment or health risk appraisal, is a typical screening tool, which is generally used as the initial step in multi-component health promotion programs at various workplaces around the world.
When end-user is taken into consideration, the corporate wellness market is categorized into large-scale organizations, medium-scale organizations, and small-scale organizations. Out of these, the large-scale organizations category contributed the highest revenue to the market in the past. Owing to their larger workforces, these companies are compelled to implement corporate wellness programs. Moreover, these companies are secure and strong financially and thus, they can easily make huge investments in corporate wellness programs.
Across the globe, the North American region dominated the corporate wellness market in the past. This was because of the high incidence of cardiovascular diseases, owing to poor eating habits and sedentary lifestyles of people in the region. Additionally, employers in the region are rapidly launching various wellness initiatives to mitigate health issues among employees, which is also fueling the expansion of the regional market. In recent years, the players operating in the industry, such as ComPsych Corporation, Well Nation, Athletes’ Performance Inc., Provant Health Solutions LLC, Fitbit Inc., Beacon Health Options Inc., and Truworth Health Technologies Pvt. Ltd., have focused on partnerships in order to augment their revenue.
Thus, it can be said without hesitation that the market will register rapid expansion in the coming years, mainly because of the rising incidence of chronic diseases, owing to long working hours and sedentary lifestyles of people, and growing public awareness about the significance of corporate wellness programs at workplaces.
