CORPORATE WELLNESS MARKET ANALYSIS

Corporate Wellness Market – A Step towards Employee’s Well-being

Corporate wellness plays a major role in advanced healthcare, as it keeps employees healthy and happy. Corporate organizations conduct various programs to create stress-free environment and healthy work culture for employees.

The global corporate wellness market size was valued at US$ 53,645.7 million in 2018, and is expected to exhibit a CAGR of 7.2% over the forecast period (2019–2027).

Figure 1. Global Corporate Wellness Market Value (US$ Mn), by Region, 2018

Source: Coherent Market Insights Analysis (2019)

Increasing incidences of smoking is expected to propel growth of the corporate wellness market

Corporate wellness programs are conducted to keep employees healthy, prevent diseases, and increase the productivity. Moreover, high prevalence smoking and obesity is expected to drive growth of the global corporate wellness market during the forecast period. According to Institute for Health Metrics and Evaluation (IHME), 2017, an estimated 6.32 million deaths of smokers were reported in 2016 globally. Moreover, according to the same source, around 883,930 deaths of second hand smokers were reported in 2016 globally

Moreover, increasing prevalence of obesity associated with deskbound lifestyle is expected to propel growth of the global corporate wellness market over the forecast period. According to the World Health Organization (WHO) factsheet, February 2018, around 1.9 billion adults aged 18 years and above were overweight around the world in 2016, of which around 650 million were obese.

However, low adoption rate of corporate wellness programs by new startups and small corporate offices is expected is the major factor hindering the market growth.

Figure 2. Global Corporate Wellness Market Share (%), by Service, 2019 and 2027

Source: Coherent Market Insights Analysis (2019)

Increasing risk of diabetes associated with deskbound lifestyle in North America is expected to bolster the market growth in the region.

North America holds dominant position in the global corporate wellness market, owing to increasing risk of diabetes and other diseases associated with deskbound lifestyle or physical inactivity. According to the Centers for Disease Control and Prevention (CDC) report, 2015, around 30.3 million Americans were diagnosed with diabetes in 2015, and around 1.5 million are diagnosed with diabetes every year.

Moreover, increasing employee welfare activities in the corporate sector is propelling growth of the market. For instance, Accenture, a consultant company, offers employee assistance programs to provide confidential support for employees’ issues such as stress, substance abuse, depression, and anxiety. Furthermore, the company provides employees Teladoc services, where they can consult a physician for any health-related queries 24x7.

Key Players

Major players operating in the global corporate wellness market include Wellness Corporate Solutions, ComPsych Corporation, United Health Group, Sodexo, BupaWellness Pty Ltd., Recovre Group, Central Corporate Wellness, Truworth Wellness, CXA Group Pte. Limited, SOL Wellness, ComPsych Corporation, Virgin Pulse, Inc., Interactive Health, Inc., and ConneXions Asia.