The new report by Expert Market Research titled, ‘Global Corporate Wellness Market Size, Share, Growth, Analysis, Report and Forecast 2023-2031’, gives an in-depth analysis of the global corporate wellness market, assessing the market based on its segments like service type, end user, and major regions. The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter’s Five Forces models.
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The key highlights of the report include:
Market Overview (2016-2031)
- Historical Market Size (2022): USD 68.85 billion
- Forecast CAGR (2023-2031): 6.5%
- Forecast Market Size (2031): USD 121.35 billion
The worldwide corporate wellness industry is developing due to growing emphasis on mental health around the world. Longer work hours and a higher burden are aiding the industry’s growth by increasing mental health difficulties. Furthermore, the COVID-19 epidemic has had a severe negative impact on employees’ mental health because of the work-from-home culture’s social isolation. According to the Centers for Disease Control and Prevention (CDC), in 2020, over 40% of adults in the United States would have mental health or drug misuse issues. Furthermore, the industry’s expansion has been assisted by favourable government policies and investments aimed at combating mental health issues.
Corporate Wellness Industry Definition and Major Segments
The execution of various programmes by organisations that encourage healthy habits in the workplace is referred to as corporate wellness. It includes health promotion tactics, policies, and other perks that give employees more ways to stay healthy at work while also increasing productivity. It also aids organisations in avoiding potential productivity losses and healthcare costs by establishing a healthy work culture, which enhances employee retention and loyalty.
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Based on service type, the market is segmented into:
- Health Risk Assessment
- Nutrition and Weight Management
- Stress Management
- Smoking Cessation
On the basis of end user, the industry can be divided into:
- Private Sector
- Public Sector
- Other End Users
On the Basis of region, the market can be divided into:
- North America
- The Asia Pacific
- Latin America
- The Middle East and Africa
Corporate Wellness Market Trends
North America has a substantial portion of the corporate wellness sector due to stringent laws and growing government funding in the region to encourage the adoption of a variety of corporate wellness programmes. The majority of prominent players in the corporate wellness market are based in the United States. In addition, the prevalence of chronic diseases, sedentary lifestyles, and mental health issues are driving industry expansion over the projection period. Meanwhile, increased drug misuse concerns because of the opioid epidemic is another crucial aspect that is expected to have a substantial impact on the corporate wellness industry’s growth.
Key Market Players
The major players in the market are ComPsych Corporation, EXOS, Marino Wellness LLC, Privia Health LLC, Quest Diagnostics Incorporated, and Others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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