Corporate Wellness Solutions Market 2023 – 2030 by End User (Organizations (Large, Mid-Sized, SME)),Service Offering (HRA, Nutrition, Weight Loss, Fitness, Substance Abuse Management, Employee Assistance Programs, Health Benefits) - Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional Footprints by MarketDigits
Industry : Healthcare | Pages : 187 Pages | Published On : Jul 2023
The global market for corporate wellness solutions is estimated to have a value of $61.2 billion in 2022 and is projected to reach $94.6 billion by 2026, growing at a compound annual growth rate (CAGR) of 9.1% during the period from 2023 to 2030. The market growth is driven by factors such as the increasing adoption of corporate wellness programs by employers, the growing use of technology-enabled corporate wellness solutions, and the significant burden of chronic life diseases and mental health issues in organizations. However, challenges for this market include low employee engagement and participation in corporate wellness programs, as well as the adoption of internally-led corporate wellness programs through employee benefits and perks.
Corporate Wellness Solutions Market Dynamics
Driver: Rising adoption of corporate wellness programs
Organizations are increasingly implementing corporate wellness programs to enhance employee health and productivity, reduce health risks, and lower healthcare costs. Employers recognize the importance of maintaining a mentally and physically healthy workforce, leading to greater investments in employee wellbeing programs, solutions, and services. The 3rd annual UnitedHealthcare Wellness Checkup Survey revealed that US employers were expected to invest an average of over $3.6 million in their wellbeing programs, showcasing the growing adoption of corporate wellness programs.
Restraint: Dearth of qualified and licensed professionals to support corporate wellness programs
There is a projected 20% decrease in the number of adult psychiatrists in the US by 2030, as reported by the Health Resources and Services Administration. This shortage is mainly due to a declining number of professionals entering the field. Emerging countries also face a shortage of qualified mental health professionals, with India having only 0.75 psychiatrists per 100,000 people. This shortage of qualified professionals hampers the implementation of efficient and comprehensive corporate wellness programs, posing a restraint to the market's growth.
Opportunity: Emerging countries with a large working population
The Asia Pacific region has a workforce of 1.9 billion individuals, according to the International Labour Organization (ILO). Rapid economic growth and an increasing number of employees in most countries in the region provide an opportunity for market growth. Additionally, the aging workforce in the Asia Pacific, with a projected 24% increase in the population aged 60 and above by 2050, will contribute to a higher burden of chronic diseases among the working population. These factors present opportunities for market growth in emerging countries.
Challenge: Low employee engagement and participation in corporate wellness programs
Customization of corporate wellness solutions based on the interests and specific needs of the workforce is crucial. However, employee engagement and participation can be challenging due to various internal and external factors beyond control or prediction. A UnitedHealthcare study in 2017 revealed that 63% of surveyed employees in the US were unwilling to spend more than an hour per day improving their health and wellbeing. To encourage participation, many organizations offer financial incentives. Overcoming low employee engagement poses a challenge to market growth in the forecast period.
The health risk assessment segment holds the highest market share, by service offering, in the corporate wellness solutions market.
The market is segmented into various service offerings, including health risk assessment, nutrition and weight management, smoking cessation, fitness services, biometric screening, alcohol/substance abuse services, mental/behavioral health management, health education services, virtual consultation/virtual care, employee assistance programs, and health benefits programs.
The small-sized organizations segment to grow at the highest CAGR in the corporate wellness solutions market, in the forecast period.
The health risk assessment segment dominates the market share due to its effectiveness in early identification and mitigation of health risks among employees, leading to reduced absenteeism and lower healthcare costs.
In terms of end users, the small organizations segment is projected to grow at the highest compound annual growth rate (CAGR) during the forecast period. This growth is driven by the increasing adoption of corporate wellness programs by small businesses, facilitated by the affordability and favorable payment models available to them.
North America holds the largest share in the corporate wellness solutions market, by region, in the forecast period.
The region's significant share can be attributed to the growing need for corporate wellness solutions in response to the rising prevalence of chronic conditions, mental health issues, and substance abuse, particularly related to the opioid crisis.
Prominent players in the corporate wellness solutions market include ComPsych Corporation, LifeWorks, Inc., UnitedHealth Group (Optum), Anthem, Inc., Workplace Options, Cerner Corporation, Centene Corporation, TELUS, Cleveland Clinic, Wellright, Virgin Group Ltd., CVS Health Corporation, Alphabet Inc. (Fitbit), Discovery Limited (Vitality Group), EXOS, Laboratory Corporation of American Holdings, Sharecare, Gilsbar, Medcan Clinic, Limeade, Aduro, Inc., TotalWellness, Wellsteps, Corporate Fitness Works, and WellWorks For You.
This research report categorizes the corporate wellness solutions market to forecast revenue and analyze trends in each of the following submarkets
By Service offering
o Health Risk Assessment
o Nutrition and Weight Management
o Smoking Cessation
o Fitness Services
o Biometric Screening
o Alcohol/Substance Abuse Services
o Mental/Behavioral Health Management
o Virtual consultation/Virtual care
o Employee Assistance Programs
o Health Benefit Programs
By End User
o Large organizations
o Medium-sized organizations
o Small organizations
o North America
o Rest of Europe (RoE)
o Asia Pacific
o Rest of Asia Pacific (RoAPAC)
o Rest of the World
Recent developments in the corporate wellness solutions market include:
• Workplace Options (US) introduced a specialized program called Revive in April 2021. This program aims to support employees who are experiencing or at risk of burnout through live counseling and coaching sessions, providing them with the necessary assistance to manage burnout effectively.
• In February 2021, LifeWorks, Inc. completed the acquisition of SMG Health Pty. Ltd. (Australia) as part of its LifeWorks Business expansion strategy. This acquisition enabled LifeWorks to broaden its service offerings in Australia, allowing them to provide a more comprehensive range of corporate wellness solutions in the country.
• UnitedHealth Group (US) launched virtual primary care services for employees in January 2021. This initiative allows employees to access wellness programs, routine check-ups, and management of chronic conditions through virtual platforms, providing convenient and accessible healthcare options.
• Anthem, Inc. (US) acquired Beacon Health Options, an independently held behavioral health organization, in February 2020. This acquisition aimed to combine Anthem's behavioral health capabilities with Beacon Health's model and support services, enhancing the overall behavioral health offerings provided by the company.
• In June 2020, Virgin Group Ltd. (US) launched VP Passport, a unified engagement platform designed to facilitate a safe return to the workplace. The platform includes employer-configurable monitoring and screening tools, live support, and partner solutions, offering a comprehensive set of resources to ensure a safe and healthy work environment.
Table and Figures
At MarketDigits, we take immense pride in our 360° Research Methodology, which serves as the cornerstone of our research process. It represents a rigorous and comprehensive approach that goes beyond traditional methods to provide a holistic understanding of industry dynamics.
This methodology is built upon the integration of all seven research methodologies developed by MarketDigits, a renowned global research and consulting firm. By leveraging the collective strength of these methodologies, we are able to deliver a 360° view of the challenges, trends, and issues impacting your industry.
The first step of our 360° Research Methodology™ involves conducting extensive primary research, which involves gathering first-hand information through interviews, surveys, and interactions with industry experts, key stakeholders, and market participants. This approach enables us to gather valuable insights and perspectives directly from the source.
Secondary research is another crucial component of our methodology. It involves a deep dive into various data sources, including industry reports, market databases, scholarly articles, and regulatory documents. This helps us gather a wide range of information, validate findings, and provide a comprehensive understanding of the industry landscape.
Furthermore, our methodology incorporates technology-based research techniques, such as data mining, text analytics, and predictive modelling, to uncover hidden patterns, correlations, and trends within the data. This data-driven approach enhances the accuracy and reliability of our analysis, enabling us to make informed and actionable recommendations.
In addition, our analysts bring their industry expertise and domain knowledge to bear on the research process. Their deep understanding of market dynamics, emerging trends, and future prospects allows for insightful interpretation of the data and identification of strategic opportunities.
To ensure the highest level of quality and reliability, our research process undergoes rigorous validation and verification. This includes cross-referencing and triangulation of data from multiple sources, as well as peer reviews and expert consultations.
The result of our 360° Research Methodology is a comprehensive and robust research report that empowers you to make well-informed business decisions. It provides a panoramic view of the industry landscape, helping you navigate challenges, seize opportunities, and stay ahead of the competition.
In summary, our 360° Research Methodology is designed to provide you with a deep understanding of your industry by integrating various research techniques, industry expertise, and data-driven analysis. It ensures that every business decision you make is based on a well-triangulated and comprehensive research experience.
- Tailored advice to Drive your Performance
- Product Planning Strategy
- New Product Stratergy
- Expanded Research Scope
- Comprehensive Research
- Strategic Consulting
- Provocative and pragmatic
- Accelerate Revenue & Growth
- Evaluate the competitive landscape
- Optimize your partner network
- Analyzing industries
- Mapping trends
- Strategizing growth
- Implementing plans
Covered Key Topics
Market Growth Drivers
Leading Market Players
Company Market Share
Market Size and Growth Rate
Market Trend and Technological