Corporate Wellness Solutions Market 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 - Forecast 2024-2032

Industry : Healthcare | Pages : 187 Pages | Upcoming : Jun 2024


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
: 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

By Region
o North America
o US
o Canada
o Europe
o Germany
o France
o UK
o Italy
o Spain
o Rest of Europe (RoE)
o Asia Pacific
o China
o Japan
o India
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.




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