Corporate Wellness Market predicted to exceed US$ 138 billion by 2031, rising at a CAGR of 8.4%: TMR Research
Significant factors driving the worldwide corporate wellness market include the growth in non-communicable diseases (NCDs) prevalence as well as corporate awareness of mental health.
Wilmington, Delaware, United States, Aug. 08, 2023 (GLOBE NEWSWIRE) — The global market for corporate wellness was estimated to have garnered a global market valuation of around US$ 66.5 billion in 2022. The market is anticipated to grow with a booming 8.4% CAGR from 2022 to 2031 and by 2031, the market is likely to gain US$ 138.1 billion.
Early detection of possible health hazards among employees is valued by businesses because it allows them to execute focused treatments and preventative measures. Comprehensive health exams and screenings can assist organizations obtain important information that they can use to create wellness programs that are tailored to address certain health issues. Reduced healthcare expenses, lower absenteeism, and increased employee productivity are the results of this data-driven strategy.
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Companies have been making investments in wellness initiatives that emphasize mental health in order to improve the workplace and recruit and keep outstanding staff. Employers are being urged by governments and regulatory agencies to include mental health efforts in wellness programs. Support for comprehensive mental health initiatives may take the shape of financial incentives, policy proposals, or corporate recognition. Businesses are placing more emphasis on employee well-being and productivity by means of wellness initiatives.
Key Findings of the Market Report
- During the projected period, the health risk assessment service segment is anticipated to rule the worldwide corporate wellness market.
- In terms of distribution mode, the onsite market sector was fairly dominant in 2022.
- Large-size businesses are predicted to dominate the end-user market over the projected period.
- In 2022, North America made up the biggest portion of the world’s landscape.
Market Trends for Corporate Wellness
- During the forecast period, it is predicted that the big size organizations category would rule. Large firms have the rare opportunity to engage in extensive and effective wellness initiatives. Large firms frequently have greater financial capabilities, enabling them to dedicate substantial expenditures to projects promoting employee wellbeing.
- In 2022, the onsite market sector had a sizable market share. In the not-too-distant future, it is predicted to dominate the worldwide scene. The direct influence of onsite delivery on staff engagement and general wellbeing may be attributed to the segment’s growth. Companies frequently provide wellness services and programs right on the job.
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Global Corporate Wellness Regional Market Outlook
- In 2022, North America had the lion’s share of the worldwide market. The expansion of the corporate wellness sector in North America is being fueled by an increase in the number of white-collar workers and a business-friendly regulatory environment.
- The market is expanding in North America due to rising chronic illness incidence and increased demand for corporate wellness programs. Market participants in the area provide a wide range of workplace wellness products and services.
- In Europe, some nations’ governments along with regulatory organizations are actively pushing wellness initiatives as an element of their public health objectives. They are urging businesses to fund employee wellness initiatives in an effort to advance preventative healthcare habits. In the upcoming years, this is anticipated to fuel market development in the area.
- The Asia Pacific corporate wellness market is expected to develop rapidly, owing to an increase in the incidence of lifestyle-related disorders and an increase in the region’s burden of healthcare expenditures. Businesses are more willing to spend money on wellness initiatives as a preventative approach to boost worker health and general productivity.
Global Corporate Wellness Market: Key Players
The worldwide market is fragmented, and a small number of big firms controls the bulk of the corporate wellness share of the market.
A few of the well-known businesses operating in the international market are Anthem, Inc., Virgin Group Ltd., CXA Group Pte. Limited, Optum, Inc., Cerner Corporation, Alphabet Inc., Discovery Ltd., LifeWorks, Inc., Aduro, Inc., Workplace Options, Life Time, Inc., Cigna, Technogym, Alyfe Wellbeing Strategies, Seva At Home, Inc., and Vidalink. These competitors are staying current with corporate wellness industry trends in order to take advantage of profitable business prospects.
Some developments by the key players in the global market for corporate wellness are:
- The expansion of Seva PRO occupational safety and health services, including employee health exams, on-site medical rooms, and a cardiac preventative care program, was revealed by Seva At Home, Inc. in 2023. This tactical step highlights the importance of preventative care in fostering total well-being by directly responding to the rising need for comprehensive wellness and health solutions in the workplace.
- Mindhouse changed its name to Shyft in January 2022, emphasizing the company’s focus on offering a wide spectrum of wellness solutions that address a larger range of health ailments and concerns. The new branding intends to help clients properly manage their medical issues.
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Global Corporate Wellness Market Segmentation
- Health Risk Assessment
- Smoking Cessation
- Health Screening
- Weight Management
- Mental Health Management
- Others (Alcohol Abuse, Substance Abuse, etc.)
- Mode of Delivery
- Small Scale Organizations
- Medium Scale Organizations
- Large Scale Organizations
- North America
- Asia Pacific
- Middle East & Africa
- South America
About Transparency Market Research
Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. The firm scrutinizes factors shaping the dynamics of demand in various markets. The insights and perspectives on the markets evaluate opportunities in various segments. The opportunities in the segments based on source, application, demographics, sales channel, and end-use are analysed, which will determine growth in the markets over the next decade.
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