Corporate Wellness Market - Forecasts from 2023 to 2028

The global corporate wellness market is estimated to grow at a CAGR of 4.62%, from US$49.507 billion in 2021 to US$67.874 billion by 2028.

Global corporate wellness is known as a specialized program, usually opted by the employees working in a company to achieve a healthy and stress-free workplace by participating in various daily health and fitness activities. According to the 2021 report of the Work and Well-being Survey conducted by the American Psychological Association on 1,501 adult workers in the United States, 79% of respondents reported having suffered work-related stress. According to the same source, nearly 3 out of 5 employees mentioned the detrimental impacts of job-related stress. Additionally, 26% of the workers said they had lost their motivation or passion for their jobs, and 19% said they weren't making an effort. With the increase in global healthcare costs, it has become imperative to address employees' various needs and demands and increase the participation and engagement of workplace wellness programs. Multiple companies have been providing Global corporate Wellness programs in different regions worldwide. For Instance, The Wellness Council of America is dedicated to enhancing and promoting workplace wellness. It has identified and introduced different practices for employers to follow and participate in wellness programs. These trends are expected to influence the market over the forecast period positively.

The global corporate wellness market is due to increasing work pressure on employees.

The corporate wellness market is being driven by the increase and surge in working hours across companies around the globe. Many governments and companies have been working to reduce work time but with little success. According to official surveys by numerous major institutions, such as Harvard in the USA, nearly three-quarters of leaders cited concerns regarding implementing a four-day-a-week rule.

Moreover, a five-day workweek for government workers in India was proposed in 2022 to prevent workplace stress. With the increase in working hours, the demand for corporate wellness programs is expected to surge. Various epidemiological studies have shown the negative effects of long working hours on employees, which increases the risk of chronic fatigue, cardiovascular diseases, anxiety, depressive state, and other related problems. For instance, according to a 2022 survey by the American Institute of Stress, chest discomfort (15%), dizziness (15%), elevated blood pressure (15%), and shortness of breath (18%) were the four primary symptoms mentioned by 1,000 survey corporate respondents. Programs for managing stress are therefore expected to be essential in staff management practices in the years to come.

Market Developments:

• Peloton Interactive Inc., a US-based company, started a corporate wellness program to attract more members and reach new users. Sky, SAP, Samsung, Wayfair, and the former are among the first companies to sign up for the program.
• An exclusive holistic wellness community designed for the C-suite was established by the community-based wellness platform mHealth in August 2022. The corporate wellness startup manages tasks for physical activity, daily diet and nutrition, mental health, and chronic care. To offer complete solutions to the CXOs and their families, mHealth aims to enhance the community's mental, physical, and emotional health.

The weight management & nutrition segment is expected to gain traction over the forecast period.

There is a growing demand for weight management and fitness programs in the global corporate wellness industry, driven by concerns regarding the rise in lifestyle diseases and obesity. Many employees struggle to prioritize personal fitness exercise due to their hectic corporate schedules. Various companies are conducting weight management and nutrition programs to promote good health among their employees. This trend emphasizes the significance of incorporating wellness initiatives within corporate structures to improve the health and well-being of employees.

According to the World Health Organization (WHO), the prevalence of worldwide obesity has almost tripled since 1975. In the year 2021, Overweight or obesity affects over 50% of adults in 46 Member States, and in some of these states, the prevalence is almost 70%, according to the World Health Organization (WHO). The rising concerns over obesity and its associated health problems have increased demand for weight management and nutrition programs worldwide. Many companies have responded to this demand by incorporating such programs into their workplace wellness initiatives. For instance, the software company Asana has an in-house culinary team that prepares nutritious meals for employees sourced from local and organic farms.

On the other hand, Draper runs 10-week weight loss challenges with cash prizes, weekly gift cards, and walking contests to promote a fun and competitive environment. They also provide onsite fitness classes like Zumba and Weight Watchers and hold annual health fairs with engaging activities. These examples highlight how the corporate sector is taking steps to address the issue of obesity and promote healthy lifestyles among employees.

North America accounted for a major share of the global corporate wellness market.

The global corporate wellness market has been segmented by geography into North America, South America, Europe, Middle East and Africa, and Asia Pacific.

The presence of giant multinational corporations across industry verticals and the most prominent corporate wellness providers, especially in the United States, makes this region a hotbed for our market of interest. Furthermore, the proactive approach taken by the respective governments towards ensuring workspace health has been a vital supporting factor driving this market forward and encouraging new players to enter and tap this potential market.

Major global players across almost all industry verticals, increased government support, and many top global players in the corporate wellness space are some of the driving factors for the United States corporate wellness market, which holds the largest market share in the North American region.

Market Segmentation:

BY TYPE

• Weight Management and Nutrition
• Fitness
• Smoking Cessation
• Stress Management
• Others

BY ENTERPRISE SIZE

• Small
• Medium
• Large

BY GEOGRAPHY

• North America
• The United States
• Canada
• Mexico
• South America
• Brazil
• Argentina
• Others
• Europe
• Germany
• Spain
• United Kingdom
• France
• Others
• Middle East and Africa
• Saudi Arabia
• South Africa
• Others
• Asia Pacific
• China
• Japan
• Australia
• India
• Others