Corporate Wellness Global Market Report 2024

Key categories of corporate wellness services include health risk assessment, fitness programs, smoking cessation support, health screening, nutrition and weight management, stress management, and other related offerings. A health risk assessment (HRA), also known as a health appraisal or health assessment, serves as a screening tool that helps individuals identify and understand their health risks while monitoring their health condition over time. Various delivery models, such as onsite and offsite, involve specialists such as fitness and nutrition consultants, psychological therapists, and organizations or employers. These services cater to diverse end users, including the private sector, public sector, and other entities.

The corporate wellness market research report provides corporate wellness market statistics, including corporate wellness industry global market size, regional shares, competitors with a corporate wellness market share, detailed corporate wellness market segments, market trends and opportunities, and any further data you may need to thrive in the corporate wellness industry. This corporate wellness market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.

The corporate wellness market has grown strongly in recent years. It will grow from $65.14 billion in 2023 to $69.92 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%.The expansion observed during the historical period can be attributed to several factors, including a focus on employee health and productivity, initiatives in stress management, efforts to enhance employee engagement, the implementation of preventive healthcare measures, a commitment to occupational health and safety practices, and strategies aimed at talent attraction and retention.
The corporate wellness market is expected to see strong growth in the next few years. It will grow to $95.78 billion in 2028 at a compound annual growth rate (CAGR) of 8.2%. The anticipated growth in the forecast period can be ascribed to various factors, including the implementation of personalized wellness programs, addressing challenges related to remote work, the global expansion of corporate wellness initiatives, an emphasis on a holistic well-being approach, and a focus on achieving return on investment (ROI). Key trends expected during the forecast period encompass the integration of technology into wellness programs, the adoption of flexible and customizable initiatives, the use of incentivization and gamification strategies, the incorporation of strategic well-being metrics, and ongoing innovations in wellness technology.

The anticipated growth in the corporate wellness market is fueled by the increasing prevalence of chronic illnesses among corporate workers. Chronic illnesses, characterized by lasting three months or more and potentially worsening over time, have become more widespread among the corporate workforce. This expansion of chronic illnesses is contributing to the growth of the corporate wellness market, with companies implementing wellness programs that offer a variety of services aimed at mitigating chronic disease conditions. For instance, in November 2021, data from the Bureau of Labor Statistics indicated a significant surge in reported respiratory disease cases among employers, escalating by approximately 4,000% from 10,800 in 2019 to 428,700 in 2020. The rate of respiratory illness per 10,000 full-time equivalent workers increased from 1.1 cases in 2019 to 44.0 cases in 2020. Thus, the rising prevalence of chronic illnesses among corporate workers is a key driver for the growth of the corporate wellness market.

The escalating costs of healthcare are anticipated to drive the growth of the corporate wellness market in the foreseeable future. Healthcare costs, encompassing expenses for medical services, treatments, and products, are on the rise, prompting companies to invest in wellness programs as a proactive measure to mitigate medical expenses. As an illustration, in October 2021, The Society for Human Resource Management reported that healthcare costs per employee in the USA reached $13,000 in 2022, representing an increase from the $12,792 recorded in 2021. The allocated healthcare expenditure for 2021 witnessed a 5.2% rise compared to figures from 2020. Hence, the increasing healthcare costs for workers are contributing to the growth of the corporate wellness market.

Technological advancements have emerged as a prominent trend in the corporate wellness market, with major companies in the sector actively developing innovative solutions to strengthen their market positions. In September 2022, Virgin Pulse, a US-based provider of employee well-being solutions, introduced VP Activate - a sophisticated intelligent communication solution. VP Activate is designed to facilitate quick and proactive outreach by companies and health systems to their audiences. This data-driven, multi-channel communication solution identifies and connects with individuals at risk of a care gap, determining the most effective approach to engage key groups and promote action. By assessing individual needs and identifying obstacles to wellness activities, VP Activate employs a surround-sound strategy through both online and offline channels to achieve positive results.

Leading companies in the corporate wellness market are also channeling their efforts into developing innovative programs, such as advanced preventative care initiatives. An advanced preventative care program involves a comprehensive healthcare initiative that integrates cutting-edge medical technologies. For example, in November 2023, WELL Health Technologies Corp., a Canada-based digital health company, launched the 'WELL Longevity+ Program.' This progressive initiative is designed to enhance preventative health by integrating AI technologies and precision diagnostic testing. The program enables early diagnosis and identification of various health conditions, including heart disease, cancer, and neurodegenerative diseases.

In September 2022, Telus Corporation, a Canada-based company offering employee well-being solutions and telecommunications services, acquired LifeWorks Inc. for approximately $1.69 billion. This acquisition expanded TELUS Health's global reach, now serving corporate clients in over 160 countries and covering 50 million people worldwide. LifeWorks Inc., based in Canada, specializes in providing employee wellness and human resources services and technology.

Major companies operating in the corporate wellness market report are ComPsych Corporation, Wellness Corporate Solutions LLC, Virgin Pulse Inc., Provant Health Solutions LLC, Exos, Marino Wellness, Privia Health Group Inc., Vitality Group International Inc., Wellsource Inc., Central Corporate Wellness, SOL Wellness LLC, Well Nation, Aduro Inc., Beacon Health Options Inc., Fitbit Inc., Bupa Wellness Pty Ltd., The Vitality Group Inc., Truworth Health Technologies Pvt. Ltd., Sodexo Group, Quest Diagnostics Incorporated, 1to1help.net Pvt. Ltd., CHC Wellbeing lnc., Wellness 360 Technologies Inc., Premise Health, Kinema Fitness lnc., Health Advocate Inc., Onlife Health, TotalWellness Health, HealthCheck360, RedBrick Health, Corporate Fitness Works Inc.

North America was the largest region in the corporate wellness market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global corporate wellness market during the forecast period. The regions covered in the corporate wellness market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

The countries covered in the corporate wellness market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The corporate wellness market revenues earned by entities by offering remote working arrangements, financial education, work-life balance, on-site fitness accommodations, and de-stressing activities. The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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