Corporate Wellness Market Analysis & Forecast to 2024-2034

The global corporate wellness market size was estimated to be USD 72.27 billion in 2023 and is expected to reach at USD 177.83 billion by 2034 with a CAGR of 8.53% during the forecast period 2024-2034. Numerous businesses across different industry verticals are now incorporating health programs for their employees, driven by a growing awareness of employee health and well-being. The emphasis is on encouraging employees to embrace healthier lifestyles, ultimately leading to enhanced productivity and reduced costs for companies. The rise in the prevalence and early onset of chronic diseases is contributing to a decrease in employee healthcare costs. There is a heightened demand for holistic approaches to workplace wellness programs, aiming to educate employees about the importance of cultivating healthy habits and the benefits of achieving fitness goals. Additionally, many companies are introducing fitness programs to foster a sense of connection among employees working from home are some of the key factors boosting the market growth.

Many companies are introducing fitness programs with the aim of fostering a sense of connection among employees who are working from home is predicted to boost the market growth during the forecast period. Corporate wellness programs encompass a range of policies, programs, and benefits designed to address various risk factors and conditions, impacting both employees and the organization as a whole. Workplace health initiatives assist companies in boosting productivity while simultaneously lowering overall operational costs. In today's work culture, where individuals often lack sufficient time for mental and physical activities outside of work hours, these programs aim to mitigate associated health problems. For instance, in February 2022, GYMGUYZ, the global leader in in-home, onsite, and virtual personal training, has announced an expansion of its corporate wellness services. The company now provides corporate wellness offerings not only on-site at corporate locations and facilities but also extends these services to workers opting to work from home.

By service, health risk assessment was the highest revenue-grossing segment in the global corporate wellness market in 2023 owing to the increase in corporate activities focused on the introduction of various health and wellness programs. Corporate employee health initiatives primarily involve screening activities to identify health risks and implement suitable intervention strategies, fostering a healthy lifestyle among employees. Approximately 80% of employers providing employee well-being services choose to conduct health risk assessments for their workforce. For instance, in January 2022, Mindhouse has undergone a rebranding and is now known as Shyft, emphasizing the company's commitment to providing a diverse range of wellness solutions that address a broader spectrum of health conditions and issues. The rebranding aligns with Shyft's goal of assisting customers in the reversal, remission, and effective management of their health conditions. Additionally, fitness is predicted to grow at fastest CAGR during the forecast period. Fitness programs constitute a crucial component of workplace health initiatives. Historically, numerous companies have equipped their employees with health wristbands like Fitbit to track their daily physical activity. Employers actively promote increased physical activity, offering special recognition to those who consistently achieve their daily targets. The growing prevalence of remote patient monitoring devices is anticipated to contribute to the expansion of the fitness segment.

By category, fitness & nutrition consultants was the highest revenue-grossing segment in the global corporate wellness market in 2023 owing to the growing trend of increased employer investment in promoting healthy diets among their employees, offering nutritious catering options on campus, and launching new platforms. Employers recognize that unhealthy employees can contribute to an elevated disease burden, leading to productivity losses and increased absenteeism. In response, employers are taking proactive measures to address this issue. Furthermore, employers are incurring additional health insurance premiums for employees with health issues, indicating a commitment to mitigating the financial impact associated with the well-being of their employees. For instance, in August 2022, mHealth, a community-based wellness platform, has introduced a unique Holistic Wellness Community designed specifically for the C-suite. This corporate wellness startup curates tasks related to fitness, daily nutrition and diet, emotional well-being, and chronic care. mHealth is dedicated to enhancing the physical, mental, and emotional wellness of the community, offering comprehensive solutions tailored for CXOs and their families. Additionally, psychological therapist is predicted to grow at fastest CAGR during the forecast period. Employers frequently offer meditation and yoga sessions to their employees as a means of stress relief. The tendency of stressed employees to experience frequent anger can have detrimental effects on an organization. In response, organizations are incorporating art therapy, a distinctive stress-releasing technique. This form of expressive psychotherapy utilizes art to enhance an individual's emotional, physical, and mental well-being. Professionals also apply this therapy to individuals dealing with emotional and mental disorders. The growing demand for such therapy is driving the expansion of the psychological therapist segment.

By delivery model, onsite was the highest revenue-grossing segment in the global corporate wellness market in 2023. Implementing onsite wellness initiatives adds a personalized dimension to employee well-being, offering facilities for guided exercise under the supervision of fitness consultants and coaches tailored to individual health requirements. Numerous organizations have adapted by restructuring or enhancing benefits and insurance plans to cater to the health needs of employees and their families. Service providers are actively raising awareness among employees about potential health issues associated with remote work arrangements. Additionally, offsite is predicted to grow at fastest CAGR during the forecast period. Offsite programs involve one-to-one interactions aimed at enhancing employee health across various locations. The continuous improvement of health services is achieved through the integration of advanced technologies. Therefore, market players are focusing on mergers & acquisitions. For instance, in January 2022, Headspace Health, the leading provider of the world's most accessible and comprehensive digital mental health platform, has revealed its acquisition of Sayana, an AI-driven mental health and wellness company. This strategic move is anticipated to enhance Headspace Health's capacity to deliver personalized self-care content to its expanding global member base.

By end-user, large-scale organizations was the highest revenue-grossing segment in the global corporate wellness market in 2023. Thoroughly documented research suggests that appropriately executed programs can generate a return on investment of approximately 3:1. Larger organizations have the capacity to integrate such programs and services seamlessly into their corporate infrastructure. For instance, in February 2023, Seva At Home, Inc. has introduced an expansion of its Seva PRO occupational health and safety services, which now include onsite medical rooms, employee health check-ups, and a cardiac preventive care program. This strategic initiative directly addresses the growing demand for comprehensive health and wellness solutions in the workplace, emphasizing the importance of preventive care in fostering overall well-being. Additionally, small-scaled organizations is predicted to grow at fastest CAGR during the forecast period owing to the growing awareness of employee health programs is coupled with a rise in absenteeism and attrition rates. Organizations can address this by offering on-site services, including bi-monthly or monthly yoga and meditation classes for employees. The incorporation of corporate wellness programs aids in monitoring various health conditions. Regular health screening initiatives are conducted to proactively manage health, encourage preventive care, and mitigate treatment expenses. By focusing on these aspects, organizations can alleviate the burden of diseases, leading to a reduction in overall healthcare premiums paid by employers to insurance providers.

North America region is anticipated for the highest revenue share during the forecast period owing to the escalating corporate stress within the population has led to a surge in efforts to address stressful situations, resulting in a growing demand for workplace wellness programs. Various market players are actively involved in executing strategic initiatives to cater to this need. For instance, in August 2023, Peloton has introduced Peloton for Business, an integrated suite of B2B well-being solutions tailored for enterprise clients. This comprehensive offering spans seven major sectors, namely Hospitality, Corporate Wellness, Multi-Family Residential, Education, Healthcare, Gyms, and Community Wellness. Pioneering in the B2B fitness and wellness domain, this all-encompassing service comprises various equipment and content-based solutions, aligning with Peloton's dedication to empowering individuals anytime, anywhere. Additionally, Asia Pacific region is predicted to grow at fastest CAGR during the forecast period owing to the imperative for corporate employee health initiatives arises from the expanding working population, heightened awareness regarding the management of employee health, the aging demographic within the workforce, augmented investments in healthcare infrastructure by corporations, and the growing efforts undertaken by market players. For instance, in February 2022, In response to the rapidly growing demand for health and wellness services among corporate employees and their dependents in India, Quantum CorpHealth Pvt. Ltd, a health tech company, has expanded its operations by inaugurating three new offices in Bengaluru, Pune, and Hyderabad.

Segmentation: Corporate Wellness Market Report 2023 - 2034

Corporate Wellness Market Analysis & Forecast by Service 2023 - 2034 (Revenue USD Bn)

• Fitness
• Stress Management
• Health Screening
• Smoking Cessation
• Health Risk Assessment
• Nutrition & Weight Management
• Others

Corporate Wellness Market Analysis & Forecast by Category 2023 - 2034 (Revenue USD Bn)

• Organizations/Employers
• Psychological Therapists
• Fitness & Nutrition Consultants

Corporate Wellness Market Analysis & Forecast by Delivery Model 2023 - 2034 (Revenue USD Bn)

• Offsite
• Onsite

Corporate Wellness Market Analysis & Forecast by End-user 2023 - 2034 (Revenue USD Bn)

• Large Scale Organizations
• Medium Scale Organizations
• Small Scale Organizations

Corporate Wellness Market Analysis & Forecast by Region 2023 - 2034 (Revenue USD Bn)

• North America
• U.S.
• Canada
• Europe
• Germany
• France
• UK
• Spain
• Italy
• Rest of Europe
• Asia Pacific
• China
• Japan
• India
• Australia
• South Korea
• Rest of APAC
• Latin America
• Brazil
• Mexico
• Argentina
• Rest of LATAM
• Middle East & Africa
• South Africa
• GCC
• Rest of MEA