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Corporate Wellness - Global Market Trajectory & Analytics

  • ID: 5028029
  • Report
  • February 2022
  • Region: Global
  • 461 Pages
  • Global Industry Analysts, Inc

FEATURED COMPANIES

  • ADURO, INC.
  • ComPsych Corporation
  • Fitbit Health Solutions
  • Marino Wellness
  • Sodexo Group
  • Virgin Pulse, Inc.

Global Corporate Wellness Market to Reach US$90.4 Billion by the Year 2026


Workplace stress is an often neglected, silent factor that holds negative implications for worker productivity and health. Job stress has rapidly emerged as a major public health crisis and formidable threat for worker health, with detrimental effects on organizations. Workplace stress has increased gradually over the last several decades and represents the primary source of stress in adults. Workplace stress bears a close correlation with worker health and organizational performance. High level of workplace stress in the US claims 120,000 lives and leads to a staggering healthcare burden of $190 billion per year, representing around 5-8% of the national healthcare spending. Health issues related to workplace stress account for higher deaths than diabetes or Alzheimer's. Increased job stress with little control and high demands are related to high risk of disorders such as hypertension and heart attack. Excessive workplace stress increases depression and inflammation, impacts immune system and tends to damage the brain circuitry and structures. There is an increasing availability of scientific evidence suggesting the link between job stress and the risk of developing diabetes. The stress also leads to immune-deficiency disorders, gastrointestinal disorders like irritable bowel syndrome, and musculoskeletal disorders such as chronic back pain. Workplace stress adversely affects mental health and increases the risk of burnout, anxiety, substance use disorders and depression. Medical conditions associated with workplace stress coerce companies to bear huge healthcare costs, which eventually erode profitability.

Corporate or employee wellness is an essential ingredient of the strategy to ensure organizational success owing to its direct impact on workplace culture, resources, productivity and bottom line. Corporate wellness encompasses metal and physical wellness of employees, the cornerstone for business strength, stability, sustainability and growth. Common programs include exercises for stress reduction, weight loss, smoking cessation, assessment of health risks, exercise activities and programs, health screenings, vaccination clinics, and nutrition education. Unhealthy lifestyles and associated chronic diseases coerce corporate offices to bear a loss of one trillion dollars in terms of lost productivity. These issues are prompting various organizations to focus on corporate wellness to promote healthy behaviors among employees. The quest to add value to employees and provide them with a positive culture for physical and mental wellbeing is driving organizations to invest in corporate wellness programs that hold numerous benefits for companies. By promoting healthier attitudes and lifestyles, these programs reduce employee absenteeism along with lost productivity associated with illness. Corporate wellness programs lead to a highly engaged and focused workforce and also benefit employee careers.

Amid the COVID-19 crisis, the global market for Corporate Wellness estimated at US$70.1 Billion in the year 2022, is projected to reach a revised size of US$90.4 Billion by 2026, growing at a CAGR of 6.8% over the analysis period. Health Risk Assessment, one of the segments analyzed in the report, is projected to grow at a 6.5% CAGR to reach US$20.9 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the Fitness segment is readjusted to a revised 6% CAGR for the next 7-year period. This segment currently accounts for a 12.9% share of the global Corporate Wellness market.



The U.S. Market is Estimated at $27.2 Billion in 2022, While China is Forecast to Reach $6 Billion by 2026


The Corporate Wellness market in the U.S. is estimated at US$27.2 Billion in the year 2022. The country currently accounts for a 38.79% share in the global market. China, the world's second largest economy, is forecast to reach an estimated market size of US$6 Billion in the year 2026 trailing a CAGR of 8.2% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 5.8% and 7.2% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 6.5% CAGR while Rest of European market (as defined in the study) will reach US$10.2 Billion by the end of the analysis period.

Smoking Cessation Segment to Reach $14.9 Billion by 2026


Cigarette addiction worldwide is expected to increase despite organizations and governments across the globe trying to spread awareness over the harmful effects of tobacco, imposition of high taxes on various tobacco products with an aim to reduce their usage, and approving tobacco products that are less harmful and innovative as a suitable substitute to traditional cigarettes. Millions of people worldwide are suffering from various diseases and ailments caused due to smoking with COPD being the chief killer disease. With many of the younger workforce vulnerable, the scenario is throwing the spotlight on the importance of workplace smoking cessation programs. In the recent years, an increasing number of organizations have started focusing on smoking cessation programs at workplaces for assisting employees in improving their health and eventually boosting the bottom line by pushing productivity and saving on healthcare costs. Smoking cessation programs assist smokers in selecting and receiving the right medication such as lozenge, gum or patches to reduce craving and mitigate withdrawal symptoms. In the global Smoking Cessation segment, USA, Canada, Japan, China and Europe will drive the 5.7% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$9.1 Billion will reach a projected size of US$13.5 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$1.1 Billion by the year 2026.

Select Competitors (Total 164 Featured) -

  • ADURO, INC.
  • Beacon Health Options, Inc.
  • Bupa Wellness Pty Ltd
  • Central Corporate Wellness
  • ComPsych Corporation
  • EXOS
  • Fitbit Health Solutions
  • HealthifyMe Wellness Private Limited
  • LifeWorks Inc.
  • Marino Wellness
  • Privia Health, LLC
  • Sodexo Group
  • The Vitality Group, Inc.
  • Truworth Health Technologies Pvt. Ltd
  • Virgin Pulse, Inc.
  • Well Nation ®
  • Wellness Corporate Solutions
  • Wellsource, Inc.

What's New for 2022?

  • Global competitiveness and key competitor percentage market shares
  • Market presence across multiple geographies - Strong/Active/Niche/Trivial
  • Online interactive peer-to-peer collaborative bespoke updates
  • Access to the publisher's digital archives and Research Platform
  • Complimentary updates for one year
Frequently Asked Questions about the Global Market for Corporate Wellness

What is the estimated value of the Global Market for Corporate Wellness?

The Global Market for Corporate Wellness was estimated to be valued at $70.1 Billion in 2022.

What is the growth rate of the Global Market for Corporate Wellness?

The growth rate of the Global Market for Corporate Wellness is 6.6%, with an estimated value of $90.4 Billion by 2026.

What is the forecasted size of the Global Market for Corporate Wellness?

The Global Market for Corporate Wellness is estimated to be worth $90.4 Billion by 2026.

Who are the key companies in the Global Market for Corporate Wellness?

Key companies in the Global Market for Corporate Wellness include ADURO, INC., Beacon Health Options, Inc., Bupa Wellness Pty Ltd, Central Corporate Wellness, ComPsych Corporation, EXOS, Fitbit Health Solutions, HealthifyMe Wellness Products and Services PVT. LTD. and Morneau Shepell Ltd..
Note: Product cover images may vary from those shown

FEATURED COMPANIES

  • ADURO, INC.
  • ComPsych Corporation
  • Fitbit Health Solutions
  • Marino Wellness
  • Sodexo Group
  • Virgin Pulse, Inc.

I. METHODOLOGY


II. EXECUTIVE SUMMARY

1. MARKET OVERVIEW

  • EXHIBIT 1: Corporate Wellness - Global Key Competitors Percentage Market Share in 2022 (E)
  • Competitive Market Presence - Strong/Active/Niche/Trivial for 163 Players Worldwide in 2022 (E)
  • Workplace Stress: The Silently Emerging Public Health Crisis & the Biggest Threat for Employee Health in the 21st Century
  • Health & Economic Consequences of Workplace Stress
  • EXHIBIT 2: Major Causes of Stress in the Workplace
  • How Corporate Wellness Programs Can Help?
  • COVID-19 Pandemic Amplifies Work Related Stress Making Corporate Wellness More Important Now Than Ever
  • Wellness Becomes a Bigger Priority for Companies Amid the Pandemic
  • Here’s Why Exercise & Fitness Amid the Pandemic Should Take Precedence in Corporate Wellness Programs
  • The Never-Ending “Race” Between the Virus & Vaccines Continues. Amidst this Chaotic Battle, What is the Pandemic Prognosis & Where is the World Economy Heading Now & Beyond?
  • As Omicron Strain Fuels Fresh Waves of Infections Across the Globe, Mutating Coronavirus is the New Pandemic Challenge in 2022
  • EXHIBIT 3: Time is of Essence! What We Know So Far - “Vaccine Efficiency Against New Strains is Decreasing”
  • With New Strains Emerging at an Alarming Rate, Focus Shifts to Booster Doses & Vaccine Tweaking Amid Waning Vaccine Immunity. But How Practical Is It to Implement Them?
  • EXHIBIT 4: With Vaccinated Population Showing Signs of Declining Clinical Protection, Booster Doses Are Emerging Into a Necessity to Restore Vaccine Effectiveness, but this Strategy is Not Within Reach for Most Countries: Number of Booster Doses Administered Per 100 People by Country as of January 2022
  • At the Dawn of 2022 After Numerous New Strains & Millions of Deaths, Challenges in Vaccine Production, Supply, Access & Technology Sharing Continue to Remain
  • EXHIBIT 5: How & When Will the World Be Vaccinated? Global Number of Annual COVID-19 Vaccine Doses (In Million) for Years 2020 through 2025 by Geographic Region/Country
  • Split Scenarios Unfold: The Great Vaccine Divide Emerges
  • EXHIBIT 6: With Low Vaccination Rates in Africa Emerging Into a Global Security Issue, Vaccine Imbalances Will Stretch the Pandemic Further into 2022: Global Percentage (%) of Population Administered With Vaccines by Region as of January 2022
  • The Great Vaccine Controversy & Growing Anti-Vaccination Movement Aggravates the Divide Between the Vaccinated & the Unvaccinated
  • EXHIBIT 7: Top Reasons for Unwillingness & Uncertainty Towards COVID-19 Vaccines Among the By-Choice Unvaccinated People: % Share of Various Reasons as of the Year 2022
  • The Verdict’s Out - The Pandemic Cannot Be Ended But Can be Maneuvered to Become Endemic and More Manageable
  • Amid this Prolonged Pandemic, Why Should Businesses Care About Progress on Vaccinations?
  • Dragging Pandemic, New Virus Strains, Fresh Societal Risks, Renewed Economic Disruptions Bring Weaker Growth in 2022 as Compared to 2021
  • EXHIBIT 8: Uncertain, Uneven & Bumpy Recovery Shaped by New Variants Comes Into Play, Lowering Growth Expectations for 2022 & 2023: World Economic Growth Projections (Real GDP, Annual % Change) for the Years 2020, 2021, 2022 and 2023
  • EXHIBIT 9: Persistently High Unemployment Indicates Long-Term Scarring from the COVID-19 Pandemic, Wage Inequality & Uneven Economic Recovery. Tough Times to Continue for Industries Reliant on Consumer Discretionary Incomes Until 2023: Global Number of Unemployed People (In Million) for Years 2019 Through 2023
  • Corporate Wellness Programs: What Are They? Why Are They Important & What Benefits Do They Offer?
  • Recent Market Activity
  • World Brands

2. FOCUS ON SELECT PLAYERS

3. MARKET TRENDS & DRIVERS

  • Healthcare Costs Continue to Spiral, Growing Much Faster Than National GDP
  • EXHIBIT 10: Rising Healthcare Costs Outstripping Global GDP Growth Means Companies Need to Rein-in Healthcare Costs to Prevent Profitability From Taking a Hit: Healthcare Costs as a % of GDP by Country for the Years 2020 & 2023
  • Rising Employers' Health Costs Underlines the Importance of Well Drafted & Managed Wellness Programs
  • The Pandemic Pushes Up Healthcare Costs Even Higher Forcing Companies to Strategize on Wellness Programs to Contain Costs
  • EXHIBIT 11: Given that Sick Employees Can be Bottom Line Killers, Wellness Programs Join the League of Strategies Vital for Business Continuity & Preparedness: Average Worker & Employer Health Premium Contribution in the U.S. for the Years 2010, 2015 & 2021 (In US$)
  • EXHIBIT 12: Companies Adopting Wellness Programs Increases, Underlining Growing Awareness Among Employers of the Many Benefits Offered: % of Companies Offering Health Benefits in the U.S. for the Years 2000, 2010, 2015 and 2021
  • Negative Impact of Employee Absenteeism on Corporate Balance Sheet Drives the Focus Squarely on Wellness Programs
  • EXHIBIT 13: The Sizeable Impact of Employee Absenteeism on Productivity & Revenue Means Companies Need to Step-Up Their Wellness Programs: Direct Costs of Worker Absence as a Percentage of Payroll Expenditure
  • EXHIBIT 14: An Attempt to Measure the Productivity Loss Suffered Due to Absent Employees Reveals Why Companies Need to Prioritize Wellness Programs & Strategies: Total Cost of Productivity Loss as a Percentage of Payroll Expenditure
  • EXHIBIT 15: High Cost of Unplanned Absence Along with the Fact that Sickness is Cited as the Most Common Cause of Unplanned Absence, Health of Employees Should Take Center Stage if Companies Plan to Be Successful: Impact of Unplanned Absence (% Disruption Caused)
  • EXHIBIT 16: The Industry With the Highest Absenteeism Rates Will Be Key Revenue Spinners & Attractive Customers for Wellness Program Service Providers: Absenteeism by Industry (In %) Taking the U.S. as a Case-In-Point
  • Widely Prevalent Nicotine Addiction & Abuse Encourages Companies to Implement Innovative Smoking Cessation Programs
  • EXHIBIT 17: With 15% of the World Population Addicted to Smoking, Wellness Programs Can No Longer Ignore the Need to Help Employees With Tobacco De-Addiction: Global Number of Tobacco Smokers (In Million) for the Year 2021
  • Rise in Chronic Diseases Makes Health Risk Assessment, Fitness & Health Screening Important Aspects of An Effective Wellness Program
  • EXHIBIT 18: Rising Prevalence of Chronic Diseases Amplifies the Need for Addressing Management of These Diseases in Wellness Programs: Global Cost of Chronic Diseases (In US$ Billion) for the Years 2021 and 2030
  • EXHIBIT 19: Companies Transforming Workplace Health & Happiness Have a Higher Chance of Business Success: Percentage of Firms in the U.S Offering Different Types of Health Support & Care as Part of Their Wellness Programs for the Year 2021
  • COVID-19 Experience Will Drive Increased Adoption of New Infectious Disease Testing, Tracking & Employee Health Screening Tools
  • EXHIBIT 20: Growing Frequency & Severity of Newly Emerging & Re-Emerging Infections Brings the Importance of Infectious Disease Testing in Wellness Programs Into the Spotlight: Fatality Rate of Major Virus Outbreaks Over the Last 50 Years
  • EXHIBIT 21: High Human-to-Human Transmissibility of Infectious Diseases Means Companies Need to Protect the Sanctity of the Workplace & Prevent Spread of Infections Among Employees: RO Values of Well Known Infectious Diseases
  • COVID-19 Accelerates Telemedicine’s Natural Fit into Corporate Wellness Strategies
  • EXHIBIT 22: Telemedicine is a Massive Cost Saver as Compared to Other Modes of Orchestrating Employee Healthcare Services: % of Hospitals & Organizations in the U.S. Reporting Various Levels of Cost Reductions from the Use of Telemedicine
  • EXHIBIT 23: Increase in Number of Hospitals Offering Telemedicine Services Means Telemedicine Can Easily & Effectively Integrated into Corporate Wellness Programs: % of Hospitals in the U.S. Fully or Partially Implementing Telehealth Services for Years 2013, 2015, 2017, 2020, 2022 and 2024
  • EXHIBIT 24: Robustly Growing Telemedicine Market Stands Testimony to the Increasing Adoption of this Innovative Healthcare Delivery Method: Global Opportunity for Telemedicine (In US$ Billion) for Years 2021, 2023, 2025 and 2027
  • Globesity: The Global Epidemic of Obesity Forces Companies to Include Nutrition & Weight Management as Part of Wellness Programs
  • EXHIBIT 25: Wellness Programs Need to Address Obesity as Incidence Rates Increase Underlining the Need to Help Employees With Lifestyle Management for the Right Work & Health Balance: Prevalence of Obesity as a % of Adult Population by Country
  • Workplace Fitness Center & Onsite Gyms Grow in Popularity
  • Cafeterias Wellness Programs: A Vital Part of Obesity Management at the Workplace
  • Remote Wellness in the Age of Work from Home (WFM) Gains in Significance
  • Mental Health As Part of Corporate Wellness Programs Gains Sudden Popularity Amid the COVID-19 Pandemic
  • Mental Health Apps As Part of Corporate Wellness Programs Grow in Popularity
  • EXHIBIT 26: Stress Amid the Pandemic Takes Its Toll On Mental Well-Being, Forcing Employers to Emphasize on Mental Health in Corporate Wellness Programs: % of Adults Experiencing Anxiety & Depression During the Pandemic Period February to September 2020
  • EXHIBIT 27: Prevalence of Mental Disorders in Global Population by Type of Disease as of the Year 2021
  • EXHIBIT 28: Gen Zers Are More Vulnerable to Developing Mental Disorders: % of Adults Reporting Good to Excellent Mental Health by Generation Type
  • EXHIBIT 29: Gen Zers Discovering the Depths of One’s Loneliness! Why: % of U.S Adults Who Experience Loneliness by Generation
  • Innovation is the Key to Success of Corporate Wellness Programs
  • VR Relaxation Pods - A Key Innovation in Wellness
  • AI Emerges as the Wellness Expert in the Corporate Space

4. GLOBAL MARKET PERSPECTIVE


III. MARKET ANALYSIS

UNITED STATES

  • Corporate Wellness Market Presence - Strong/Active/Niche/Trivial - Key Competitors in the United States for 2022 (E)
  • Market Analytics

CANADA


JAPAN


CHINA

EUROPE

  • Corporate Wellness Market Presence - Strong/Active/Niche/Trivial - Key Competitors in Europe for 2022 (E)
  • Market Analytics

FRANCE


GERMANY


ITALY


UNITED KINGDOM


REST OF EUROPE


ASIA-PACIFIC


REST OF WORLD

IV. COMPETITION

  • Total Companies Profiled: 164
Note: Product cover images may vary from those shown

A selection of companies mentioned in this report includes:

  • ADURO, INC.
  • Beacon Health Options, Inc.
  • Bupa Wellness Pty Ltd
  • Central Corporate Wellness
  • ComPsych Corporation
  • EXOS
  • Fitbit Health Solutions
  • HealthifyMe Wellness Private Limited
  • LifeWorks Inc.
  • Marino Wellness
  • Privia Health, LLC
  • Sodexo Group
  • The Vitality Group, Inc.
  • Truworth Health Technologies Pvt. Ltd
  • Virgin Pulse, Inc.
  • Well Nation ®
  • Wellness Corporate Solutions
  • Wellsource, Inc.
Note: Product cover images may vary from those shown