Corporate Wellness Market To Reach USD 103.94 Billion By 2031, Growing At 4.47% CAGR | Skyquest Technology

(MENAFN- GlobeNewsWire - Nasdaq) Westford, USA, Sept. 20, 2024 (GLOBE NEWSWIRE) -- SkyQuest projects that the Global Corporate Wellness Market will reach a value of USD 103.94 billion by 2031, with a CAGR of 4.47% during the forecast period (2024-2031).

Several companies and organizations from different verticals are found designing health programs for their employees; this is predicted to boost the market growth. Workplace health initiatives assist businesses in enhancing their productivity while lowering the overall cost of operations. Corporate wellness is anticipated to be one of the fastest-moving markets as employees' health and well-being come into prominence. Corporate wellness programs refer to programs, policies, and benefits tailored towards multiple risk factors and diseases that would affect both the employees and the well-being of the firm. The National Center for Chronic Disease Prevention and Health Promotion in America estimates that health, wellness, and disease prevention programs in corporations may have the potential to reach over 150 million workers while simultaneously saving billions of dollars in healthcare costs.

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Corporate Wellness Market Segmental Analysis
Global Corporate Wellness Market is segmented on the basis of service, end user, category, delivery model, and region.
By service , market is segmented into Health Risk Assessment, Fitness, Smoking Cessation, Health Screening, Nutrition & Weight Management, Stress Management, and Others.
By end user , market is segmented into Small Scale Organizations, Medium Scale Organizations, and Large-Scale Organizations.
By category , market is segmented into Fitness & Nutrition Consultants, Psychological Therapists, and Organizations/Employers.
By delivery model , market is segmented into Onsite, and Offsite.
By region , the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.

Corporate Wellness Market Overview:

Report Coverage	Details
Market Revenue in 2023	USD 73.25 Billion
Estimated Value by 2031	USD 103.94 Billion
Growth Rate	Poised to grow at a CAGR of 4.47%
Forecast Period	2024–2031
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	Service, End User, Category, Delivery Model, & Region
Geographies Covered	North America, Europe, Asia-Pacific, Latin America, and Middle East and Africa
Report Highlights	Growing Trend Toward Corporate Wellness
Key Market Opportunities	Rise in the Focus on Mental Health
Key Market Drivers	Increase in Awareness About Employees Wellbeing

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Major Players Operating in the Corporate Wellness Market

• Virgin Pulse (US)
• Wellness Corporate Solutions (US)
• ComPsych Corporation (US)
• Provant Health Solutions (US)
• Optum, Inc. (US)
• EXOS (US)
• Vitality Group (US)
• Marino Wellness (US)
• Truworth Wellness (India)
• Sodexo (France)
• Wellness Layers (US)
• TotalWellness Health (US)
• Cerner Corporation (US)
• Premise Health (US)
• Kinema Fitness (US)
• Fitbit, Inc. (US)
• CoreHealth Technologies (Canada)
• Limeade (US)
• LifeDojo (US)
• RedBrick Health (US)

Impact of Health Risk Assessments on Corporate Employee Wellness Programs

Health risk assessment segment held the largest share of the market, occupying 21.0% of revenue share in 2022. Corporate employee health programs majorly consist of screening procedures for detecting health disorders and the use of appropriate interventional techniques to encourage employees toward healthy lifestyles. Approximately 80% of the companies offering services related to employee welfare like to get the health risks of their workers assessed. WCS Analytics+ is a product developed by Wellness Corporate Solutions, released in June 2016. An interactive data dashboard, the software helps drive productivity by enabling clients to organize and implement healthy workplace initiatives.

Small-Scale Organizations Boosting Growth Through Employee Wellness Initiatives

The services can be outsourced, and corporate memberships can be bought by small businesses. Wellness corporate programs are useful in monitoring several diseases. Health monitoring is done regularly through health screening programs to maintain health, ensure preventive care, and lower treatment costs. By taking into consideration specific diseases, the burden of diseases could be minimized, and the cost of healthcare contributions that a company must bear in total for all insurance companies. Though most employees are already working from home due to lockdowns and shutdown of offices, it is important that employees can access and utilize health facilities in the workplace. Increasing knowledge of employee health programs, combined with increased absenteeism and attrition rates, will continue to foster the growth of small and medium-sized businesses.

Impact of Healthcare Technology and Aging Population on North American Wellness Initiatives

North America dominated the corporate wellness market in 2022 and accounted for more than 49% of the revenue share. With rising chronic diseases and mental disorders, this is the highest percentage of employees. Health and wellness initiatives in the US are driven by the requirement to manage workplace stresses such as excessive work hours, work-life balance, increased workplace competitiveness, and others. Advancement of healthcare technologies, rising incidence of chronic illnesses, and aging population are some of the prominent factors that accelerate the growth of the corporate wellness market in North America.

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Corporate Wellness Market Insights

Drivers

• Rise in Awareness of Employee Well-Being
• Increase in Healthcare Cost
• Regulatory Support

Restraints

• Lack of Employee Participation
• Privacy Concerns
• Lack of Standardization

Key Questions Answered in Global Corporate Wellness Market Report

• What will be the size of the Global Corporate Wellness Market by 2031, as per SkyQuest Technology?
• Which is the dominating end-user segment in the Corporate Wellness Market?
• Which region will lead by 2031 in the Corporate Wellness Market, and why?

This report provides the following insights:
Analysis of key drivers (rise in awareness of employee well-being and regulatory support), restraints (lack of standardization and employee participation), opportunities (global expansion and focus on mental health), and challenges (economic downturns and technological risks) influencing the growth of corporate wellness market

• Market Penetration: Comprehensive information on the product portfolios offered by the top players in the corporate wellness market
• Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the corporate wellness market
• Market Development: Comprehensive information on lucrative emerging regions
• Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the market
• Competitive Assessment: In-depth assessment of market segments, growth strategies, revenue analysis, and products of the leading market players.

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We work closely with innovators, inventors, innovation seekers, entrepreneurs, companies and investors alike in leveraging external sources of R&D. Moreover, we help them in optimizing the economic potential of their intellectual assets. Our experiences with innovation management and commercialization have expanded our reach across North America, Europe, ASEAN and Asia Pacific.

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