Corporate Wellness Market: Introduction
According to the report, the global corporate wellness market was valued at US$ 40.2 Bn in 2020 and is projected to expand at a CAGR of 8.2% from 2021 to 2028. Corporate wellness programs are designed to support employees in understanding their health risk and accepting healthy behavior at workplace and to reduce their health care expenditure.
Corporate wellness programs consist of health risk assessments, fitness, health screening, weight management, smoking cessation, and nutrition. These programs reduce the cost of hospitalization, emergency room visits, specialist visits, and surgeries. Moreover, corporate wellness programs result in decrease in absenteeism, increase in productivity, and improvement in quality of life of employees.
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Corporate or workplace wellness programs can be described as employer-funded services designed to promote and maintain good health of employees. The primary purpose of corporate wellness programs is to deliver positive return on investment, which is accomplished by reducing absenteeism and lowering health insurance premiums. The most important advantage is a healthier workforce that transforms into a healthier population.
Willingness of Employers to Invest in Wellness Programs
Most employers seek effective long-term strategies to address the rise in cost and support their broader consumer-base strategy to give their employees more responsibility for healthcare cost. Employers are utilizing wellness programs to improve employee lifestyle behavior and reduce incidence of chronic conditions. This is anticipated to help reduce employee healthcare cost and increase productivity. The U.S. companies that target just three major risk factors can save US$ 700 per employee each year in healthcare costs and improve productivity.
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Health Risk Assessment Segment to Dominate Corporate Wellness Market
In terms of service type, the global corporate wellness market has been classified into health risk assessment, fitness, smoking cessation, health screening, weight management, nutrition, and others (stress management, disease management, vaccination, etc.). The health risk assessment segment is expected to account for major share of the global market by 2028. The segment is likely to expand at a high CAGR during the forecast period.
Health risk assessment is a quick and simple way to provide employees feedback about their health and guiding them on how to improve it. Health risk assessments are evaluation of employees’ physical condition and assessing disease risks and overall level of health and fitness.
North America to Lead Global Corporate Wellness Market
In terms of region, the global corporate wellness market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global market due to high awareness, significant wellness expenditure on the overall national employer healthcare budget, and higher penetration of corporate wellness service across the region. North America is projected to be a highly lucrative market during the forecast period, with a high attractiveness index.
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Key players operating in the global corporate wellness market include EXOS, ProvantHealth (Hooper Holmes, Inc.), Wellness Corporate Solutions, ComPsych Corporation, Optum, Inc. (United Health Group), Sodexo, BupaWellness Pty Ltd. (BupaGroup), JLT Australia (RecovreGroup), Central Corporate Wellness, Truworth Wellness, CXA Group Pte. Limited, and SOL Wellness.
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