CORPORATE WELLNESS SOLUTION MARKET IS PROSPERING OWING TO THE RISING BURDEN OF MENTAL HEALTH AND CHRONIC LIFESTYLE DISEASES IN ORGANIZATIONS GLOBALLY
The global Corporate Wellness Solution Market is expected to exceed the market valuation of more than US$ XX million by 2027 expanding at a reasonable CAGR of XX% during the forecast period (2021-2027). Corporate Wellness Solution is becoming an essential part of an organization due to the rising incidents of depression, hypertension, and other chronic diseases amongst employees. The physical, mental, and financial health of the employees can be improved through corporate wellness programs.
The demand for Corporate Wellness solutions is mainly increasing on account of the enhanced uptake of technology-powered corporate wellness solutions, increasing adoption of corporate wellness programs by employers, and the significant burden of mental health and chronic lifestyle diseases in the organizations. As per the Our World in Data, more than a quarter (26.3%) of adults aged 18 to 25 years old had a mental health disease in 2018.
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The rise of the COVID-19 has made a high demand for the Corporate Wellness Solution Market to tackle the rising incidents of mental health disorders and chronic disorders amongst employees during the pandemic. As per the National Health Interview Survey (NHIS), during the COVID-19 pandemic, around 4 in 10 adults in the U.S. have reported symptoms of depressive disorder or anxiety. Also, during the pandemic there is a negative impact on mental health, for instance, as per the KFF Health Tracking Poll from July 2020 many adults are reporting specific negative impacts on their mental health such as difficulty sleeping (36%) or eating (32%), increases in substance use (12%), and worsening chronic conditions (12%). More than 70% of employers have described the pandemic as the most stressful time in their professional careers. From getting pay cuts, losing a loved one, experiencing financial stress, and the challenge of managing remote work with home responsibilities, the coronavirus pandemic is affecting the employees’ mental and physical health. The corporate wellness solutions are providing different types of virtual care and consultations, particularly for chronic disease management, nutrition, and weight management programs, on-demand online fitness programs, mental health programs by text, audio, and video mode.
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Based on Service offerings, the market is fragmented into Health Risk Assessment, Fitness, Smoking Cessation, Health Screening, Nutrition & Weight Management, Stress Management, and Others. Health Risk Assessment holds the largest share in 2020 and is anticipated to show lucrative growth in the upcoming period owing to its high efficacy for timely identification and mitigation of health risks in employees. In 2018, webFCE was officially launched as a revolutionary software tool, for the health risk assessments (HRAs) used by employers, insurance carriers, and individuals to improve health and reduce health care costs.
Based on Delivery Model, the market is fragmented into Onsite and Offsite. Onsite corporate wellness programs dominated the delivery model segment in 2020 and are anticipated to register the largest CAGR in the forthcoming period. Onsite wellness programs meet the personal health needs of the patients by providing facilities to exercise under the guidance of fitness consultants and coaches. For instance, Draper, a Spiceland, Indiana-based manufacturer of Audiovisual Equipment, Solar Control Shading Systems, and Gymnasium Equipment, holds 10-week weight loss challenges that include weekly gift cards, cash prizes, and regular walking contests to keep things fun and competitive. Also, Draper offers onsite Zumba and Weight Watchers classes and holds annual health fairs filled with fun activities.
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Based on End-user, the market is fragmented into Small Scale Organizations, Medium Scale Organizations, Large Scale Organizations, and Others. The large-scale organizations dominated the end-use segment in 2020 and are anticipated to register the highest CAGR in the upcoming period. The rise in the prevalence of cigarette smoking is causing a burden on the health of employees working in any organization, and as per the Centers for Disease Control and Prevention, in 2019, nearly 14 of every 100 U.S. adults aged 18 years or older (14.0%) currently smoked cigarettes. Numerous smoking cessation programs have been developed to make the employees quit smoking.
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For a better understanding of the market adoption of Corporate Wellness Solution, the market is analyzed based on its worldwide presence in the countries such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom and Rest of Europe), Asia-Pacific (China, Japan, India, Australia, and Rest of APAC), and Rest of World. North America will dominate the Corporate Wellness Solution market on account of the rising need for corporate wellness solutions for employees due to the rising prevalence of chronic diseases, substance abuse, and mental health issues. Some of the major players operating in the market include CVS Health Corporation, Wellness Corporate Solutions, Virgin Pulse, Provant Health Solutions, EXOS, Marino Wellness, Privia Health, Vitality Group, Wellsource, Inc., and Central Corporate Wellness. Several M&As along with partnerships have been undertaken by these players to boost their presence in different regions.
Global Corporate Wellness Solution Market Segmentation
Market Insight, by Service Offering
- Health Risk Assessment
- Smoking Cessation
- Health Screening
- Nutrition & Weight Management
- Stress Management
Market Insight, by Category
- Fitness & Nutrition Consultants
- Psychological Therapists
Market Insight, by Delivery Model
Market Insight, by End-user
- Small Scale Organizations
- Medium Scale Organizations
- Large Scale Organizations
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- CVS Health Corporation
- Wellness Corporate Solutions
- Virgin Pulse
- Provant Health Solutions
- Marino Wellness
- Privia Health
- Vitality Group
- Wellsource, Inc.
- Central Corporate Wellness