Corporate Wellness Solution Market: Current Analysis and Forecast (2021-2027)

Report Description

Corporate Wellness Solution Market was valued at US$ 55 billion in 2020 and is expected to grow at a CAGR of 8% over the forecast period (2021-2027). Corporate Wellness 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. Healthy employees will take fewer sick days which gives more productive output. The rise in the several initiatives taken by the Government such as health screening programs for employees is expected to lead the corporate wellness market growth.

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 such as Asthma, heart disease, stroke, diabetes, obesity, metabolic syndrome, chronic obstructive pulmonary disease in the organizations. As per the data shared by national and state surveillance systems administered by the Centers for Disease Control and Prevention (CDC), the 8.40% of young adults suffers from a high prevalence of Asthma attacks.

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United States Asthma Prevalence (%), 2019

Insights Presented in the Report

“Amongst Service Offerings, Health Risk Assessment segment holds the major share.”

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 the efficacy of this service for timely identification and mitigation of health risks in employees. As per the Kaiser Family Foundation, in 2019, approximately a third (32%) of large firms offering health benefits offered incentives to complete an HRA, in comparison to 14% in 2008.

“Amongst Category, Organizations is anticipated to grow at the highest CAGR during the analyzed period.”

Based on Category, the market is fragmented into Fitness & Nutrition Consultants, Psychological Therapists, and Organizations/Employers. The Organizations segment holds the largest share in 2020 and is anticipated to show the highest growth in the upcoming period. The availability of in-house and outsourced health management services in small scale, as well as large scale organizations, is leading to the high growth of the segment. The uptick in the development of corporate wellness software for Small scale organizations is leading to high segment growth. For instance, the Wellable app operates health content technology platforms, next-generation wellness challenges and complements these solutions with on-site services, such as seminars, fitness classes, and health coaching. The technology’s flexibility allows organizations to customize and organize a program to meet the needs and objectives of employees. Wellable works with employers of all sizes worldwide.

Amongst Delivery Model, the Onsite segment holds the major share”

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, On-site fitness centers are being considered the best of all corporate wellness programs. Chesapeake Energy has established a 72,000 square foot fitness center for their team members. The fitness center offers the team members a rock climbing wall, an Olympic-sized swimming pool, and access to personal trainers.

Amongst End-user, the Large Scale Organizations segment holds the major share”

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 American Lung Association, cigarette smoking kills more than 480,000 Americans each year. Numerous smoking cessation programs have been developed to make the employees quit smoking. For instance, American Lung Association’s highly effective smoking cessation program is used by employers, hospitals, health plans, and other organizations to help individuals quit smoking. When combined with smoking cessation medications, up to 57% of participants report quitting smoking by the end of the program.

“North America signifies one of the largest markets and Europe is expected to be the fastest-growing markets of Corporate Wellness Solution market.”

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. As per the National Institute of Mental Health, there were approximately 51.5 million adults aged 18 or above in the United States with Any mental illness (AMI). This number represented 20.6% of all U.S. adults. Some of the major players operating in the market include ComPsych, 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.

Reasons to buy this report:

• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the Global Corporate Wellness Solution market were the three major steps undertaken to create and analyze the adoption of Corporate Wellness Solution for the different applications across major End-users such as Small Scale Organizations, Medium Scale Organizations, Large Scale Organizations, and Others. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the Corporate Wellness Solution sector. Post assumption and validation of market numbers through primary interviews, we employed a top-down approach to forecast the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detailed secondary study was conducted to obtain the historical market size of the Corporate Wellness Solution through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the Corporate Wellness Solution market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments for major regions. Major segments included in the report are Service offerings, Category, Delivery Model, End-user, and Region. Further country-level analyses were conducted to evaluate the overall adoption of Corporate Wellness Solution in every region.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of Corporate Wellness Solution. Further, we conducted factor analysis using dependent and independent variables such as Growing prevalence of obsessive-compulsive disorder, increasing adoption of corporate wellness programs by employers.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the Corporate Wellness Solution  Market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (USD) and the adoption rate of Corporate Wellness Solution across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the Corporate Wellness Solution market in terms of services offered. Also, the growth strategies adopted by these players to compete in the fast-growing market.

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the Corporate Wellness Solution market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of Service offerings, Category, Delivery Model, End-user, and Region of the Corporate Wellness Solution market.

Main Objective of the Corporate Wellness Solution market Study

The current & future market trends of Corporate Wellness Solution were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of Corporate Wellness Solution in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments.
• Segments in the study include areas of Service offerings, Category, Delivery Model, End-user, and Region
• Define and analysis of the regulatory framework for the Corporate Wellness Solution industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the Corporate Wellness Solution market for the major region
• Major regions studied in the report include North America (the United States and Canada), Europe (Germany, France, Italy, Spain, and United Kingdom), Asia-Pacific (China, Japan, India, and Australia), and Rest of the World
• Company profiles of the Corporate Wellness Solution market and the growth strategies adopted by the market players to sustain in the fast-growing market
• Deep dive regional level analysis of the industry