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

Region:Global

Author(s):

Product Code:UMHE21287

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Published on

July 2021

Total pages

144

Table of Content

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About the Report

About the Report

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 in the organizations. For instance, as per the World Health Organization (2020), Depression is the leading cause of disability in the world, and more than 264 million people suffer from depression worldwide.

However, some of the restraints in the market include low employee participation and engagement in corporate wellness programs and a lack of qualified professionals to support corporate wellness programs.

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, to reduce the habitual pattern of absence due to health issues. A health risk assessment consists of questions on lifestyle and medical history and is designed for the identification of a person's health risks. 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.

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.

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.

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.

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 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.

Products


Companies

CVS Health Corporation, Wellness Corporate Solutions, Virgin Pulse, Provant Health Solutions, EXOS, Marino Wellness, Privia Health, Vitality Group, Wellsource, Inc., and Central Corporate Wellness

Table of Contents

Table of Contents

1 MARKET INTRODUCTION

1.1. Market Definitions

1.2. Limitations

1.3. Stake Holders

1.4. Currency Used in Report

2 RESEARCH PROCESS & RESEARCH METHODOLOGY

2.1. Research Process of the Corporate Wellness Solution Market

2.2. Research Methodology of the Corporate Wellness Solution Market

2.3. Forecasting Method

2.4. Respondent Profile

2.5. Main Objective of the Corporate Wellness Solution Market Study

3 MARKET SYNOPSIS

4 EXECUTIVE SUMMARY

5 GLOBAL CORPORATE WELLNESS SOLUTION MARKET ANALYSIS 2019-27F

6 MARKET INSIGHTS BY SERVICE OFFERING

6.1. Health Risk Assessment

6.2. Fitness

6.3. Smoking Cessation

6.4. Health Screening

6.5. Nutrition & Weight Management

6.6. Stress Management

6.7. Others

7 MARKET INSIGHTS BY CATEGORY

7.1. Fitness & Nutrition Consultants

7.2. Psychological Therapists

7.3. Organizations/Employers

8 MARKET INSIGHTS BY PATIENT TYPE

8.1. Children

8.2. Adult

9 MARKET INSIGHTS BY DELIVERY MODEL

9.1. Onsite

9.2. Offsite

10 MARKET INSIGHTS BY END-USER

10.1. Small Scale Organizations

10.2. Medium Scale Organizations

10.3. Large Scale Organizations

10.4. Others

11 MARKET INSIGHTS BY REGION

11.1. NORTH AMERICA CORPORATE WELLNESS SOLUTION MARKET

11.1.1. United States

11.1.2. Canada

11.1.3. Rest of North America

11.2. EUROPE CORPORATE WELLNESS SOLUTION MARKET

11.2.1. Germany

11.2.2. France

11.2.3. United Kingdom

11.2.4. Italy

11.2.5. Spain

11.2.6. Rest of Europe

11.3. ASIA PACIFIC CORPORATE WELLNESS SOLUTION MARKET

11.3.1. China

11.3.2. Japan

11.3.3. India

11.3.4. Australia

11.3.5. Rest of Asia Pacific

11.4. REST OF WORLD CORPORATE WELLNESS SOLUTION MARKET

12 Demand and Supply Side Analysis

13 Value Chain Analysis

14 Global Corporate Wellness Solution Market Trends & Insights

15 Global Corporate Wellness Solution Market Dynamics

15.1. Drivers

15.2. Challenges

15.3. Impact Analysis

16 Global Corporate Wellness Solution Market Opportunities

17 Competitive Scenario

18 Company profiled

18.1. CVS Health Corporation

18.2. Wellness Corporate Solutions

18.3. Virgin Pulse

18.4. Provant Health Solutions

18.5. EXOS

18.6. Marino Wellness

18.7. Privia Health

18.8. Vitality Group

18.9. Wellsource, Inc.

18.10. Central Corporate Wellness

19 Disclaimer

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