Report Ocean introduces a fresh report examining the ‘Corporate Wellness Market’, encompassing its size, share, growth, industry trends, and forecast up to 2032. This comprehensive analysis delves into various industry components and growth patterns that offer valuable insights for anticipating the market’s future trajectory.
Obtain a comprehensive report on the Corporate Wellness Market, which includes a full table of contents, over 120 tables and figures, and charts. The report provides precise information on the market before and after the COVID-19 outbreak, segmented by region.
The global corporate wellness market will witness a Compound Annual Growth Rate (CAGR) of 4.95%, reaching a valuation of USD 61.95 billion by 2023, up from USD 48.66 billion in 2018.
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The corporate wellness market, encompassing health risk assessment, stress management, fitness, and weight management segments, is on a steady growth trajectory. Increasing awareness about employee well-being, coupled with rising instances of lifestyle-related diseases among the workforce due to demanding work schedules, long hours, and unhealthy lifestyles, has generated significant demand for corporate wellness programs worldwide.
Segmentation Based on Service Type
In terms of service types, the health risk assessment segment claimed the largest market share (46.56%) in 2018. This was driven by the increasing prevalence of chronic diseases, growing employer awareness of the importance of employee health, and higher healthcare spending by employers. It was followed by the stress management segment, holding a 28.57% share in 2018, reflecting the rising levels of stress, anxiety, and depression among employees.
The global health risk assessment market is poised to grow at a CAGR of 4.52%, reaching USD 28.26 billion by 2023, up from USD 22.66 billion in 2018. The higher adoption of employee health screening aims to promote healthy lifestyles and reduce health risks among employees.
Segmentation Based on End User
The market is categorized into large-scale, medium-scale, and small-scale organizations based on end users. Large-scale organizations commanded the highest market share (42.1%) in 2018 and are expected to continue growing at a CAGR of 3.99% during the 2018-2023 period. This growth is driven by the adoption of new technologies and increased investment in employee well-being.
Regional Insights
North America dominated the corporate wellness market in 2018, holding a market share of 37.42%. It is expected to expand at a CAGR of 4.98% during the 2018-2023 period, primarily due to the high incidence of lifestyle-associated diseases, the adoption of premium wellness services and programs, and favorable government policies.
In 2018, the health risk assessment segment contributed the highest revenue (USD 8.74 billion) in North America. It is projected to grow at a CAGR of 4.91% during the 2018-2023 period due to factors like increasing obesity rates, unhealthy eating habits, and sedentary lifestyles among employees. The stress management segment is expected to hold a market share of 26.9% by 2023, growing at a CAGR of 3.35% during the same period. Stress-related productivity losses, resulting in approximately 225 million working days lost annually in the U.S., are driving the growth of the stress management market. The fitness and weight management segment is anticipated to experience the highest growth rate (7.05%) during the forecast period, attributed to the growing awareness of nutrition and healthy lifestyles and the increasing number of fitness centers.
The U.S. emerged as the dominant player in the regional corporate wellness market due to significant investments, the adoption of corporate wellness services, escalating healthcare costs, and a rising incidence of chronic diseases. Moreover, the U.S. market is witnessing higher adoption of newly introduced corporate wellness plans for fitness, weight management, and nutrition.
Key Companies in the Market
Key players in the global corporate wellness market include:
- Virgin Pulse
- ComPsych Corporation
- Vitality
- Quest Diagnostics Health & Wellness
- Interactive Health
- BurnAlong
- FitBliss
- IncentFit
- Training Amigo
The comprehensive report delves into market opportunities, CAGR growth rates, competition, technological innovations, analysis of market players, government regulations, and export-import trends across regions and countries, including:
- North America (U.S. & Canada)
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America)
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, Nordic countries, Ireland, Switzerland, Austria, Poland, Turkey, Russia, and the rest of Europe)
- Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, and the rest of Asia-Pacific)
- Middle East and Africa (Israel, GCC countries, North Africa, South Africa, and the rest of Middle East and Africa)
Reasons to Consider Purchasing the Corporate Wellness Market Report:
Comprehensive Market Insights: Delve into the depths of the Corporate Wellness Market Report to gain an all-encompassing and meticulous analysis of the market landscape. Uncover details such as market size, share, trends, and growth catalysts, which provide invaluable perspectives on both the present market scenario and its promising future prospects.
Reliable Projections: Rely on the report’s dependable forecasts and projections, which are underpinned by rigorous research methodologies, insights into industry expenditures, and assessments of market expansion rates. These foresights empower businesses to make well-informed decisions and chart out effective strategies for the times ahead.
In-depth Competition Analysis: Equip yourself with an extensive evaluation of key market players, their array of products, and the strategies they employ. This comprehensive understanding arms businesses with the knowledge needed to not only comprehend their rivals but also to craft strategies that position them ahead in the dynamic market arena.
Clear Market Scope and Segmentation: Gain clarity on the broad expanse of the market through the report’s clear delineation of market scope. With detailed insights into diverse market segments and their growth potential, businesses can discern and capitalize on opportunities that align with their objectives.
Insightful Regional Examination: Assess the market’s performance across different regions, enabling enterprises to pinpoint lucrative markets and tailor their approaches accordingly. With region-specific insights, businesses can adapt strategies that resonate with the unique dynamics of each area.
Evaluation of Industry Technology: Grasp the pulse of technological progress within the Corporate Wellness market. The report dissects cutting-edge advancements and trends, providing businesses with a window into emerging technologies that have the potential to reshape the industry.
Dynamics of Supply and Demand: Acquire a profound comprehension of supply-demand dynamics. This understanding empowers businesses to optimize production, distribution, and inventory management processes, resulting in enhanced operational efficiency.
Informed Investment Decision Making: Leverage the report’s critical information and data-driven insights to facilitate informed investment choices within the Corporate Wellness market. Equipped with this knowledge, businesses can confidently allocate resources to avenues with the greatest potential for returns.
Unveiling Long-Term Growth Avenues: Through the scrutiny of trends and growth stimulants, the report illuminates the enduring opportunities the Corporate Wellness market holds. By identifying these sustainable growth prospects, businesses are poised to set a course for lasting success.
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