Corporate Wellness Solutions Market Forecasts to 2028 – Global Analysis By Product (On-Premises, Cloud-Based), Delivery Model (Onsite, Offsite), End User, and By Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2021) |
US $63.46 BN |
|
Projected Year Value (2028) |
US $132.59 BN |
|
CAGR (2021 - 2028) |
11.1% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Highest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Corporate Wellness Solutions Market is accounted for $63.46 billion in 2021 and is expected to reach $132.59 billion by 2028 growing at a CAGR of 11.1% during the forecast period. Corporate wellness solutions are intended to promote and support a holistic approach to employee well-being by creating a healthy corporate culture.
Market Dynamics:
Driver:
Rising adoption of corporate wellness programs
Corporate wellness programs are increasingly implemented by organizations to advance employee health and productivity, reduce health risks, and lower employee healthcare costs. Companies are becoming more aware of the need to maintain a mentally and physically healthy workforce. This has resulted in increased corporate investments in employee wellbeing programs, solutions, and services.
Restraint:
The dearth of qualified and licensed professionals
This shortage of qualified and licensed professionals can largely be attributed to the dwindling supply of new professionals entering these fields. This deficit in mental health professionals is even more pronounced in emerging countries. This shortage in the number of suitably qualified professionals impedes the ability to initiate and drive efficient, holistic corporate wellness programs and could restrain the growth of this market.
Opportunity:
Emerging countries with a large working population
The workforce in the region is aging, as the population aged 60 and above in the region is expected to increase. This would increase the burden of chronic diseases in the working population in this region in the coming years. These factors pose an opportunity for the growth of the market in the forecast period, in emerging countries.
Threat:
Low employee engagement
Corporate wellness solutions need to be customized as per the interest and dynamic requirements of the workforce, which may be dependent on several internal and external factors that cannot be controlled nor predicted. To employ encourage employee participation, many organizations offer financial incentives. These factors, potentially lowering the uptake of corporate wellness programs among employees, may discourage organizations from implementing these solutions, especially if there is little or no return on investment made. This poses a challenge to the growth of this market in the forecast period.
The health risk assessment segment is expected to be the largest during the forecast period
The health risk assessment segment is estimated to have a lucrative growth owing to the utility of this service for early identification and mitigation of health risks in employees, reducing absenteeism due to health conditions, and lower healthcare costs.
The small organizations segment is expected to have the highest CAGR during the forecast period
The small organizations segment is anticipated to witness the fastest CAGR growth during the forecast period due to the growing use of corporate wellness programs by these organizations owing to the rising affordability and favorable payment models for small businesses.
Region with highest share:
North America is projected to hold the largest market share during the forecast period due to the rising need for corporate wellness solutions for employees owing to the increasing prevalence of chronic conditions, mental health issues, and substance abuse especially related to the opioid crisis in the region.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period owing to the working population in the Asia Pacific and growing awareness about the health management of employees are responsible for the need for corporate wellness programs in the region.
Key players in the market
Some of the key players profiled in the Corporate Wellness Solutions Market include ComPsych Corporation, Workplace Options, Anthem, Inc., Virgin Group Ltd., UnitedHealth Group, TELUS, Sharecare, Centene Corporation, Limeade, Gilsbar, Discovery Limited, Cleveland Clinic, LifeWorks, Inc., Medcan Clinic, Alphabet Inc., Wellright, Cerner Corporation, Laboratory Corporation of American Holdings and CVS Health Corporation.
Key Developments:
In April 2021, Workplace Options launched a specialized program, Revive, to assist employees experiencing or at risk of burnout through live counseling and coaching sessions.
In Feb 2020, Anthem, Inc. acquired Beacon Health Options, an independently held behavioral health organization, to combine the company’s behavioral health capabilities with Beacon Health’s model and support services.
Products Covered:
• On-Premises
• Cloud-Based
Service offerings Covered:
• Virtual Consultation/Virtual Care
• Stress Management
• Health Benefit Programs
• Nutrition and Weight Management
• Mental/Behavioral Health Management
• Health Risk Assessment
• Fitness Services
• Employee Assistance Programs
• Biometric Screening
• Alcohol/Substance Abuse Services
• Smoking Cessation
Delivery Models Covered:
• Onsite
• Offsite
Categories Covered:
• Psychological Therapists
• Organizations/Employers
• Fitness & Nutrition Consultants
Sales Channels Covered:
• Distribution Channel
• Direct Channel
End Users Covered:
• Small Organizations
• Medium-Sized Organizations
• Large Organizations
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 Product Analysis
3.7 End User Analysis
3.8 Emerging Markets
3.9 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Corporate Wellness Solutions Market, By Product
5.1 Introduction
5.2 On-Premises
5.3 Cloud-Based
6 Global Corporate Wellness Solutions Market, By Service offering
6.1 Introduction
6.2 Virtual Consultation/Virtual Care
6.3 Stress Management
6.4 Health Benefit Programs
6.5 Nutrition and Weight Management
6.6 Mental/Behavioral Health Management
6.7 Health Risk Assessment
6.8 Fitness Services
6.9 Employee Assistance Programs
6.10 Biometric Screening
6.11 Alcohol/Substance Abuse Services
6.12 Smoking Cessation
7 Global Corporate Wellness Solutions Market, By Delivery Model
7.1 Introduction
7.2 Onsite
7.3 Offsite
8 Global Corporate Wellness Solutions Market, By Category
8.1 Introduction
8.2 Psychological Therapists
8.3 Organizations/Employers
8.4 Fitness & Nutrition Consultants
9 Global Corporate Wellness Solutions Market, By Sales Channel
9.1 Introduction
9.2 Distribution Channel
9.3 Direct Channel
10 Global Corporate Wellness Solutions Market, By End User
10.1 Introduction
10.2 Small Organizations
10.3 Medium-Sized Organizations
10.4 Large Organizations
11 Global Corporate Wellness Solutions Market, By Geography
11.1 Introduction
11.2 North America
11.2.1 US
11.2.2 Canada
11.2.3 Mexico
11.3 Europe
11.3.1 Germany
11.3.2 UK
11.3.3 Italy
11.3.4 France
11.3.5 Spain
11.3.6 Rest of Europe
11.4 Asia Pacific
11.4.1 Japan
11.4.2 China
11.4.3 India
11.4.4 Australia
11.4.5 New Zealand
11.4.6 South Korea
11.4.7 Rest of Asia Pacific
11.5 South America
11.5.1 Argentina
11.5.2 Brazil
11.5.3 Chile
11.5.4 Rest of South America
11.6 Middle East & Africa
11.6.1 Saudi Arabia
11.6.2 UAE
11.6.3 Qatar
11.6.4 South Africa
11.6.5 Rest of Middle East & Africa
12 Key Developments
12.1 Agreements, Partnerships, Collaborations and Joint Ventures
12.2 Acquisitions & Mergers
12.3 New Product Launch
12.4 Expansions
12.5 Other Key Strategies
13 Company Profiling
13.1 ComPsych Corporation
13.2 Workplace Options
13.3 Anthem, Inc.
13.4 Virgin Group Ltd.
13.5 UnitedHealth Group
13.6 TELUS
13.7 Sharecare
13.8 Centene Corporation
13.9 Limeade
13.10 Gilsbar
13.11 Discovery Limited
13.12 Cleveland Clinic
13.13 LifeWorks, Inc.
13.14 Medcan Clinic
13.15 Alphabet Inc.
13.16 Wellright
13.17 Cerner Corporation
13.18 Laboratory Corporation of American Holdings
13.19 CVS Health Corporation
List of Tables
1 Global Corporate Wellness Solutions Market Outlook, By Region (2020-2028) ($MN)
2 Global Corporate Wellness Solutions Market Outlook, By Product (2020-2028) ($MN)
3 Global Corporate Wellness Solutions Market Outlook, By On-Premises (2020-2028) ($MN)
4 Global Corporate Wellness Solutions Market Outlook, By Cloud-Based (2020-2028) ($MN)
5 Global Corporate Wellness Solutions Market Outlook, By Service offering (2020-2028) ($MN)
6 Global Corporate Wellness Solutions Market Outlook, By Virtual Consultation/Virtual Care (2020-2028) ($MN)
7 Global Corporate Wellness Solutions Market Outlook, By Stress Management (2020-2028) ($MN)
8 Global Corporate Wellness Solutions Market Outlook, By Health Benefit Programs (2020-2028) ($MN)
9 Global Corporate Wellness Solutions Market Outlook, By Nutrition and Weight Management (2020-2028) ($MN)
10 Global Corporate Wellness Solutions Market Outlook, By Mental/Behavioral Health Management (2020-2028) ($MN)
11 Global Corporate Wellness Solutions Market Outlook, By Health Risk Assessment (2020-2028) ($MN)
12 Global Corporate Wellness Solutions Market Outlook, By Fitness Services (2020-2028) ($MN)
13 Global Corporate Wellness Solutions Market Outlook, By Employee Assistance Programs (2020-2028) ($MN)
14 Global Corporate Wellness Solutions Market Outlook, By Biometric Screening (2020-2028) ($MN)
15 Global Corporate Wellness Solutions Market Outlook, By Alcohol/Substance Abuse Services (2020-2028) ($MN)
16 Global Corporate Wellness Solutions Market Outlook, By Smoking Cessation (2020-2028) ($MN)
17 Global Corporate Wellness Solutions Market Outlook, By Delivery Model (2020-2028) ($MN)
18 Global Corporate Wellness Solutions Market Outlook, By Onsite (2020-2028) ($MN)
19 Global Corporate Wellness Solutions Market Outlook, By Offsite (2020-2028) ($MN)
20 Global Corporate Wellness Solutions Market Outlook, By Category (2020-2028) ($MN)
21 Global Corporate Wellness Solutions Market Outlook, By Psychological Therapists (2020-2028) ($MN)
22 Global Corporate Wellness Solutions Market Outlook, By Organizations/Employers (2020-2028) ($MN)
23 Global Corporate Wellness Solutions Market Outlook, By Fitness & Nutrition Consultants (2020-2028) ($MN)
24 Global Corporate Wellness Solutions Market Outlook, By Sales Channel (2020-2028) ($MN)
25 Global Corporate Wellness Solutions Market Outlook, By Distribution Channel (2020-2028) ($MN)
26 Global Corporate Wellness Solutions Market Outlook, By Direct Channel (2020-2028) ($MN)
27 Global Corporate Wellness Solutions Market Outlook, By End User (2020-2028) ($MN)
28 Global Corporate Wellness Solutions Market Outlook, By Small Organizations (2020-2028) ($MN)
29 Global Corporate Wellness Solutions Market Outlook, By Medium-Sized Organizations (2020-2028) ($MN)
30 Global Corporate Wellness Solutions Market Outlook, By Large Organizations (2020-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
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