Corporate Wellness Market to Grow by USD 37.62 Billion from 2024-2028, Driven by the Need to Combat Rising Healthcare Costs, Report on AI-Driven Market Transformation – Technavio

NEW YORK, Oct. 10, 2024 /PRNewswire/ — Report with the AI impact on market trends – The Global Corporate Wellness Market size is estimated to grow by USD 37.62 billion from 2024-2028, according to Technavio. The market is estimated to grow at a CAGR of  9.45%  during the forecast period. Increasing need to combat rising healthcare costs is driving market growth, with a trend towards adoption of wearable technology. However, poor engagement level among employees  poses a challenge – Key market players include Aduro LLC, Central Corporate Wellness, ComPsych Corp., Exos Works Inc., Fit Athletic Club LLC, Kinema Fitness, Laboratory Corp. Of America Holdings, Marino Wellness LLC, Privia Health Group Inc., Quest Diagnostics Inc., Sodexo SA, SOL Integrative Wellness Centre, Truworth Wellness, United Health Group Inc., Virgin Pulse Inc., Vitality Group LLC, WebMD Health Services Group Inc., Wellsource Inc., WellSteps.com LLC, and Workplace Options LLC.

Key insights into market evolution with AI-powered analysis. Explore trends, segmentation, and growth drivers- View the snapshot of this report

Market Driver

Wearable technology, including activity trackers and smartwatches like Fitbit Blaze and Garmin Vivoactive HR, is becoming a significant trend in corporate wellness programs. These devices enable employers to monitor employee health data, including vital signs, location, and biofeedback. Popular devices offer features such as GPS, heart rate monitoring, smart notifications, and lateral distance tracking. Companies like New York Life, Pitney Bowes, and Sharp Healthcare have adopted these tools, providing employees with motivation to improve their health outcomes. Devices help corporations track and aggregate employee data, enhancing wellness programs’ success. The integration of wearable technology in corporate wellness is anticipated to fuel market growth during the forecast period by promoting employee health and productivity. 

The Corporate Wellness Market is experiencing significant growth due to increasing focus on Employee Health and addressing Health Risks in the workplace. Mental health professionals, including Psychiatrists and Psychological Therapists, are in high demand to tackle rising Mental Health issues. Chronic Diseases and the Opioid Crisis are major concerns, leading to  Health Education Services, Biometric Screening, and Smoking Cessation programs. Small Organizations are also investing in Employee Engagement through Financial Incentives and Health Risk Assessments. Fitness Services, Nutrition & Weight Management, Stress Management, and Virtual Consultation are popular offerings. With the shift to Remote Work and Work-from-Home, Virtual Care and Digital Therapeutics are gaining traction. Employee Productivity is a key driver, with Absenteeism and Attrition costing businesses dearly. Onsite Services, Fitness & Nutrition Consultants, Art Therapy, and Health Promotion complete the suite of offerings in this Delivery Model. Health Management Services cater to Sedentary Lifestyles and Preventive Care, while Health Insurance and Employee Health Services round out the market landscape. 

Request Sample of our comprehensive report now to stay ahead in the AI-driven market evolution!

 Market Challenges

• The global corporate wellness market faces challenges due to low employee engagement and participation in wellness programs. Without understanding employees’ needs and interests, organizations risk investing in ineffective initiatives. Employees may lack motivation, face work pressure, or find inconvenient timings for wellness activities. Privacy concerns can also deter participation in health assessments. These factors can negatively impact the success and return on investment for corporate wellness programs. To mitigate these challenges, it’s crucial for employers to gather employee feedback and tailor programs to their unique needs. Effective communication, employer support, and addressing privacy concerns can help boost participation and improve outcomes for both employees and the organization.
• The Corporate Wellness Market faces several challenges in delivering effective health and well-being services to employees. These include providing health education services and virtual consultation in a digital age, implementing virtual care and mental health programs, addressing sedentary lifestyles and stress management in a work-from-home environment, and dealing with budget constraints and job insecurity. Employers must also consider the delivery model of health programs, from onsite services to virtual wellness programs, and the integration of health insurance and employee health services. Additionally, addressing issues such as discrimination, stress relief initiatives, and personalized wellness through nutrition management and fitness classes is crucial. The aging workforce and remote work also present unique challenges, requiring innovative solutions such as psychological therapists, fitness & nutrition consultants, art therapy, and digital therapeutics. Employers must prioritize employee well-being to boost productivity, reduce absenteeism and attrition, and improve employee retention.

Discover how AI is revolutionizing market trends- Get your access now!

Segment Overview 

This corporate wellness market report extensively covers market segmentation by  

1. Application 

• 1.1 Health assessments and screenings
• 1.2 Nutrition and fitness
• 1.3 Stress management
• 1.4 Others

Deployment 

• 2.1 SMEs
• 2.2 Large organizations

Geography 

• 3.1 North America
• 3.2 Europe
• 3.3 APAC
• 3.4 South America
• 3.5 Middle East and Africa

1.1 Health assessments and screenings-  Corporate wellness programs begin with essential health assessments conducted by providers to understand an employee’s medical history and specific health needs. These assessments consist of workplace evaluations, employee surveys, and analysis of attendance records, injury reports, medical insurance, and worker claims. Health screenings follow, identifying risk factors like smoking, alcohol consumption, obesity, high blood pressure, high cholesterol, and high blood glucose. Employee health screenings help individuals address health issues, reducing absenteeism and increasing productivity. They also boost morale by demonstrating employer care. Vendors like Central Corporate Wellness, Wellness Corporate Solutions, and EXOS offer various health assessment and screening services, contributing to the growth of this market segment. Central Corporate Wellness provides onsite health screenings, while Wellness Corporate Solutions offers biometric screenings and traditional laboratory checkups. EXOS specializes in performance capability assessments. These factors are expected to fuel the expansion of the health assessments and screening segment in the global corporate wellness market.

Download a Sample of our comprehensive report today to discover how AI-driven innovations are reshaping competitive dynamics

Research Analysis

The Corporate Wellness Market focuses on promoting employee health and well-being in the workplace. With the increasing prevalence of health risks such as chronic diseases, mental health issues, and stress, companies are recognizing the importance of investing in their employees’ well-being. Mental health professionals, including psychiatrists, play a crucial role in addressing mental health concerns. Employee engagement is key to the success of wellness programs, which may offer financial incentives, health risk assessments, smoking cessation, fitness programs, health screenings, nutrition & weight management, stress management, and virtual techniques. The shift to remote work due to the pandemic has brought new challenges, including work-from-home ergonomics, absenteeism, job insecurity, and discrimination. Stress relief initiatives, employee retention, budget constraints, and personalized wellness are also important considerations in corporate wellness.

Market Research Overview

The Corporate Wellness Market encompasses various initiatives aimed at promoting employee health and well-being in the workplace. This market addresses health risks, including chronic diseases and mental health issues, through a range of services. Mental health professionals such as psychiatrists and psychological therapists offer virtual consultation and care. Health risk assessments, biometric screening, smoking cessation, fitness services, and employee assistance programs are common offerings. Small organizations can benefit from these services, addressing chronic conditions, opioid crisis, and stress management. Virtual techniques like health education services, fitness classes, and nutrition management are increasingly popular. Remote work and work-from-home arrangements necessitate new delivery models. Employee engagement is boosted through financial incentives and personalized wellness programs. Health promotion and preventive care are essential for employee productivity, while digital therapeutics cater to an aging workforce and job insecurity. Budget constraints call for innovative solutions like virtual wellness programs and online platforms. Stress relief initiatives, discrimination, and absenteeism are other concerns addressed by this market. Employee retention is a key focus, with onsite services and fitness & nutrition consultants offering art therapy and stress management.

Table of Contents:

1 Executive Summary

2 Market Landscape

3 Market Sizing

4 Historic Market Size

5 Five Forces Analysis

6 Market Segmentation

• Application
• Health Assessments And Screenings
• Nutrition And Fitness
• Stress Management
• Others
• Deployment
• SMEs
• Large Organizations
• Geography
• North America
• Europe
• APAC
• South America
• Middle East And Africa

7 Customer Landscape

8 Geographic Landscape

9 Drivers, Challenges, and Trends

10 Company Landscape

11 Company Analysis

12 Appendix

About Technavio

Technavio is a leading global technology research and advisory company. Their research and analysis focuses on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions.

With over 500 specialized analysts, Technavio’s report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio’s comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.

Contacts

Technavio Research

Jesse Maida

Media & Marketing Executive

US: +1 844 364 1100

UK: +44 203 893 3200

Email: [email protected]

Website: www.technavio.com/

SOURCE Technavio

Go to Source