Corporate Wellness Market size to grow by USD 29.20 billion from 2022 to 2027 | Aduro LLC, Central Corporate Wellness, ComPsych Corp., and more among the key companies in the market – Technavio

NEW YORK , Nov. 2, 2023 /PRNewswire/ — The global corporate wellness market size is estimated to increase by USD 29.20 billion from 2022 to 2027. The market’s growth momentum will progress at a CAGR of 8.12% during the forecast period. The global corporate wellness market is fragmented, with the presence of several global as well as regional vendors. A few prominent vendors that offer corporate wellness in the market are 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., Sodexo SA, SOL Integrative Wellness Centre, Truworth Wellness, UnitedHealth Group Inc., Virgin Pulse Inc., Vitality Group LLC, WebMD Health Services Group Inc., Wellsource Inc., WellSteps.com LLC, Workplace Options LLC, and Quest Diagnostics Inc. and others.Discover some insights on market size historic period (2017 to 2021) and Forecast (2023 to 2027) before buying the full report –Request a sample report

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Vendor Offerings –

Central Corporate Wellness – The company offers corporate wellness programs such as corporate health screening, onsite vaccination programs, and corporate health talks.ComPsych Corp. – The company offers corporate wellness services namely HealthyGuidance.Exos Works Inc. – The company offers a corporate wellness program with fitness center management, targeted learning, and development.For details on the vendor and their offerings – Request a sample report

Corporate Wellness Market – Segmentation Assessment

Segment Overview

This corporate wellness market report extensively covers market segmentation by application (health assessments and screenings, nutrition and fitness, stress management, and smoking cessation and others), deployment (SMEs and large organizations), and geography (North America, Europe, APAC, South America, and Middle East and Africa).

The market share growth by the health assessments and screenings segment will be significant for market growth during the forecast period. A corporate wellness provider conducts an employee health assessment to assess an employee’s current health status to understand the employee’s medical history and specific needs related to illness. Additionally, workplace health assessments include evaluation of current workplace health programs, physical environment, organizational policies, and employee surveys, as well as questionnaires to identify employee behaviors, health concerns, and interests. Hence, such factors drive the segment growth during the forecast period.

Geography Overview

By geography, the global corporate wellness market is segmented into North America, Europe, APAC, South America, and Middle East and Africa. The report provides actionable insights and estimates the contribution of all regions to the growth of the global corporate wellness market.

North America is estimated to account for 39% of the growth of the global corporate wellness market during the forecast period. The market is expected to grow owing to the increase in the number of corporate offices in North America. For instance, in 2022, it had 64.5 million corporate offices including small businesses and large organizations. In addition, approximately 50% of US employers offer wellness programs to their employees, according to the RAND Corporation Employer Survey. Hence, such factors drive the regional market growth during the forecast period.

For insights on global, regional, and country-level parameters with growth opportunities from 2017 to 2027 – Download a Sample Report

Corporate Wellness Market – Market Dynamics

Leading Drivers –

The increasing need to combat rising healthcare costs significantly drives corporate wellness market growth during the forecast period. To improve their health and ensure a productive workforce, organizations provide health benefits to their employees. Prescription drug subsidies, health insurance, and premium coverage are examples of some of the health benefits. These medical expenses are usually shared between employers and employees depending on the size of the company and the type of insurance.

Furthermore, lower stress levels and improved employee well-being lead to employee retention, increased productivity, and reduced healthcare costs for businesses. Also, as such, companies are investing in corporate wellness programs to combat rising healthcare costs., which can reduce costs for businesses.

Key Trends – 

The adoption of wearable technology is an emerging trend in the corporate wellness market. The most popular wearable devices are activity trackers and smartwatches, whereas other wearable technology devices include Bluetooth headsets, smartwatches, and internet-enabled glasses that give employees hands-free access to data over Wi-Fi networks while they are on the move.

These devices help employees connect to the Internet and exchange data between networks and devices. Hence, such factors are anticipated to drive the growth of the corporate wellness market during the forecast period. 

Major challenges – 

The poor engagement level among employees challenges the growth of the corporate wellness market during the forecast period. Low employee engagement, interest, and motivation also challenge the market.

Furthermore, a lack of motivation can undermine the success of corporate wellness programs and employee feedback is required to understand employee needs and concerns before implementing a corporate wellness program. Also, the program is a waste of time and money for the organizations that invest in it. Hence, such factors challenge the market growth during the forecast period.

Drivers, Trends and challenges have an impact on market dynamics, which can impact businesses. Find more insights in a sample report!

What are the key data covered in this Corporate Wellness Market report?

CAGR of the market during the forecast periodDetailed information on factors that will drive the growth of the corporate wellness market between 2023 and 2027Precise estimation of the size of the corporate wellness market and its contribution to the market with a focus on the parent marketAccurate predictions about upcoming trends and changes in consumer behaviorGrowth of the corporate wellness market across North America, Europe, APAC, South America, and Middle East and AfricaA thorough analysis of the market’s competitive landscape and detailed information about vendorsComprehensive analysis of factors that will challenge the growth of corporate wellness market vendors

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The corporate training market size is expected to increase by USD 46.22 billion from 2021 to 2026, and the market’s growth momentum will accelerate at a CAGR of 8.77%. Furthermore, this report extensively covers corporate training market segmentation by product (technical training and non-technical training) and geography (North America, Europe, APAC, South America, and Middle East and Africa). One of the key factors driving the global corporate training industry growth is the emergence of cost-effective e-learning training modules.

The US corporate wellness market size is estimated to grow at a CAGR of 8.38% between 2022 and 2027. The market size is forecast to increase by USD 6.12 billion. This corporate wellness market report in the US extensively covers market segmentation by application (health assessments and screenings, nutrition and fitness, stress management, and others) and product type (SMEs and large organizations). The increasing need to combat rising healthcare costs are notably driving the market growth.

Table of Contents

Executive SummaryMarket LandscapeMarket SizingHistoric Market SizeFive Forces AnalysisMarket Segmentation by ApplicationMarket Segmentation by DeploymentCustomer LandscapeGeographic LandscapeDrivers, Challenges, and TrendsCompany LandscapeCompany AnalysisAppendix

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