Corporate Wellness Solutions Market Forecasts to 2028 – Global Analysis By Product (On-Premises, Cloud-Based), Delivery Model (Onsite, Offsite), End User, and By Geography

Corporate Wellness Solutions Market Forecasts to 2028 – Global Analysis By Product (On-Premises, Cloud-Based), Delivery Model (Onsite, Offsite), End User, and By Geography

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
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
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
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances