Corporate Wellness Market Is Set to Fly High Growth in Years to Come: Virgin Pulse, FitBliss, IncentFit
Corporate Wellness Market 2021-2026
Edison, NJ -- (SBWire) -- 08/16/2021 --HTF Market Intelligence released a new research Study of 110 pages on title 'Global Corporate Wellness Market 2021-2026' with in-depth analysis, forecast and business moves. The study covers key regions that include North America, Europe or Asia Pacific and important players such as Virgin Pulse, ComPsych Corporation, Vitality, Quest Diagnostics Health & Wellness, Interactive Health, BurnAlong, FitBliss, IncentFit, Training Amigo. The report bridges the historical data from 2015 to 2020 and forecasted till 2026*, the outbreak of latest scenario in Global Corporate Wellness Market have made companies uncertain about their future outlook as the disturbance in value chain have made serious economic slump.
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The corporate wellness market, which comprises the health risk assessment, stress management, fitness and weight management segments, is expected to witness steady growth due to increasing cognizance of workforce wellness. An increase in the prevalence of lifestyle related diseases among employees, owing to hectic work, long hours, and unhealthy eating habits, creates a huge demand for corporate wellness programs across the world. The global corporate wellness market is forecast to expand at a CAGR of 4.95%, and will reach a value of USD 61.95 Bn by 2026, from USD 48.66 Bn in 2019.
Segmentation based on service type
Based on the service type, the health risk assessment segment held the highest market share (46.56%) in 2018, owing to an increase in the incidence of chronic diseases, improved awareness among employers to keep their employees healthy, and higher spending on healthcare by employers. It was followed by the stress management segment with a share of 28.57% in 2019. This was on account of higher stress, anxiety, and depression among employees.
The global health risk assessment market is forecast to expand at a CAGR of 4.52%, and will reach USD 28.26 Bn by 2026, from USD 22.66 Bn in 2019. The higher adoption of employee's health screening is aimed at promoting healthy lifestyles and reducing health risks among employees.
Segmentation based on end user
Based on end user, the market is segmented into large-scale, medium-scale and small-scale organizations. Large-scale organizations held the highest market share (42.1%) in 2018, and will continue to expand at a CAGR of 3.99% during the (2021-2026) period, owing to the adoption of new technologies, and increasing expenditure on employees' well-being.
The corporate wellness market in North America accounted for the highest market share (37.42%) in 2018, and will expand at a CAGR of 4.98% during the (2021-2026) period, owing to factors like high occurrence of lifestyle associated diseases, 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 Bn) in the North America region, owing to increasing obesity, consumption of unhealthy food, and lack of physical activity among employees. This segment is projected to expand at a CAGR of 4.91% during the (2021-2026) period. The stress management segment is expected to hold a market share 26.9% by 2023, expanding at a CAGR of 3.35% during the (2021-2026) period. In the U.S., employers lose approximately 225 Mn working days annually due to stress, resulting in reduced productivity. This is likely to aid the growth of the stress management market in the region. The fitness and weight management segment is anticipated to witness the highest growth rate (7.05%) during the forecast period, owing to increasing awareness about nutrition and healthy lifestyles, and an expanding number of fitness centers in this region.
The U.S. dominated the regional corporate wellness market due to a steady rise in investments, adoption of corporate wellness services, escalating healthcare costs, and the rising incidence of chronic diseases. Furthermore, the U.S. market is being driven by higher adoption of newly introduced corporate wellness plans for fitness, weight management, and nutrition.
Quest Diagnostics Health & Wellness
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Chapter 1: Executive summary
1.1. Market scope and segmentation
1.2. Key questions answered in the study
1.3. Executive summary
Chapter 2: Introduction
2.1. Market definitions
2.2. Market trends
2.3. Market drivers
2.4. Market challenges
2.5. Revenue based on service type – (2018) (USD Bn)
2.6. Revenue based on end user – (2018) (USD Bn)
2.7. Value chain analysis of the corporate wellness market
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