Mobile Wellness is fastest growing segment fueling the growth of the Global Corporate Wellness Market

 

The global Corporate Wellness Market is estimated to be valued at US$ 53,645.7 Mn in 2023 and is expected to exhibit a CAGR of 7.2% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.

Market Overview:
The corporate wellness market comprises programs, products, services, and technologies aimed at promoting and enhancing the health and well-being of employees. Corporate wellness programs focus on total worker health by integrating occupational safety, health protection, health promotion, and a culture of well-being. These programs and initiatives increase productivity and reduce costs for employers through decreased absenteeism and healthcare costs.

Market key trends:
One of the key trends in the corporate wellness market is the rise of mobile wellness. With the proliferation of smartphones and other mobile devices, corporate wellness providers are increasingly offering mobile applications to engage employees. These apps allow employees to track fitness goals, health metrics, nutrition, lifestyle habits, and stress levels from anywhere. Employees can also access resources like health risk assessments, online coaching, and livestream workout classes through their mobile devices. The convenience and connectivity of mobile wellness apps is driving their adoption among corporations looking to support employee well-being on the go. This growing trend towards mobile wellness is expected to fuel revenue growth in the corporate wellness market over the forecast period.
Segment Analysis
The global corporate wellness market is segmented by service, category, end use and industry. Based on services, the health screening services segment dominated the market in 2022 and is expected to continue its dominance over the forecast period. Health screening services provide employers and employees accurate health assessments to reduce health risks and leverage opportunities for early intervention. Based on category, the fitness segment held the largest share in 2022 due to growing adoption of preventive health check-ups and focus on fitness activities at workplaces.

By end use, large private sector organizations dominate the market owing to increasing expenditure on employee health programs. Large organizations have dedicated resources to implement wellness initiatives and engage maximum employees. Based on industry, IT & telecom dominated in 2022 as it employs a large young workforce and focuses on maintaining a healthy work environment.

Key Takeaways
The global corporate wellness market is expected to witness high growth, exhibiting a CAGR of 7.2% over the forecast period, due to increasing focus on preventive healthcare and rising chronic diseases among employees.

Regional analysis - North America dominated the market in 2022 and is expected to continue its dominance over the forecast period. presence of leading wellness service providers and growing employer emphasis on worker health and performance in the US and Canada. Asia Pacific is expected to witness highest growth owing to rapid economic development, rising lifestyle diseases, and growth of private sector in India and China.

Key players operating in the corporate wellness market are Wellness Corporate Solutions, ComPsych Corporation, United Health Group, Sodexo, BupaWellness Pty Ltd., Recovre Group, Central Corporate Wellness, Truworth Wellness, CXA Group Pte. Limited, SOL Wellness, ComPsych Corporation, Virgin Pulse, Inc., Interactive Health, Inc., and ConneXions Asia. These players are focusing on new product launches and partnerships with employers to strengthen their presence and client base in the high potential corporate wellness market.

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