October 2024
The global corporate wellness market size was estimated at US$ 59.91 billion in 2023 and is projected to grow to US$ 130.03 billion by 2034, rising at a compound annual growth rate (CAGR) of 7.35% from 2024 to 2034. With growing awareness about health and well-being, organizations are focusing on developing programs that not only focus on one aspect of health but incorporate all aspects of health. The advancement in technology has also led to the development of better solutions.
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The well-being of employees has become a very important part of the corporate world. Employee well-being is directly associated with employee satisfaction, employee engagement, employee retention, and productivity. Physical, mental, emotional, and social well-being are all equally important for the growth and success of an organization. Taking care of corporate employees is the purpose of the corporate wellness market, which provides healthcare professionals and resources to employers. Physical health, nutrition, mental health, work-life balance, health screening, health education, and financial wellness all come under corporate wellness. In the continuously evolving corporate landscape, it becomes highly essential for the corporate wellness industry to come up with better and new ways to ensure utmost employee health for overall organizational performance.
Artificial intelligence (AI) has a positive role in the corporate wellness market, just as other industries do. AI is highly useful in analyzing vast amounts of data and pattern identification, which can be used to analyze employee data to provide better wellness solutions. AI can also be used to develop wellness programs based on the collected data. It will be useful in creating tailored solutions based on the suggestions and feedback given by the employees. Proactive actions can also be taken based on AI analysis, which can prevent potential health risks. In the case of mental health, AI is capable of predicting mental stress based on behavior and communication patterns. AI can be used in employee health applications, where employees can seek help without the involvement of a third person.
For instance,
In February 2024, Aiberry announced the launch of AI-powered mental health assessments for corporate wellness platforms. With the help of “Botberry,” AI-based conversation can detect mental health disorders. The detection is done based on speech patterns and facial expressions.
| Company Name | Ivím Health |
| Headquarters | Columbus, Ohio, U.S., North America |
| Recent Development | In July 2024, Ivím Health, a leading company in providing weight loss programs, launched Ivím at Work. The program was created in collaboration with Xevant to improve employee health and productivity. It is a first-of-its-kind program that provides personalized GLP-1 weight management therapies. |
| Company Name | Trustworth Wellness |
| Headquarters | Bengaluru, India, Asia Pacific |
| Recent Development | In February 2024, Trustworth Wellness, a wellness solutions provider in India, launched CarePass. It is a healthcare membership program focused on the primary preventive care needs of the employees. CarePass has been developed to take a proactive stance in order to prevent the need for expensive secondary or tertiary care, which will be beneficial for employers in reducing costs and creating- a healthier workplace. |
Employees are the main assets of any organization, which has created awareness among employers to take necessary majors and promoted the growth of the corporate wellness market. Therefore, it becomes highly important for employers to take care of their employees’ wellness. The well-being of employees is directly associated with employee satisfaction, productivity, and talent retention, which directly impacts the overall performance of the organization. Due to workload, deadlines, physical inactivity, and other factors, employees face various wellness-related challenges. Employers are using various strategies like on-site & off-site programs, applications, counseling, promoting work-life balance, providing incentives, providing nutritional food, and many other strategies to ensure that employees are satisfied with their overall health and wellness so that they can properly focus on their work.
During the process of understanding the well-being of employees, a lot of data is created and analyzed to develop wellness strategies. The data includes not only professional data but also personal data, which can be subjected to data theft and privacy concerns. This can prevent the employees from sharing their personal data, which can restrain the growth of the corporate wellness market. With the growing usage of digital technology, data privacy and security concerns have increased even more. Employers should ensure that they sign non-discloser agreements with employees to prevent personal data misuse & build trust. Also, organizations should develop better security systems to prevent data theft.
The corporate wellness market has various growth opportunities, one of which is providing flexible work arrangements. With employees and employers releasing the growing benefits of providing flexible working, there has been an increased demand for flexible work, especially after the pandemic. Remote work, flexible working hours, and compressed workweeks are some of the flexible work opportunities that employers can provide to ensure that employees are able to manage work-life balance and focus on their mental, physical, and social health. Based on priorities, employers can switch between different flexible work arrangements.
In 2023, the risk assessment segment held the dominant share of the corporate wellness market by service. Health risk assessments are systematic processes used by employers to assess workforce safety and health risks. The process involves collecting health data from employees, including biometric screenings, lifestyle information, and medical histories. By identifying potential health risks beforehand, the employer can mitigate serious health challenges in the future, reduce care costs, and foster strategies for better workforce wellness.
For instance,
By category, the organizations/employers segment held the largest share of the corporate wellness market in 2023. Organizations or employers are the major users of corporate wellness solutions because the growth and success of an organization depends on the productivity of employees. Having poor wellness programs can lead to poor job satisfaction and employee turnover. Employers use healthcare professionals (therapists, counselors, psychiatrists, nutritionists, etc.), consulting firms, and health and wellness resources (nutritional food, gym, game/sports equipment, etc.) in order to provide a positive work environment.
The onsite segment dominated the corporate wellness market in 2023 by delivery model. Most employees commute to work daily, and hence, most wellness programs are present on-site. On-site wellness programs include providing growth opportunities that motivate employees to become more productive, flexible working hours in order to give employees the benefit of adjusting their work schedules and providing wellness resources like gym & sports equipment for better physical health. Providing healthy food options based on dietary needs, conducting fun activities for employee engagement/socialization, celebrating the achievements of employees to boost their confidence, and providing different forms of incentives for employee satisfaction.
For instance,
By end-use, the large-scale organizations segment dominated the corporate wellness market in 2023. Large-scale organizations have a large number of employees. It requires a lot of resources to hire and retain workforce. Due to this, it becomes highly important for large-scale organizations to look after the wellness of employees. Also, due to the large number of employees, it becomes highly important to consider the needs of employees based on their feedback. Large-scale organizations incorporate various policies, programs, and resources to ensure that all employees have access to everything. Large-scale organizations heavily invest in corporate wellness and even have special departments to look after it.
North America dominated the corporate wellness market share by 41% in 2023. North America is a hub for various large and small-scale organizations that demand corporate wellness resources. Employees in North America are also aware of employee well-being, which encourages them to speak up for their rights. Apart from the organization, the governments have also made proper laws to avoid employee exploitation at work. The two major countries that contribute to the growth of the market in North America are the U.S. and Canada.
The U.S. held the dominant share of the corporate wellness market in the North American region. A survey conducted by the American Psychological Association published in 2023 states that 92% of workers think that it is important for employers to consider psychological and emotional well-being. 92% think that employers should support the mental health of their employees. 95% of employees think it is important to feel respected at work. 95% of employees said that it is important to have work-life boundaries.
According to the Bureau of Labor Statistics report published in 2023, employees receive various benefits. These benefits are related to retirement, paid leaves, medical care premiums, insurance plans, and quality of life. Retirement plans were available to 94% of union and 68% of non-union employees. Paid sick leaves were available to 86% of union workers, while 77% of paid sick leave was available to nonunion workers. 92% (union workers) and 79% (non-union workers) have access to paid holidays. 75% (union) and 52% (non-union) workers had access to employee assistance programs. 62% (union) and 42% (non-union) workers had access to employee wellness programs.
By region, Asia Pacific is expected to grow at the fastest rate during the forecast period. Asia Pacific has a large population, which increases the demand for employment and ultimately promotes the corporate wellness market. Countries like China, Japan, South Korea, and India are becoming hubs for new businesses, which is promoting the market’s growth. Apart from this, there is a growing awareness about physical, emotional, social, and mental health, which promotes the development of better programs and resources to tackle challenges faced during the promotion of corporate wellness.
China leads the corporate wellness market in Asia Pacific due to its large network of businesses. According to the National Bureau of Statistics of China, in 2023, 32.73 newly established businesses were established in China, with a ratio of 0.027 million new enterprises on a daily basis.
India is also contributing to the growth of the Asia Pacific market. As per the data published by the Ministry of Commerce & Industry, the Indian Government has recognized 1,17,254 startups as of December 2023. Due to the launch of the Startup India Initiative, the number of startups in India has grown significantly in the last six years. The number of direct jobs provided by start-ups increased from 1,23,071 in 2019 to 3,90,512 direct jobs in 2023.
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Deepa has certified the degree of Master’s in Pharmacy in the Pharmaceutical Quality Assurance department from Dr D.Y. Patil College of Pharmacy. Her research is focused on the healthcare industry. She is the author or co-author of four Review Articles, which include Solid dispersion a strategic method for poorly soluble drugs and solubility improvement techniques for poorly soluble drugs, Herbal Drugs Used In Treatment Of Cataracts, Nano sponges And Their Application in Cancer Prevention and Ayurvedic Remedies of Peptic ulcer. She has also published a Research Article on the Formulation and Evaluation of Mucoadhesive Tablets of Miconazole cocrystal which was published in GIS Science Journal Volume 9 Issue 8. Her passion for secondary research and desire to take on the challenge of solving unresolved issues is making her flourish is the in the research sector.