Corporate Health and Wellness Management Industry Report by Regional Category Spend, Price Analysis, Key Demand, and Price Indicators, and Best Buying Practices

The global Corporate Health and Wellness Management market reached a value of about USD 61 billion in 2021. The industry is projected to grow at a CAGR of around 5.5% in the forecast period of 2022-2027 to reach a value of about USD 86 billion by 2027.

The global Corporate Health and Wellness Management industry report give a comprehensive analysis of the industry, including key segments, trends, drivers, restraints, the competitive landscape, and other essential market aspects. The market is primarily driven by the growing awareness of health among working individuals and employers. North America is the highest category spender by region, driving the demand for the Corporate Health and Wellness Management industry.

Industry Definition and Segmentation

A corporate wellness programme refers to any activity or organisational policy to encourage healthy behaviour and improve health outcomes in the workplace. Health education, medical exams, weight control programmes, and on-site exercise programmes or facilities are all standard components of workplace wellness. The Corporate Health and Wellness Management industry report comprises segments by region (North America, Europe, Asia Pacific, the Middle East, and Africa, and South America).

North American Region is Driving the Growth of the Industry

North America holds the largest share in the industry as the United States accounted for the greatest market share due to stress being a significant health problem among Americans. In addition, the region's growing corporate firms and greater awareness among corporate owners about their employees' health benefits are further boosting the market growth.

The market is driven by the growing rate of chronic illnesses among working individuals. Factors like hectic work schedules have resulted in a lack of mental and physical activities, leading to health issues propelling the demand in the sector. Extensive work hours, workloads, and pressure-related concerns have medical and emotional consequences, such as hypertension, heart attacks, and stress among employees, thus resulting in an increased demand for management. Also, favourable government regulations and the introduction of comprehensive insurance plans encouraging telemedicine to improve public health are driving the market growth. Other factors, including raising public awareness of health issues and significant advances in healthcare infrastructure, are likely to impact the market positively.

However, the high cost of outsourcing such programmes or services is expected to stifle the market's development

Best Procurement Practices

The global Corporate Health and Wellness Management industry report by Procurement Resource gives an in-depth analysis of the best buying practices followed by major global Corporate Health and Wellness Management regions, such as engagement models, contract terms, and buyer and supplier negotiation levers, among others.

Category Management Studies

Workplace wellness programmes can be classified into primary, secondary, or tertiary preventive measures. Direct prevention programmes target a relatively healthy employee demographic and urge them to engage in healthy habits that promote long-term good health (such as stress management, exercise, and healthy eating). Secondary prevention initiatives aim to lower risky behaviour that can lead to ill health (such as smoking cessation programmes and screenings for high blood pressure). In tertiary health programmes, existing health concerns are addressed in tertiary health programmes (by encouraging employees to adhere to a specific medication or self-managed care guidelines).

Developments in the Sector, Further Boosting the Corporate Health and Wellness Management Market

The industry is being aided by the increasing focus on employee well-being leading to various developments in the industry. Buyers spend roughly 5–10% of their overall benefits budget on technology to boost employee engagement and enrollment, resulting in cost savings. Web-based decision-making analytics tools for calculating health savings accounts are on the rise furthering the market's potential. The programmes are distributed through various channels, including workplace rules, instructional resources, and digitalised programmes offered through an app or other wellness platform. Personalised stress management solutions are becoming increasingly popular in corporate culture, boosting market development.

The regional markets for the industry can be divided into North America, South America, Europe, the Middle East and Africa, and the Asia Pacific.

Key Industry Players Mentioned in the Corporate Health and Wellness Management Industry Report

• Optum Inc.
• LifeWorks Inc.
• ComPsych Corporation
• Fitbit Inc.
• Workplace Options

Market Landscape

The global corporate wellness industry is crowded, with only a few prominent participants. Some market participants are growing to accommodate and serve more significant groups of workers. Many companies are concentrating on expanding to incorporate in-house corporate wellness offerings, driving the market. Some industry participants are focused on growth to serve and accommodate more significant groups of employees.

Key Initiatives by Companies

• Quantum CorpHealth Pvt Ltd, a health tech firm, built three new offices in India (Bengaluru, Pune, and Hyderabad) in February 2022 to address the country's rapidly growing need for health and wellness services for corporate personnel and their families.
• Wellness Labs, a collaborative learning platform for senior HR professionals, focusing on changing work environments during and post-pandemic, was launched by mental wellness firm Mindhouse in December 2020.