CHICAGO, June 21, 2021 /PRNewswire/ -- According to the new market research report "Corporate Wellness Solutions Market by Service Offering (HRA, Nutrition, Weight Loss, Fitness, Substance Abuse Management, Employee Assistance Programs, Health Benefits), & End-User (Organizations (Large, Mid-Sized, SME)) - Global Forecast to 2026", published by MarketsandMarkets™, the global market is projected to reach USD 94.6 billion by 2026 from USD 61.2 billion in 2021, at a CAGR of 9.1%.
The Growth in the market is driven by rising adoption of corporate wellness programs by employers, technology-powered corporate wellness solutions and burden of chronic lifestyle diseases and mental health issues in organizations. However, factors posing a challenge to this market include low employee engagement and participation in corporate wellness programs and adoption of internal-led corporate wellness programs through benefits packages and perks.
Based on service offering, the corporate wellness solutions market is segmented into health risk assessment, nutrition and weight management, smoking cessation, fitness services, biometric screening, alcohol/substance abuse services, mental/behavioral health management, health education services, virtual consultation/virtual care, employee assistance programs, and health benefits programs.
The health risk assessment segment holds the highest market share, by service offering, in the corporate wellness solutions market, in the forecast period.
In 2020, the health risk assessment segment accounted for the largest share of the corporate wellness programs market. The large share of this segment can be attributed to the utility of this service for early identification and mitigation health risks in employees, to reduce absenteeism due to health conditions, and lower healthcare costs. Moreover, favorable policies in certain countries mandating health risk assessment and screening is responsible for the high adoption of this segment.
The small-sized organizations segment to grow at the highest CAGR in the corporate wellness solutions market, in the forecast period.
Based on end user, the market is segmented into large organizations, mid-sized organization, and small-sized organizations. In 2020, the large organizations segment accounted for the largest share of the market. The large share of this segment can be attributed to high consumption of workplace wellness programs by these organizations, and favorable incentivization for employee participation in corporate wellness programs.
North America holds the largest share in theCorporate Wellness Programs Market, by region, in the forecast period
The corporate wellness solutions market is segmented into North America, Europe, Asia Pacific, and Rest of the World. APAC to grow at the highest CAGR in the corporate wellness programs market during the forecast period. The major factors driving the growth of the Asia Pacific market include increasing awareness of the benefits of corporate wellness solutions, favorable regulations, the growing working population, the high prevalence of chronic diseases such as diabetes, and high tobacco consumption.
Prominent players in the corporate wellness solutions market include ComPsych Corporation (US), LifeWorks, Inc. (Canada), UnitedHealth Group (Optum) (US), Anthem, Inc. (US), Workplace Options (US), Cerner Corporation (US), Centene Corporation (US), TELUS (Canada), Cleveland Clinic (US), Wellright (US), Virgin Group Ltd. (US), CVS Health Corporation (US), Alphabet Inc. (Fitbit) (US), Discovery Limited (Vitality Group) (South Africa), EXOS (US), Laboratory Corporation of American Holdings (US), Sharecare (US), Gilsbar (US), Medcan Clinic (Canada), Limeade (US), Aduro, Inc. (US), TotalWellness (US), Wellsteps (US), Corporate Fitness Works (US), and WellWorks For You (US).
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