COVID-19 IMPACT ANALYSIS ON GLOBAL CORPORATE WELLNESS SOLUTION MARKET
The exclusive COVID-19 impact analysis report by Axiom MRC provides a 360 degree analysis of micro and macro-economic factors in the global corporate wellness solution market. In addition, complete analysis of changes in the global corporate wellness solution market expenditure, economic and international policies on the supply and demand side. The report also studies the impact of the pandemic on global economies, international trade, business investments, GDP and marketing strategies of key players present in the market. Likewise, the COVID-19 virus spread on one side has provided ample growth opportunity for the market with a rise in large and small sized organizations. The COVID-19 pandemic has severely impacted the metal health of employees. To tackle the problem, wellness service providers are adopting virtual methods to provide services, such as meetings with psychologists and health coaches.
MARKET OVERVIEW- GLOBAL CORPORATE WELLNESS SOLUTION MARKET
MARKET DRIVERS
Growth in the corporate wellness solutions market is driven by rising adoption of corporate wellness programs by employers, increased uptake of technology-powered corporate wellness solutions and a substantial burden of chronic lifestyle diseases and mental health in organizations. Corporate wellness programs are being increasingly implemented by organizations to improve employee health and productivity, reduce health risk and lower employee healthcare costs. Furthermore, companies are becoming more aware of the need to maintain a mentally and physically healthy workforce, which will also boost market demand.
MARKET OPPORTUNITY
Companies are becoming more aware of the need to maintain a mentally and physically healthy workforce. This has increased corporate investment in employee wellbeing programs, solutions and services. The growth in the obese and overweight population leads to increased insurance costs, accounting for the financial burden on employers. According to the International Labour Organization (ILO), the Asia Pacific constitutes a workforce of 1.9 billion individuals. The workforce in the region is aging, as the population aged 60 and above in the region is expected to increase by 24% by 2050, according to the United Nations Department of Economic and Social Affairs. This will increase the burden of chronic diseases in the working population in this region in the coming years. These factors have created a lucrative opportunity for the corporate wellness solution market growth.
MARKET RESTRAINT
Lack of qualified and licensed professionals to support corporate wellness programs is a major factor restraining the corporate wellness solutions market. For instance, according to the health resources and services administration, by 2023, it is projected that there would be a 20% decrease in the number of adult psychiatrists in the United States. This lack of mental health professionals is restraining the corporate wellness solution market.
MARKET GROWTH CHALLENGE
The key factors such as low employee engagement and participation in corporate wellness programs and adoption of internal-led corporate wellness programs through benefits package and perks are posing a challenge to the corporate wellness solution market. For instance, a study conducted by United Healthcare in 2017 showed that 63% of employees showed unwillingness to spend more than an hour per day improving their health and wellbeing.
CUMULATIVE GROWTH ANALYSIS
The report provides in-depth analysis of the global corporate wellness solution market, market size, and compound annual growth rate (CAGR) for the forecast period of 2022-2028, considering 2021 as the base year. Increasing cases of chronic diseases across the globe and the growing number of market players selling corporate wellness programs to various organizations has led to the increasing demand for the market and is expected to witness it growth at a CAGR at a specific CAGR from 2021-2028.
CORPORATE WELLNESS SOLUTION MARKET SEGMENTAL OVERVIEW
The global corporate wellness solution market comprises of different market segment like service, category, delivery model, end-user and geography.
CORPORATE WELLNESS SOLUTION MARKET BY SERVICE CATEGORY
By service category, the corporate wellness solution includes key segment of
- Health Risk Assessment
- Nutritional and weight management
- Smoking Cessation
- Fitness Service
- Biometric Screening
- Alcohol/ Substance Abuse Services
- Mental/ Behavioral health management
- Virtual consultation/ virtual care
- Employee assistance programs
- Health benefit programs
The health risk assessment segment dominated the market for corporate wellness and, in 2020, accounted for the largest share of 21.1%. The large share of this segment can be attributed to the utility of this service for early identification and mitigation of health risk in employees, to reduce absenteeism due to health conditions, and lower healthcare costs. Health risk assessment is a set of questions that are used to identify employee health and quality of life at the workplace. The advantage of having an HRA program is that it helps to know about any disease from which the employee is suffering, which might affect the employee afterward. Around 80% of employers offer employee well-being services for health risk assessment of their employees.
CORPORATE WELLNESS SOLUTION MARKET BY CATEGORY
By category, the corporate wellness solution includes key segment of
- Fitness & Nutrition Consultants
- Organization/ Employers
- Psychological Therapists
The organization is anticipated to lead the market, gaining the majority of the market share in 2021 and is expected to maintain its dominance over the estimated time period. In 2020, organization accounted for the largest revenue share of 50.3%. The implementation of corporate wellness programs helps in tracking various diseases. The focus of corporate wellness programs on such conditions can reduce the disease burden and the overall cost of healthcare premium paid by the employer to any insurance provider.
CORPORATE WELLNESS SOLUTION MARKET BY DELIVERY MODEL
By delivery model, the corporate wellness solution includes key segment of
The onsite delivery model is anticipated to lead the market, gaining the majority of the market share in 2021, and is expected to maintain its dominance over the estimated time period. In 2020, the onsite delivery model accounted for the largest revenue share, which is more than 57 %. The online program provides the opportunity to manipulate equipment, practice skills and participate in real-world drills right in the environment in which they will be expected to perform tasks. The online wellness initiative provides a personal touch for employees along with the facilities to exercise under the guidance of consultants.
CORPORATE WELLNESS SOLUTION MARKET BY END-USERS
By end-users, the corporate wellness solution includes key segment of
- Large organization
- Medium-sized organization
- Small organizations
The large organization dominated the end-use segment and accounted for the largest revenue share of 52.8% in 2020. For instance, in 2013, according to research and development (RAND), approximately 70% of organizations invested in health screening services. Large organizations can incorporate programs and services into their company’s infrastructure. Growth in the segment is mainly driven by the growing use of corporate wellness programs by these organizations owing to the favorable models for businesses.
CORPORATE WELLNESS SOLUTION MARKET BY GEOGRAPHY
The global corporate wellness solution market is studied for the following region
- North America
- Europe
- Asia-Pacific
- Rest of the world (RoW)
North America is anticipated to witness increasing demand for corporate wellness solution owing to presence to well established market players. In 2020, North America corporate wellness market accounted for the largest revenue share of more than 42%. According to that research and development (RAND), around 50.0% of the employers in the United States offer wellness programs to their employees.
COMPETITIVE LANDSCAPE ANALYSIS
The competitive landscape analysis of corporate wellness solution market is majorly focused on expanding the global growth of corporate wellness solution with new product innovation, business expansion, increasing presence of range of manufacturer operating in corporate wellness solution has led the growing demand for the market. Besides, the market offers range of service in different organization to fulfill the required demand of consumer which is further contributing healthy growth in the market.
The key players studied in market are
- Centene Corporation,
- ComPsych,
- CVS Health Corporation,
- LifeWorks, Inc.,
- UnitedHealth Group (Optum),
- Virgin Group Ltd.,
- ADURO, INC.,
- Anthem, Inc,
- Beacon Health Options,
- Central Corporate Wellness,
- Cerner Corporation,
- Cleveland Clinic,
- EXOS,
- Marino Wellness,
- Fitbit, Inc,
- Privia Health,
- Provant Health Solutions,
- SOL Wellness,
- Truworth Wellness,
- Vitality Group,
- Well Nation,
- Wellness Corporate Solutions,
- Gilsbar,
- Medcan Clinic
