Corporate wellness programs are slowly becoming the new normal in most organizations. Be it to improve employee engagement, reduce healthcare costs, or enhance productivity, workplace programs are the go-to solutions now.
Typically, corporate wellness programs are workplace approaches that address health conditions and risk factors with suitable strategies like behavior change, workplace culture, and other individual changes. Ideally, these interventions influence employee lifestyle habits, eventually improving health and wellbeing.
Despite the multiple benefits of workplace programs, the costs associated with outsourcing have been predicted to hamper the corporate wellness market.
According to the National Center for Chronic Disease Prevention and Health Promotion (NCCDPHP), corporate wellness programs promote health and wellbeing, and provide disease prevention plans. These strategies potentially influence more than 150 million employees that can reduce the skyrocketing healthcare costs.
A previous report by Grand View Research revealed that the global corporate wellness market is expected to reach $93.4 billion by 2028.
Global Corporate Wellness Market Outcomes
The study was expanded to understand the value of the global corporate wellness market in 2020 and 2027, and the report was published by Statista.
According to the survey, the global corporate wellness market is expected to expand by $87.2 billion by 2027. In 2020, the size of the market was at a recorded $82.7 billion, which could increase by 5.4% by 2027.
Similarly, another study published by Statista showed the total value of the global health and wellness market is expected to grow by around 5.3%, reaching over $6 trillion in 2025.
The Grand View Research also showed that of all the different workplace wellness services, Health Risk Assessments dominated the revenue charts contributing to 21.1% in 2020. Thanks to all the strategies implemented by employers to encourage employees to take assessments and screenings for early identification of health conditions.
Owing to the mental stress caused by the pandemic-induced situations, the stress management segment had the fastest growth in the market, and it is expected to grow further by 2028. The increased availability of on-site services like yoga and meditation also led to the expansion of mental health services.
Corporate wellness has become a big industry worldwide, with employers looking to keep their workforce healthy, happy, and motivated. This could range from corporate fitness programs to healthy eating initiatives and creating a healthier working environment in the office.
Corporate wellness is blooming big across the globe. As employers are looking for effective strategies to keep their workforce healthy, happy, and motivated, employee wellness programs have proven to be the best solutions.
Previously, the corporate wellness programs were limited to fitness sessions and healthy eating initiatives. However, now companies have expanded their modules to focus on holistic health dimensions, including financial, social, and occupational growth, along with creating a healthier workplace culture.