Fitness items North America andEurope command the leading share of the global corporate wellnessmarket, followed by Asia Pacific, Latin America and Middle East& Africa. (Photo: Shutterstock)

|

Increasing health care costs, corporate profit and focus onemployee retention is driving the growth of the global corporatewellness market, with more demand now coming from emergingeconomies such as India and China, according to a Transparency Market Research report.

|

From 2018 to 2026, the market for corporate wellness services across the world isprojected to grow at an annual compound growth rate of 9 percent,to $61.69 million, Transparency Market Research predicts.

|

The market intelligence company defines corporate wellnessprograms as those consisting of health risk assessments, fitness,health screening, weight management, smoking cessation andnutrition education, all of which are intended to reduce the costof hospitalization, surgeries and visits to health carespecialists.

|

Related: Corporate wellness market to double in value by2026

|

“Moreover, corporate wellness programs increase productivity,decrease absenteeism and improve quality of life of employees,” theauthors write. “Promotion of health and well-being of employeesthrough prevention of non-communicable diseases, increase in thenumber of white-collar employees, and rise in awareness regardinghealth and wellness in organizations are the major factors drivingthe growth of the corporate wellness market.”

|

Two of the most rapidly growing segments of the market arehealth risk assessments and weight management programs, accordingto the report. In the U.S. alone, more than 75 percent of employersopt for health risk assessment programs.

|

“Moreover, obesity is a rapidly growing health concern acrossthe world,” the authors write. “In the last few years, severaldeveloped and developing countries have recorded high growth rateof overweight and obese population.”

|

North America and Europe command the leading share of the globalcorporate wellness market, followed by Asia Pacific, Latin Americaand Middle East & Africa.

|

“The U.S. dominated the corporate wellness market in NorthAmerica due to rise in investment and adoption of corporatewellness service, surge in health care costs and increase inincidence of chronic diseases,” the authorswrite. “Furthermore, the corporate wellness market in theU.S. is driven by increase in adoption of newly introducedcorporate wellness plans for fitness, weight management, andnutrition.”

|

Europe is the second-leading market for corporate wellnessservices, with Germany as a key contributor. The corporate wellnessmarket in Asia Pacific is growing rapidly, driven primarily by thedeveloping countries.

|

“Growing awareness about corporate wellness programs and rise inexpenditure on health care are driving the corporate wellnessmarket in the region,” the authors write. “However, lack ofavailability for corporate wellness services and low penetration ofhealth care facilities are restraining the corporate wellnessmarket in the developing and undeveloped regions, such as MiddleEast & Africa and Latin America.”

|

Key players operating in the corporate wellness market are EXOS,ProvantHealth (Hooper Holmes Inc.), Wellness Corporate Solutions,ComPsych Corporation, Optum Inc. (United Health Group), Sodexo,BupaWellness Pty Ltd. (BupaGroup), JLT Australia (RecovreGroup),Central Corporate Wellness, TruworthWellness, CXA Group Pte. Ltd.and SOL Wellness, according to the report.

|

Read more: 

Complete your profile to continue reading and get FREE access to BenefitsPRO, part of your ALM digital membership.

  • Critical BenefitsPRO information including cutting edge post-reform success strategies, access to educational webcasts and videos, resources from industry leaders, and informative Newsletters.
  • Exclusive discounts on ALM, BenefitsPRO magazine and BenefitsPRO.com events
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

Katie Kuehner-Hebert

Katie Kuehner-Hebert is a freelance writer based in Running Springs, Calif. She has more than three decades of journalism experience, with particular expertise in employee benefits and other human resource topics.