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Corporate Wellness Market size was valued at USD 53.8 billion in 2022 and is poised to grow at a CAGR of 7.2% from 2023 to 2029. Corporate wellness programs are designed to encourage and support the wellness of employees by creating an organizational culture of health. Corporate wellness programs consist of various activities such as health education, weight management programs, medical screenings, and on-site fitness programs. Corporate wellness programs are found in corporate offices, small and large corporations, and factories among others. Many firms and enterprises across a variety of industry verticals have begun to develop health-related programs for their employees, boosting market demand. Workplace wellness programs assist businesses in increasing productivity while lowering overall operating costs. The market for corporate wellness is predicted to grow as people become more aware of their own health and well-being. Corporate wellness programs are a collection of policies, programs, and perks that target a variety of risk factors and conditions while influencing both employees and the firm as a whole. Furthermore, the pandemic wreaked havoc on the economy, resulting in a financial crisis for many people, which had a negative impact on their mental health. Wellness service providers are using virtual ways to give services such as sessions with psychologists and health coaches to combat the problem.
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Increase in prevalence of non-communicable diseases such as diabetes, cardiac disorders, and cancers among the employee drives the global corporate wellness market. Moreover, reduce in the cost of insurance and healthcare services due to huge competition between the market players, rapid industrialization in developed and developing countries, government initiations to mandate the wellness programs in the corporate sector, and expansion of wellness services by the providers are fuel the global corporate wellness market over the forecast years. However, increase in the cost of wellness programs due to inefficient execution plan, chances for the misuse of data, and low participation of employees in wellness programs are hinder the growth of global corporate wellness market.
The corporate wellness market size was valued at USD 53.8 billion in 2022
The corporate wellness market's key players are: FITBIT, Inc. (U.S.) Beacon Health Options. (U.S.) Provant Health Solutions, LLC (U.S.) ComPsych Corporation. (U.S.) ADURO, Inc. (U.S.) Marino Wellness (U.S.) TotalWellness Health (U.S.) Wellness Corporate Solutions (U.S.) Kinema Fitness Inc (U.S.) EXOS (U.S.)
The corporate wellness market has been classified into North America, Asia Pacific, Europe, Latin America, Middle East and Africa, and the rest of MEA.