Corporate Wellness Market Size Expected to Reach USD 119.96 Bn by 2033

The global corporate wellness market size is expected to reach around USD 119.96 billion by 2033, from USD 59.68 billion in 2023, According to Precedence Research.

Ottawa, March 11, 2024 (GLOBE NEWSWIRE) — The global corporate wellness market size is calculated at USD 63.68 billion for 2024 and is projected to expand at a high-value CAGR of 7.30% to reach a size of 111.32 billion by 2032. The corporate wellness market is driven by growing awareness, changing workforce demographics, employee health, and productivity.

The corporate wellness market is expanding, focusing on programs and services that improve employee health and productivity. These include physical activities, health exams, dietary advice, and stress management. Investing in employee wellness can result in decreased healthcare expenses, higher productivity, improved morale, and lower absenteeism, trends such as remote work and a focus on mental wellness also impact the industry. As organizations prioritize employee health, the global corporate wellness market is projected to expand.

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Key insights

  • North America led the market with the major market share of 40.47% in 2023.
  • Asia Pacific region is projected to grow at the fastest CAGR between 2024 and 2033.
  • By service, the health risk assessment segment has captured the largest market share of 21.44% in 2023.
  • By category, the organizations/employers segment has accounted the highest market share of 50.49% in 2023.
  • By delivery model, the onsite segment has contributed 60.60% of market share in 2023.
  • By end-use, the large scale organizations segment has recorded the biggest market share 64.14% in 2023.

Regional Stance

Global Corporate Wellness Market Revenue, by Region (US$ Bn)

Region 2018 2019 2020 2021 2022 2023
North America 20.79 21.22 20.25 21.46 22.75 24.15
Europe 15.20 15.57 14.90 15.84 16.85 17.94
Asia Pacific 9.37 9.70 9.38 10.06 10.81 11.63
LAMEA 4.98 5.12 4.91 5.23 5.58 5.96

The North American region held the largest share in 2023. The North American corporate wellness market is varied and well-developed, with the United States and Canada being the most important markets. These marketplaces have a range of wellness programs geared toward employee health and well-being.

The U.S. corporate wellness market size was USD  20.75 billion in 2023, grew to USD 22.01 billion in 2024 and is anticipated to reach around USD 39.27 billion by 2033, growing at a CAGR of 6.6% from 2024 to 2033.

In the United States, wellness efforts include health screenings, exercise challenges, smoking cessation programs, and mental health counseling. Canada has a robust market focuses on preventative care, lifestyle management, and work-life balance. Overall, the North American corporate wellness industry prioritizes holistic health assistance for employees.

Country wise Revenue Scope of Corporate Wellness Market

Country Revenue (USD Billion)
U.S. Market Size in 2023 USD 20.75 billion in 2023
U.S. Market Size by 2033 USD 39.27 billion by 2033
Canada Market Size in 2023 USD 2.37 billion in 2023
Canada Market Size by 2033 USD 4.83 billion by 2033
Mexico Market Size in 2023 USD 1.03 billion in 2023
Mexico Market Size by 2033 USD 2.01 billion by 2033
Germany Market Size in 2023 USD 4.89 billion in 2023
Germany Market Size by 2033 USD 8.65 billion by 2033
U.K. Market Size in 2023 USD 4.05 billion in 2023
U.K. Market Size by 2033 USD 7.49 billion by 2033
France Market Size in 2023 USD 2.71 billion in 2023
France Market Size by 2033 USD 5.73 billion by 2033
Japan Market Size in 2023 USD 4.01 billion in 2023
Japan Market Size by 2033 USD 8.39 billion by 2033
China Market Size in 2023 USD 1.48 billion in 2023
China Market Size by 2033 USD 3.25 billion by 2033
India Market Size in 2023 USD 1.70 billion in 2023
India Market Size by 2033 USD 2.45 billion by 2033

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The Asia-Pacific region is expanding rapidly as healthcare expenses rise, the workforce ages, and employee health awareness grows in the corporate wellness market. Japan, China, South Korea, and India are significant players. Japan provides health screenings, exercise memberships, and stress-management programs, whereas China focuses on preventative care and lifestyle management. South Korea offers physical and mental health services, whereas Australia emphasizes overall well-being. India is expanding rapidly due to increased health awareness and investment in wellness initiatives. The market is broad and dynamic, with each nation exhibiting its traits and trends.

Report Highlights:

Services Outlook

The health risk assessment segment held the largest share of the corporate wellness market. A Health Risk Assessment (HRA) is a tool that evaluates a person’s health risks and quality of life. A questionnaire or survey collects information about one’s lifestyle, medical history, and other aspects. Employers commonly utilize HRAs in corporate wellness programs to assess health concerns and adapt wellness efforts. Key components include medical history, lifestyle variables, biometric data, mental health screening, health objectives, and risk stratification.

Global Corporate Wellness Market Revenue, by Service (US$ Bn)

Service 2018 2019 2020 2021 2022 2023
Health Risk Assessment (HRAs) 10.66 10.96 10.52 11.22 11.98 12.79
Nutrition & Weight Management 9.06 9.30 8.92  9.50 10.12 10.80
Smoking Cessation 8.14 8.31 7.94 8.41 8.92 9.47
Fitness 7.14 7.36 7.09 7.58 8.11 8.69
Stress Management 6.37 6.58 6.36 6.81 7.31 7.85
Health Screening 3.60 3.64 3.45 3.63 3.82 4.02
Others 5.37 5.45 5.17 5.44 5.74 6.05

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Stress management programs assist employees in dealing with stress and maintaining a healthy weight. Other components include mental health services, financial wellness initiatives, ergonomic exams, and employee aid programs.

The stress management segment is the fastest growing segment in the corporate wellness market and is critical in business wellness initiatives because persistent stress can harm employee health and productivity. Typical solutions include mindfulness, meditation, relaxation techniques, physical exercise, time management, work-life balance, stress reduction courses, a supportive work environment, and Employee Assistance Programs (EAPs). These tactics assist employees in managing stress, improving their mood, and maintaining an excellent work-life balance. Encourage workers to strike a good work-life balance, which also helps minimize stress.

Category Outlook

The organizations/employers segment held the dominating share of the corporate wellness market in 2023. Employers, human resources departments, wellness committees, health insurance companies, healthcare providers, fitness facilities, technology companies, and consulting firms are all involved in corporate wellness initiatives. Employers are the major stakeholders who execute and fund these programs. HR departments evaluate employee needs, select wellness programs, and encourage participation. Wellness committees are responsible for the formulation and implementation of wellness initiatives. Health insurance companies include wellness programs in their policies, whereas healthcare providers provide health exams, immunizations, and other services.

Technology businesses provide wellness platforms while consulting organizations specialize in program design, data analytics, and employee engagement. Psychological therapists provide counseling and therapy services to help employees cope with stress and anxiety. In contrast, fitness and nutrition consultants specialize in fitness training, exercise programming, and nutrition counseling to improve physical health and well-being, working with employers to design wellness programs.

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Delivery Model Outlook
The onsite delivery model segment dominated the corporate wellness market in 2023. Onsite wellness programs include health screenings, flu vaccines, training, lectures, and counseling services to help employees deal with personal or work-related concerns. Corporate wellness delivery strategies include both offsite and onsite programs. Offsite programs include collaborations with other facilities, third-party providers, wellness events, and retreats. On-site services include workplace amenities, health exams, training, seminars, and Employee Assistance (EAPs). Offsite wellness programs allow employees to participate in activities and learn about health-related issues.

Corporate Wellness Market Dynamics

Drivers: Employee health and productivity

Employee health and productivity are inextricably connected, and companies understand the value of investing in wellbeing. Healthy employees are less likely to miss work due to sickness, which increases production. Employees who maintain a healthy lifestyle and participate in wellness initiatives are more engaged, which leads to higher productivity and job satisfaction. Physical health promotes cognitive performance by increasing attention and concentration. Employers can help minimize stress by providing stress management programs and flexible work arrangements. Regular exercise and a nutritious diet can boost energy levels, reduce weariness, and promote productivity. Investing in employee health and well-being can decrease healthcare expenses since preventative care and healthy lifestyles lessen the need for expensive medical treatments.

Changing Workforce Demographics

The shifting demographics of the corporate wellness environment impact health demands, preventative care, mental health, work-life balance, and cultural awareness. The aging workforce may require a greater emphasis on chronic illness management, whereas younger employees may benefit from preventative care and mental health assistance. Employers understand the necessity of personalizing wellness programs to address these individual demands. Preventive treatment is prioritized, with wellness programs encouraging good lifestyle choices, frequent health tests, and illness management. Mental health is becoming a bigger priority, with measures including stress management and access to mental health resources. Work-life balance is also important, with younger employees prioritizing flexibility and older employees focused on retirement preparation and financial well-being. Cultural sensitivity is significant in wellness programs.

Restraint: Limited Resources

Limited resources can make corporate wellness initiatives challenging, especially for small and medium-sized firms (SMEs). Budget limits, a lack of workforce, infrastructural limitations, competence in health promotion, nutrition, and exercise science, and time constraints are all restraints. SMEs may find it difficult to devote resources to these programs, causing them to prioritize other company objectives above employee wellness. Furthermore, SMEs may need more staff to support effective health initiatives.

Furthermore, insufficient resources may impede the creation of programs that address employee requirements. As a result, employers must carefully examine these variables when developing and executing wellness initiatives. Thereby, the availability of limited resources create a major restraint for the corporate wellness market.

Opportunity: Mental Health Support

Corporate wellness programs increasingly emphasize mental health assistance to boost employee well-being and productivity. All critical aspects are raising mental health awareness, providing access to counseling and therapy, offering stress management programs, promoting work-life balance through flexible work arrangements, establishing peer support networks, and training managers to recognize signs of mental health issues. These programs also seek to provide a supportive work environment via frequent review and improvement. These efforts aim to decrease stigma, increase openness, and develop a culture of understanding among employees. Companies that apply these steps can create a more inclusive and productive work environment.

Browse More Insights:

Health and Wellness Market: The global health and wellness market size was valued at USD 5,243.3 billion in 2022 and is expected to reach over USD 8,945.3 billion by 2032, growing at a CAGR of 5.5% from 2023 to 2032.

U.S. Health and Wellness Market: The U.S. health and wellness market size was valued at USD 1,282.90 billion in 2023 and is estimated to hit around USD 2,188.16 billion by 2033 with a CAGR of 5.43% from 2024 to 2033.

Personalized Medicine Market: The global personalized medicine market size was valued at USD 578.21 billion in 2023 and is expected to reach over USD 1,233.23 billion by 2033, poised to grow at a notable CAGR of 8.10% from 2024 to 2033.

Sports Nutrition Market: The global sports nutrition market size was estimated at US$ 22.5 billion in 2022 and it is projected to surpass around US$ 52.11 billion by 2032, growing at a CAGR of 9.3% during the forecast period 2023 to 2032.

Personalized Nutrition Market: The global personalized nutrition market size was valued at USD 11.80 billion in 2022 and it is projected to be worth around USD 48.78 billion by 2032, registering at a CAGR of 15.30% from 2023 to 2032.

Protein Market: The global protein market size was evaluated at USD 10.37 billion in 2022 and is expected to attain around USD 23.34 billion by 2032, growing at a CAGR of 8.5% from 2023 to 2032.

B2B Sports Nutrition Market: The global B2B sports nutrition market size was reached at USD 3.78 billion in 2022 and it is expected to hit around USD 7.68 billion by 2032, poised to grow at a CAGR of 7.35% between 2023 and 2032.

Human Nutrition Market: The global human nutrition market size was valued at USD 383.4 billion in 2022 and it is projected to reach around USD 719.69 billion by 2032, expanding at a CAGR of 6.50% from 2023 to 2032.

Recent Developments:

  • In March 2024, IZEA and Ted Murphy were recognized for their exceptional workplace wellness and employee wellbeing, with Murphy being named Ragan’s People of the Year.
  • In Feb 2024, MediWheel is reinventing corporate wellness in India with complete health solutions like health check-ups, telemedicine, and mental health assistance, all connected with a Digital Health Record system, with the goal of fostering a ‘Healthy Bharat in a Digital India.’
  • In May 20234, HCL Healthcare CEO Shikhar Malhotra announced plans to invest in corporate wellness in India, citing increased budgets and the evolving market.

Key Market Players

  • Wellness Corporate Solutions
  • Vitality Group
  • EXOS
  • Truworth Wellness
  • Virgin Pulse
  • Marino Wellness
  • Privia Health
  • Central Corporate Wellness
  • Wellsource, Inc.
  • SOL Wellness
  • CFitbit, Inc.
  • omPsych
  • Beacon Health Options
  • Provant Health Solutions
  • Well Nation

Corporate wellness market segmentation

By Service

  • Fitness
  • Health Risk Assessment
  • Health Screening
  • Smoking Cessation
  • Stress Management
  • Nutrition & Weight Management
  • Others

By Category

  • Psychological Therapists
  • Fitness & Nutrition Consultants
  • Organizations/Employers

By Delivery Model

  • Offsite
  • Onsite

By Regional Outlook

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • MEA

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