P&S Intelligence says the increasing urbanization rate, growing incidence of chronic diseases, and surging popularity of sedentary jobs are some of the major factors driving the expansion of the global corporate wellness market, according to a release.

As a result, the market value is expected to rise above $100 billion by 2030, says the market research and business firm.

“The outbreak of the COVID-19 infection has made many organizations adopt the work-from-home policy as this policy allows them to maintain business productivity as well as protect their employees from the disease,” P&S Intelligence said in the release. “Moreover, the imposition of strict social distancing protocols and countrywide lockdowns by the governments of several countries further boosted the popularity of the remote working policy across the world. As a result, corporate wellness programs at workplaces came to a halt, impeding the growth of the corporate wellness market.

“However, the surging incidence of mental health conditions among employees, due to social isolation and the lack of work-life balance, is making many companies focus heavily on corporate wellness programs. This factor is predicted to fuel the expansion of the market in the future,” the firm added.

Depending on service type, the corporate wellness market is classified into smoking cessation, health risk assessment, fitness, health screening, stress management, and nutrition and weight management. Out of these, the health risk assessment category contributed the highest revenue to the market in 2020. Health risk assessment, which is also known as wellbeing assessment or health risk appraisal, is a typical screening tool. It is generally used during the first stage of multi-component health promotion programs at workplaces, the release said.

Globally, the P&S Intelligence noted, North America dominated the corporate wellness market in 2020, primarily because of the high incidence of cardiovascular diseases, on account of the poor dietary habits and sedentary lifestyles of people in the region. Many businesses based in North America are also rapidly becoming aware of the rising prevalence of such diseases among their employees and are, therefore, launching wellness programs to fight it.

Many players operating in the corporate wellness industry have announced partnerships with each other over the last decade.