The global Corporate Wellness Software market was valued at US$ 538 Mn in 2022 and is expected to reach US$ 1 Bn by 2032, finds Future Market Insights (FMI) in a recent market survey. The Corporate Wellness Software Market is Projected to Register a CAGR of 6.4% CAGR from 2022 to 2032. As per the findings, revenue through large enterprises grew at a CAGR of 6.8% during 2015 – 2021.
Corporate wellness is no longer a fringe benefit provided by a small number of businesses. According to research sponsored by Rand Corp. and the US Department of Health Human Services. Around 80% of companies with more than 50 or more employees offer a corporate wellness benefit. These bonuses are not only for employees. Corporate wellness initiatives can help companies cut down on absenteeism while also increasing productivity and employee happiness.
They can also lead to a favorable impact on a company’s bottom line, such as medical costs. For example, at the Los Alamos National Laboratory, fitness programs have decreased yearly healthcare premium increments to 2.5%, significantly lower than the national average of 7%.
Encouragement of employees to live a healthy life has become relatively easy as technologies such as wearable devices and on-site sports become more popular. However, simply providing options to staff is not enough for a business health program to flourish. Before a program can be executed, it must first overcome a number of obstacles. However, the potential benefits for both organizations and people may make these obstacles worthwhile to overcome.
Companies that provide employee wellness software are expanding their investment in research and development, which would be projected to boost demand for the software in the coming years. Some of the major companies like ComPsych, Wellness Corporate Solutions, Virgin Pulse, Provant Health Solutions, EXOS, Marino Wellness, Privia Health, Vitality Group, Wellsource, Inc., Central Corporate Wellness, Truworth Wellness, SOL Wellness, Well Nation, ADURO, INC., Beacon Health Options, Fitbit, Inc. are featured in the report.
Some of recent developments for Corporate Wellness Software Market are:
- In November 2021, Virgin Pulse announced the acquisition of Welltok. After Welltok’s acquisition, its activation engine and Virgin Pulse’s daily involvement platform will help the firms’ combined 4,100 worldwide employer, health plan, and health system clients achieve improved health outcomes and lower costs. Integrating Welltok’customization and analytics abilities into Homebase for Health will provide clients and their respective demographics with substantially more value.
- In October 2021, Privia Health Group, Inc., a physician integration company announced that it has expanded its presence in Texas in collaboration with Abilene Diagnostic Clinic, a self-governing, multi-specialty group practice with more than 30 providers and five care center locations. Privia Health Group, Inc. has expanded its footprint in Texas by partnering with Abilene Diagnostic Clinic.
More Insights Available
Future Market Insights, in its new offering, presents an unbiased analysis of the Global Corporate Wellness Software Market, presenting historical market data (2015-2021) and forecast statistics for the period of 2022-2032.
The study reveals extensive growth in Global Corporate Wellness Software Market across five regions (North America, Asia Pacific, Europe, Middle East Africa and Latin America).
Market Segments Covered in Corporate Wellness Software Market Analysis
- On Premises
- Large Companies
- Small and Medium Sized Companies
- North America
- Asia Pacific
- Middle East and Africa
- Latin America
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