Canada Corporate Wellness Market To Reach $3.4 Billion By 2030

Canada Corporate Wellness Market Growth & Trends

The Canada corporate wellness market size is expected to reach USD 3.4 billion in 2030, expanding at a CAGR of 4.42% during the forecast period, based on a new report by Grand View Research, Inc. An increase in awareness regarding available employee wellness services and the increasing onset of chronic diseases are some of the factors driving the market growth.

The increasing awareness regarding the benefits of wellness services in reducing the cost of absenteeism due to loss of productivity is encouraging employers to adopt corporate wellness services. According to the Conference Board of Canada, the mental health conditions of working individuals cost around USD 15.5 billion annually to employers from the loss of productivity, absenteeism, and medical claims.

As companies are becoming more employee-centric, they are actively taking measures to ensure the health and well-being of their workforce. This, coupled with the increasing prevalence of workplace stress, is propelling the market growth. The key providers are engaging in partnerships, service launches, mergers, and acquisitions which is further boosting the market. For instance, in April 2020, Medcan launched a new service for assisting employers in safeguarding their workplaces and employees during the pandemic .

As a response to the COVID-19 pandemic, many organizations shifted to remote work, leading to increased stress among employees. To support their psychological and fitness needs, companies have implemented a mix of virtual and in-person sessions. Webinars on contemporary issues, such as financial uncertainty, have been conducted, and telehealth services are now being offered to address employees' emotional and physical concerns. As the situation is improving, there has been a positive impact on employee well-being, with the employees reporting an improvement in their overall health and wellness compared to before the pandemic. Moreover, the employees are now satisfied with the wellness services provided by their organizations, indicating the effectiveness of these initiatives in supporting employee well-being.

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Canada Corporate Wellness Market Report Highlights

• In terms of service, the health risk assessment segment (HRA) dominated the market in 2022. The HRA is a widely adopted service as it conducts an overall health analysis of the employee assisting in determining the further line of treatment required

• The medium-scale organization's segment is expected to register the fastest CAGR over the forecast years due to the rising adoption of corporate wellness services by such organizations

• Based on category, fitness, and nutrition consultants are expected to register substantial growth over the forecast period. It includes services such as Lunch ‘n Learns and workshops and group exercise classes to promote the habit of fitness and having a nutritious diet.

• Based on the delivery model, the onsite segment dominated the market in 2022. Onsite services have a high adoption rate since it saves employees time in availing of the service as compared to offsite services

Canada Corporate Wellness Market Segmentation

Grand View Research has segmented the Canada corporate wellness market based on service, end-use, category, and delivery model:

Canada Corporate Wellness Service Outlook (Revenue, USD Million, 2018 - 2030)

• Health Risk Assessment

• Fitness

• Smoking Cessation

• Health Screening

• Nutrition & Weight Management

• Stress Management

• Others

Canada Corporate Wellness End-use Outlook (Revenue, USD Million, 2018 - 2030)

• Small Scale Organizations

• Medium Scale Organizations

• Large Scale Organizations

Canada Corporate Wellness Category Outlook (Revenue, USD Million, 2018 - 2030)

• Fitness & Nutrition Consultants

• Psychological Therapists

• Organizations/Employers

Canada Corporate Wellness Delivery Model Outlook (Revenue, USD Million, 2018 - 2030)

• Onsite

• Offsite

List of Key Players in the Canada Corporate Wellness Market

• Curtis Health

• Bridges Health

• Pamela Dempster Wellness Consulting

• Employee Wellness Solutions Network, Inc.

• INLIV

• Medcan

• Medpoint Health Care Centre

• Preventacare

• Well Street

• ComPsych Corporation