Canada Corporate Wellness Market Growth & Trends

The Canada corporate wellness market size is expected to reach USD 4.7 billion in 2027, according to a new report by Grand View Research, Inc. It is anticipated to expand at a CAGR of 6.8% during the forecast period. 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 stated that mental health conditions in working Canadians cost around USD 15.5 billion annually to employers from lost productivity, absenteeism, and medical claims.

The wellness service providers are engaging in partnerships and mergers and acquisitions to strengthen their market presence. For instance, in June 2020, Bridges Health partnered with the Saskatchewan Chamber of Commerce to conduct a webinar series focusing on maintaining mental health during the time of the pandemic.

As the economy is hit by the COVID-19 pandemic, many employees are facing financial uncertainty affecting their mental health. Moreover, the work from home is also developing a sense of isolation in the employees. The pandemic has seen an overall increase in the telehealth services by wellness service providers

Canada Corporate Wellness Market Report Highlights

  • The health risk assessment segment (HRA) dominated the market in terms of revenue share in 2019. The HRA is a widely adopted service as it conducts overall health analysis of the employee assisting in determining the further line of treatment required
  • The medium-scale organizations are adopting the corporate wellness services at an optimum pace which is expected to contribute to the fastest growth of the medium-scale organizations segment over the forecast period 2020 to 2027
  • In the category segment, fitness and nutrition consultants are expected to register the fastest 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
  • Onsite corporate wellness dominated the delivery model segment in 2019. Onsite services have a high adoption rate since it saves employees time for availing of the service as compared to offsite services