India Corporate Wellness Market - Strategic Insights and Forecasts (2023-2028)

The India Corporate Wellness Market is anticipated to grow significantly over the forecast period.

Corporate wellness initiatives have become more popular in recent years due to the increasing importance of health and wellbeing, Majority of companies and organizations across various industry sectors have begun adopting health programs for their staff members. Workplace wellness initiatives aid organizations in increasing productivity while cutting expenses across the board. Post the COVID-19 pandemic, the management of organizations has experienced a significant transformation. Approximately 60% of employees believe that company wellness efforts have encouraged them to make healthy lifestyle decisions outside of work. As people become more aware of the significance of employee health and wellbeing, it is expected that the market for corporate wellness in India will expand.

Rising stress presents a lucrative market growth for Indian corporate wellness.

With the rise in diseases linked to an unhealthy lifestyle, corporate wellbeing programs have become very popular. Such programs are also motivated by the lack of a healthy diet, exercise, and relaxation, as well as the rising levels of both mental and physical stress. The Indian Institute of Stress reports that there is a rising issue with workplace stress in India. According to a survey by the Indian Institute of Stress in 2020, 89% of Indian employees suffer from stress at work and 65% of employees said the workload is the main cause of stress. According to WHO, mental health issues like depression and anxiety have a significant economic effect in India. Indian Psychiatric Society in 2019 found that 42.5% of professionals in India reported experiencing workplace stress, and 22.4% reported experiencing symptoms of depression related to their work. Due to the effect of COVID-19, remote job structure is being adopted by organizations and to handle the COVID situation, the majority of workplace wellness market participants have stepped up their game by offering better and more effective wellness solutions. Organizations are attempting to safeguard human resources by prioritizing employee wellness.

Increasing market player’s engagement will drive India corporate wellness market growth

Several market players are putting strategy plans into action, which supports market growth. A technology-based platform called GOQii offers personalized coaching and wellness services. A mental wellbeing platform that provides meditation and mindfulness programs for organizations in India was introduced by Mindhouse for Corporates in 2021. In 2020, Cure.fit Corporate Wellness Programs bought a health and wellness platform in India that offers a range of corporate wellness programs, including yoga, meditation, fitness challenges, and nutrition counseling. Personalized nutrition and exercise coaching, wellness challenges, and preventive health screenings are all part of the workplace wellness programs that HealthifyMe launched in India in 2019. This demonstrates that raise in launches of the corporate wellbeing program in India will accelerate the expansion of the corporate wellness market.

Key developments

• March 2021: Medibuddy, a digital healthcare platform, launched a corporate wellness program called medibuddy Wellness for corporate employees in India.

• June 2020: mHealth launched a community-based wellness platform for corporates to support organizations in customizing their wellbeing calendars, teleconsultation, diet and nutrition advice, and other wellness initiatives.

India Corporate Wellness Market Scope: