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The US corporate wellness market size is estimated to increase by USD 7.60 billion at a CAGR of 9.40% between 2023 and 2028. The growth of the market depends on several factors, including the increasing need to combat rising healthcare costs, the need for improved employee productivity, and recent developments in corporate wellness solutions in the US. A significant driver behind market expansion in the US is the escalating necessity to address the surge in healthcare expenses. Organizations are offering healthcare benefits to employees to enhance their well-being and foster a more efficient workforce. Among the pivotal healthcare benefits are prescription drug assistance, health insurance coverage, and premium compensation.
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The market share growth by the health assessments and screenings segment will be significant during the forecast period. Health assessment is a key prerequisite of a program. It is essentially implemented by providers to assess the current health status of an employee to understand his/her medical history and specific needs relating to his/her illness or disease.
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The health assessments and screenings segment was valued at USD 4.60 billion in 2018. Some of the major assessment in the workplace involves the assessment of current workplace wellness programs, physical environment, policies of the organization, and an employee survey followed by a questionnaire to identify behaviors, concerns, and interests of employees. Smoking, alcohol consumption, obesity, high blood pressure, high cholesterol, and high blood glucose are some of the key risk factors identified during check ups. Furthermore, employee screenings can also improve the morale of employees in an organization as they demonstrate that the employer cares about its employees and is dedicated to helping them stay healthy. Hence, such factors are expected to drive the growth of this segment which in turn will drive the market during the forecast period.
The Corporate Wellness Market is evolving with a focus on overall healthcare and healthy lifestyles amidst modernday business challenges. Addressing stress in the workplace and work-related stress is crucial, with emphasis on treating depression and managing mental disorders effectively. Employers seek to optimize ROI through reduced healthcare premiums and enhanced productivity via online workouts and wellness reimbursements for tools like yoga mats, resistance bands, and gym equipment. Service segments include health risk assessment and health screening for proactive weight management strategies. Integrating HRA programs is essential during crises to promote employee well-being, thereby fostering a healthier and more productive workforce. Our researchers analyzed the data with 2023 as the base year, along with the key drivers, trends, and challenges. A holistic analysis of drivers will help companies refine their marketing strategies to gain a competitive advantage.
One of the key factors driving the market growth in the US is the increasing need to combat rising healthcare costs. Healthcare benefits are provided by the organizations to the employees to improve their health and have a productive workforce. Some of the key healthcare benefits include prescription drug subsidies, health insurance, and compensation of premiums.
There is an increasing medical cost for treating conditions such as chronic illnesses and obesity leading to an increase in the cost to the company and decreasing work productivity. Therefore, organizations are, therefore, implementing corporate wellness programs that can help employees maintain healthy habits, the absence of which is responsible for chronic diseases and obesity. Corporate wellness programs utilize stress mapping techniques that can assist human resource managers in identifying stress-triggering factors in the workplace and taking appropriate actions to reduce stress levels. Hence such benefits and initiatives provided by organizations are expected to drive the market during the forecast period.
A key factor shaping the market growth is the adoption of wearable technology. One of the emerging trends is wearable technology which is used to track an employee's vital data signs related fitness, location, and his/her biofeedback indicating emotions. For instance, employees are increasingly adopting devices such as FitBit Blaze smart fitness watches during these programs.
Some of the key advantages of Fitbit Blaze include, it provides a comprehensive suite of applications such as global positioning systems (GPS), heart rate monitoring, smart notifications, and lateral distance tracking. Hence, these devices help in establishing successful programs by improving the health outcomes of employees. These programs are gaining popularity with wearable technology that tracks the measurement of health outcomes of employees and motivates them to work harder to achieve results. Thus, such factors are expected to drive the Market during the forecast period.
The poor engagement level among employees is one of the key challenges hindering market growth. Poor engagement levels and the lack of interest and motivation in employees can pose a significant threat to the market in US, as a lack of motivation can lead to poor outcomes in programs. Thus employee feedback is necessary to understand the needs and interests of employees Before implementing a corporate wellness program.
The absence of such feedback mechanisms results in employers being unaware of their employees' preferences, resulting in poor outcomes for the program that is implemented. The lack of employee participation is due to the lack of desire to spend time on wellness activities, lack of employer support, work pressure, inconvenient timings, and poor understanding of the purpose and goal of such programs. Hence, such factors can significantly hinder the Market during the forecast period.
The market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
Practo Technologies Pvt. Ltd: The company offers corporate wellness programs, including employee health and wellness plans.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of vendors has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Billion" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments
Corporate Wellness Market by Application, Deployment, and Geography - Forecast and Analysis
Meal Vouchers and Employee Benefit Solutions Market Analysis Europe, South America, APAC, North America, Middle East and Africa - Brazil, France, Italy, Spain, Japan - Size and Forecast
Wellness Real Estate Market Analysis North America, APAC, Europe, Middle East and Africa, South America - US, China, Australia, Germany, UK - Size and Forecast
The market is expanding to address healthy lifestyles and mitigate stress in the workplace, which often leads to financial burden for insurance providers due to unhealthy employees. Compliance with HIPAA and GINA is crucial in employer wellness initiatives, offering benefits like subsidized gym memberships and online workouts. During crisis situations, programs for smoking cessation and stress management are prioritized alongside health screening and fitness programs integrating health wristbands and remote patient monitoring. The market caters to smallscale, mediumscale, and largescale organizations through services by nutrition consultants and psychological therapists, spanning onsite fitness, yoga and meditation, and art therapy in onsite and offsite segments with the aid of virtual meetings and advanced technology. Medium-scale and small scale organizations are increasingly implementing onsite segment and offsite segment focusing on healthy lifestyle, stress management, online workout, health screening, and smoking cessation segments to improve employee well-being.
Market Scope |
|
Report Coverage |
Details |
Page number |
123 |
Base year |
2023 |
Historic period |
2018 - 2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 9.4% |
Market growth 2024-2028 |
USD 7.6 billion |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
8.21 |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
Aduro LLC, Alphabet Inc., ComPsych Corp., Exos Works Inc., Interactive Health System LLC, Kinema Fitness, Laboratory Corp. of America Holdings, Link Group, Marino Wellness LLC, Practo Technologies Pvt. Ltd., Prepaid Technologies Company Inc., Privia Health Group Inc., Sodexo SA, The Cleveland Clinic Foundation, United HealthCare Services Inc., Virgin Pulse Inc., Vitality Group LLC, WebMD Health Services Group Inc., Wellsource Inc., and WellSteps.com LLC |
Market dynamics |
Parent market analysis, Market Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, Market growth and Forecasting, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by Product Type
8 Customer Landscape
9 Drivers, Challenges, and Opportunity/Restraints
10 Competitive Landscape
11 Competitive Analysis
12 Appendix
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