PUBLISHED DATE : Oct 2018 | Pages : 287
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287 Pages
Global Corporate Wellness Market Size, Share, & Trends Analysis Report by Program, End-Users, Revenue Model, Delivery Model, and Geography Industry Analysis Report, Regional Outlook, Growth Potential, Price Trends, Competitive Share & Forecast, 2018 – 2023
Key highlights
Market Overview
The incorporation of benefit plans that promotes modern work culture and offers low-cost programs that help employee battle with stress, illness, or other health-related issues is propelling the growth of the global corporate wellness market. These wellness programs are designed to promote the overall health and wellbeing of the employee resulting in improved efficiency and strengthen business performance. The leading vendors are leveraging technology to integrate AI and data integration to attract a maximum number of consumers. The uneven educational systems, stricter immigration rules, development of technology, and increasing aging workforce are some of the primary factors attributing to the growth. The implementation of occupational-based health and safety workplace programs is fueling the development of the global market.
The service providers are introducing mobile technology and websites for corporate wellness programs that provide information ranging from in-network provider directories, medication prices, and information on plausible deductibles with therapeutic alternatives, provision of in-home monitoring, and alerts for taking medication as and when prescribed to gain new consumers. The leading vendors are partnering with several other sectors such as mind-body, alternative medicine, fitness, and spa to offer the best options to the consumers in the market.
Market Dynamics
Various enterprises across the world are extending the wellness programs to the employees’ family members to increase participation in the global corporate wellness market. In the US employers are beginning to extend wellness support to spouses, children, and parents to deal with the increasing healthcare costs in the market. Such initiatives help organizations gain an edge over players and attract and retain top employees thereby, driving more participation in the market. The inclusion of plans that targets family wellbeing is expected to draw more consumers and create lucrative opportunities for the top vendors. Employers are also looking beyond the family, extended social networks, and promoting cross-organizational competitions in the corporate wellness services market.
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REPORT ATTRIBUTE |
DETAILS |
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BASE YEAR |
2017 |
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FORECAST PERIOD |
2018–2023 |
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MARKET SIZE |
Revenue (2023): $72 Billion Compound Annual Growth Rate (CAGR): Over 8% |
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GEOGRAPHICAL ANALYSIS |
North America, Europe, APAC, and Rest of the World |
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COUNTRIES COVERED |
US, Canada, Germany, UK, France, Japan, China, South Korea, GCC, Brazil, and South Africa |
Corporate Wellness Market Segmentation
This research report includes a detailed segmentation by the program, end-users, revenue model, delivery model, and geography.
Insights by Program
Preventive care drives the need for corporate health, and risk assessment (HRA) plans in the global market
HRA segment dominated the largest market share in 2017, growing at a CAGR of more than 8% during the forecast period. With the rapid increase in healthcare costs, preventive care is gaining immense traction. The HRA segment is expected to grow at a stable pace as health risk assessments are considered among the most effective wellness programs by employers and employees alike, pegged at around 50%. The HRA participation in sync with health insurance premiums is a growing trend. The integration of biometric screenings and physical activity programs will boost participation in this segment.
The importance and widening acceptance of mental health issues are contributing to the growth of the stress management sector. The incorporation of cognitive behavioral therapy with smartphones is slowly gaining popularity in the global market. The alcohol and drug rehab schedules are designed to recognize the signs of substance abuse, drug testing programs, integration of substance abuse policies, coverage for rehabilitation, and EAPs across organizations. The implementation of onsite fitness and recreational activities such as treadmill workstation, dance studios, and bowling alleys will boost revenues.
Insights by End-User
Investments to develop on-site activities across large private sector businesses will drive the global market
Large private sector businesses occupied around half of the total share in 2017, growing at a CAGR of over 8% during the forecast period. The increasing focus on innovations is encouraging organizations to implement strategies that reflect their culture and mission, thereby driving the demand in this segment. The integration of technology and data to create personalized experiences will boost revenues over the next few years. The large private sector businesses are using health-focused and general data such as biometrics, health plans, and claims, and pay grade; vendors are looking at user choice, their goals, and aspirations to offer the best plans. The use of multi-directional communication networks depending on high-touchpoints such as social media, applications, websites, e-mails, face-to-face, text messaging, and portals will transform the corporate wellness market.
Insights by Revenue Model
The need for strong connection and constant motivation is driving the recurring revenue model in the global corporate wellness market
Recurring revenue model dominates more than 2/3rd of the share in 2017, growing at a CAGR of over 8% during the forecast period. Factors such as automation, guidance, and personalization that empower people with information, provide interactive feedback and enable tracking of program participation are factors that are driving the growth of this revenue model. The nutrition and weight management programs, tobacco cessation, and employee coaching and online wellness portals form the major part of this revenue model. The gamification of activities will attribute to higher participation in the global corporate wellness market. The growing demand for onsite flu vaccinations, health and lifestyle coaching, and 24-hour nurse line are the main revenue generators in the seasonal revenue model.
Insights by Delivery Model
Fully integrated services are propelling the popularity of onsite delivery in the global corporate wellness market
Onsite delivery model occupied more than 2/3rd of the total share in 2017, growing at a CAGR of around 9% during the forecast period. The increasing demand for fully integrated services that ensure maximum participation and engagement is propelling the growth of this segment. The growing popularity of onsite clinics that provide ancillary or specialty clinical services such as occupational therapy, massage, dentistry, chiropractic therapy, physical therapy, and optometry apart from a pharmacy is one of the main factors propelling the growth of onsite delivery model. The availability of healthy foods at the workplace, offering physical activity areas, and walking trails are some of the popular programs in this segment. Leading service providers are offering a range of primary care services such as disease management and preventive screenings to gain a larger global corporate wellness market share. Employers also provide seminars for chronic conditions, vaccinations, healthy food options, and wellness fairs to increase employee satisfaction levels.
Insights by Geography
US and Canada in North America are the largest revenues generators in the global corporate wellness market
North America dominated the largest market share in 2017, growing at a CAGR of around 8% during the forecast period. The increasing focus on corporate wellness programs such as work-life balance, employee growth and development, employee engagement, recognition, and health and safety are propelling the growth of the North American region. The initiatives towards enabling an efficient, innovative, and mobile workforce will drive the demand for innovative services in the North American market. The US corporate wellness market is one of the largest revenue generators in the North American region. The growing need for physical, social, and psychological health is boosting the development of the wellness industry in the North American region.
Key Vendor Analysis
The global market is highly fragmented with four major players controlling most of the competition level. The service providers are threatened with in-house wellness services which are resulting in major business expansion activities in the global market. The increasing number of M&As will allow corporate wellness companies to expand their businesses and offer more comprehensive offerings. The players are competing regarding aftersales services, brand value, customization ability, price, skilled workforce, and technological capability. The vendors are collaborating with technology companies to develop rounded programs in the global market.
Major Vendors
The market research report includes in-depth coverage of the industry analysis with revenue and forecast insights for the following segments:
By Platform
By End-users
By Revenue Model
By Delivery Model
By Geography
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