US Corporate Wellness Market

Most Exhaustive Report

US Corporate Wellness Market - Industry Outlook and Forecast 2019-2024

US Corporate Wellness Market
PREMIUM

Most Exhaustive Report

US Corporate Wellness Market - Industry Outlook and Forecast 2019-2024

SKU : ARZ190514 Published on : July 2019 Pages : 315

${{licencetype}}

Get 10% Free Customization
On This Report.
Customize this report Enquire before buying
data center market research

Get actionable insights on how COVID-19 is impacting your business sector.

Enquire now

US CORPORATE WELLNESS MARKET SIZE WILL REACH USD 15.5 BILLION BY 2024, GROWING AT A CAGR OF 8% DURING 2019-2024

 

 

This US corporate wellness research report provides an in-depth analysis of the market sizing and forecast, market share, industry trends, growth drivers, and vendor analysis.

The research study includes insights on segmentation by delivery model (onsite and offsite), programs (HRA, nutrition and weight management, smoking cessation, fitness services, alcohol and drug rehab, stress management, health education services, and others),  end-user (large private sector businesses, medium private sector businesses, public sector companies, small private sector businesses, and non-profit organizations), revenue models (recurring revenues and seasonal revenues), and incentive programs (participatory programs and health-contingent programs).

Market Overview

A corporate wellness program is a health and wellness promotion initiative, which focuses on improving health outcomes, boosting morale, and increasing the productivity of employees.  It offers a plethora of activities and services that could vary in designs and implementation. The growing awareness for healthy eating habits and exercise, the high prevalence of obesity, and the reduction of insurance and healthcare costs are a few major factors driving the growth of the market. The increasing focus on work-life balance and the implementation of company-sponsored employee-centric healthcare campaigns that offer lifestyle coaching and employee benefits are likely to boost the corporate wellness market in the coming years.

The US corporate wellness market size is likely to reach around $15.5 billion by 2024, growing at a CAGR of approximately 8% during 2019–2024.

Market Dynamics

The growing reign of artificial intelligence (AI) will drive the corporate wellness market in the coming years

Corporate wellness has made a seismic shift by bringing in a new era of customized education and solutions that tend to each employee's wellbeing through AI. The growing reign of artificial intelligence (AI) and the adoption of improved technologies are expected to drive the wellness market in the coming years. AI provides a platform for employers to build a deep profile about their employees in real-time and aid to scale-up the employee-friendly wellness programs. As consumers are growing accustomed to chatbots on social networks, AI can augment basic tasks that are part of EAPs, such as provide healthcare benefit information. It can also make it easy for employers to leverage information through a mobile device, thereby allowing employees to instill healthy habits without the intervention of health coaches.

The corporate wellness market is witnessing a digital transformation wave. Telehealth, wearable devices, virtual reality, gamification, and smartphone applications are some of the latest technologies that are boosting health and wellness programs among corporate employees.

Market: Segmentation

This market research report includes detailed market segmentation by revenue model, delivery model, program, end-user, type, and incentive programs.

 

Corporate Wellness Market: Revenue Model

Automation, guidance, personalization, interactive feedback, and tracking of program participation are primary features of the recurring revenue model

The US corporate wellness market by revenue model can be segmented into recurring revenues and seasonal revenues. The recurring revenues segment holds the largest market share and is expected to grow at a CAGR of around 9% during the forecast period. The integration of employee wellness programs into facility operations to make them permanent with the workplace culture is propelling the growth of the segment. Hence, employers are actively involved in facilitating such programs on a recurring and regular basis.

Further, automation, guidance, and personalization that empower employees with information, interactive feedbacks, and tracking of program participation are some of the primary features of the recurring revenue segment, which is driving the demand.

In 2018, the seasonal revenue model recorded accounted for $2 billion.  A majority of revenue came in the second half of the year primarily due to the onset of the cold season. Hence, due to increased seasonal health challenges, employers were provided onsite flu vaccinations, health and lifestyle coaching, and 24-hour nurse line, which drew the seasonal revenue for the US corporate wellness market.

 

Market by End-user

Around 89% of large businesses offer wellness programs for developing a long-term impact on the employee’s health and productivity

Large private sector business is the largest end-user of the wellness programs and is expected to grow at a CAGR of around 8% during the forecast period. Approximately 89% of large companies offered wellness programs with varying degrees of complexity, which are driven by the need to develop a long-term impact on the employee’s health and productivity. EAPs, health and wellness websites, HRAs, wellness coaching, health and fitness challenges, disease management programs, biometric screenings, and onsite fitness center are the most popular health management programs.

Medium-sized private businesses are implementing company wellness programs primarily by healthcare costs. Therefore, HRAs, personalized health management, and biometric screenings are the most popular offerings in this segment.

Public sector companies, which local governments have implemented wellness programs at a steady pace. About 83% of municipal and state governments in the US offer employees a minimum of one wellness program. These programs are more inclusive and mature than in the private sector. Low employee turnovers drive wellness programs among the public sector as employees tend to have longer careers.

 

Market by Program

HRA participation in sync with health insurance is an upcoming trend in the US corporate wellness market

The market by programs can be segmented into HRA, nutrition and weight management, smoking cessation, fitness services, alcohol and drug rehab, stress management, health education services, financial wellness, and others. The HRA program holds the largest market share and is expected to grow at a CAGR of around 8% during the forecast period. Increasing healthcare costs have given prominence to preventive care, which is driving the HRA segment. Further, the HRA participation in sync with health insurance is an upcoming trend as most of the employees are using incentives for HRA completions and participation in biometric screenings and physical activity programs.  

In the US, nutrition and weight management have become an integral part of corporate wellness programs. Thus, employers are emphasizing to incorporate nutrition and weight management program. Over 75% of employers in the US are providing lifestyle management programs in their wellness programs. With organizations grappling with the intensifying health costs, standard programs are no longer sufficient to change the course of the growth trajectory. Innovations hold the potential to change the game in terms of influencing consumer behavior in terms of uptake of alternatives to maintaining health outside of regular exercise and diet, self-care, better health management practices, wellness compliance, and achievement of personal milestones.

Market by Types

The corporate wellness market has been witnessing growing integration between services and technology providers in the last few years

The US corporate wellness market by types can be segmented into service and technology. The service industry has captured nearly three-fourths of the market share and is expected to grow at a CAGR of around 8% during 2018–2024. The segment includes health coaches, clinical interventions, and other such programs, whereas the technology segment includes devices, health applications, and software. In the last few years, there has been growing integration between services and technology. For instance, Terryberry Wellness, a cloud-based employee wellness program, partnered with WellRight, a wellness program company offering biometrics, health assessments, and wellness education, to provide an integrated portal for wellness activities, education, social encouragement, and incentivizing healthy behaviors.

Key Vendor Analysis

The US corporate wellness market is highly fragmented, with the leading four vendors accounting for less than 15% of the market share. However, the market is witnessing consolidation albeit at a slow pace. The market is witnessing the entry of several external players such as in-house services by large businesses and other entities in the health and fitness space that offer membership discounts to drive up their share of the pie in the market. There are also a lot of health clinics, gyms, and fitness clubs that provide certain services hinged on tests and biometric screenings, memberships, health fairs, seminars, educational workshops, and incentives. Further, mergers and acquisitions are also gaining traction as players are looking forward to becoming more comprehensive in their offerings.

 

The US Corporate Wellness market research report includes in-depth coverage of the industry with estimates & forecast in terms of revenue from 2019 to 2025 for the following segments:

Delivery Model

  • Onsite
  • Offsite

Programs

  • HRA
  • Nutrition and weight management
  • Smoking cessation
  • Fitness services
  • Alcohol and drug rehab
  • Stress management
  • Health education services
  • Financial Wellness
  • Others

End-user

  • Large Private Sector Businesses
  • Medium Private Sector Businesses
  • Public Sector Companies
  • Small Private Sector Businesses
  • Non-Profit Organizations

Revenue Models

  • Recurring Revenues
  • Seasonal Revenues

Type

  • Services
  • Technology

Incentive Programs

  • Participatory Programs
  • Health contingent Programs

 

KEY QUESTIONS ANSWERED

  • What is the market size and growth rate of the US corporate wellness market
  • What are the segments of the US corporate wellness market
  • Which segment is the fastest-growing
  • Which companies are using the wellness programs
  • Which vendors hold maximum market share

FILL IN YOUR DETAILS BELOW TO GET FREE SAMPLE OF THIS REPORT

Client Speak

data center market size

Erik Young

CEO, Co-founder
Audink Inc., DBA Audios

The report by Arizton was spot on. It not only gave us insight into the pro audio market, we used it to raise funds for our company. The data proved (to the VC we pitched to) that the market was large enough for our company to not only survive but also grow.

data center market

Benjamin Arnold

Senior Product Manager
Interstates

I recently purchased a key Arizton Industry Outlook & Forecast in order to better understand growth for specific market segments and the macro environmental factors impacting this growth. I found Ariztonā€™s coverage of the market dynamics and key takeaways to be insightful and valuable. The segmentation breakouts gave me the information I needed to guide strategic considerations.

data center market research

Hallmann, Nickolai

Manager Market Analyst Power
Generation & Energy
Rolls-Royce Power Systems AG

The provided information by Arizton really met my expectations. Especially the deep information about the datacenter ecosystem was very helpful. Furthermore, I absolutely appreciate the optimal service from the key account managers of Arizton. It was always a pleasure working with them.

Customer Service

Support

+1-312-235-2040

Copyright 2019 - Arizton

data center market