Corporate Wellness Market in US is Projected to Worth $13 Billion by 2023

Published on: Feb-2018

Tags: Provant Health Solutions, Virgin Pulse, Wellness Corporate Solutions, Compsych.

The increasing awareness about work-life balance and reducing stress level at work is driving the growth of the growth of the corporate wellness market in US.


Arizton’s recent market research report on the corporate wellness market in US provides comprehensive industry analysis, trend forecasts, and competitive analysis. The research study segments the market by delivery model (onsite and offsite), by program (HRA, nutrition and weight management, smoking cessation, fitness services, alcohol and drug rehab, stress management, health education services, and others), by end-user (large private sector businesses, medium private sector businesses, public sector companies, small private sector businesses, non-profit organizations), and by revenue model (recurring revenues and seasonal revenues).

The corporate wellness market in US is expected to generate revenues of more than $13 billion by 2023 and is projected to grow at a CAGR of over 8% during the forecast period. The launch of healthcare campaigns and lifestyle coaching techniques will help companies integrate long-term engagement, corporate culture, and communal campaigns in the workplaces and increase the satisfaction levels in the organization.

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The top 3 drivers and trends of the corporate wellness market in US are discussed below:

Corporate Wellness Programs Fill in for a Limiting US Healthcare System

The increasing focus on preventing, reversing, and arresting health conditions that help reduce the burden of healthcare costs is propelling the growth of the corporate wellness market in US. The limitation of the US healthcare system that primarily focuses on disease treatment and it is very expensive is promoting the adoption of wellness programs across corporate offices in the region. The corporate offices in the US have the ability to promote health and disease prevention centers in the region that enables healthy behavior creating a hearty population.

The incorporation of wellness programs provides an effective means to reduce cost and prevent a large number of sick leaves in an organization.

 

Data Analytics is Increasingly Powering Wellness

The adoption of data analytics by leveraging technology and big data will revolutionize the corporate wellness market in US. The use of data analytics is helping companies to leverage data planning for work health strategy and enabling the creation of an evidence base for workforce health needs. Data analytics help analyze the productivity data and employee health information by using data from HRA’s, face to face health risk assessments, EAPs, and insurance claims. Some of the other data sources used in the company to garner insights from the wellness programs and make uninformed decisions about their health and productivity with the help of wearables, onsite programme delivery, software platforms, employee feedback, and online screening sources. The adoption of data analytics in wellness programs will help companies create personalized programs that help improve the well-being of the employee, satisfaction levels, and overall productivity.

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Technology Use to Improve Outcomes

The introduction of technology is promoting the launch of metrics-driven wellness programs that augment the development of corporate wellness market in US. This integration of technology and wellness programs will help track performance of these programs and assist employers to understand the requirements of the employees. The increasing investment in the development of health analytics software, incentive tracking, and data warehousing will enable employers to promote, monitor, and reward healthy behaviors and achievements in an organization.

The use of web portals and mobile applications for monitoring wellness programs will revolutionize the corporate wellness market in US.

Some of the technologies gaining traction in the US market include telehealth, wearable devices, VR, gamification, mobile apps, and social media. The tech initiatives will increase the participation rate and interaction level among the groups thereby, increasing the satisfaction levels.

The leading vendors in the corporate wellness market in US are Compsych, Wellness Corporate Solutions, Virgin Pulse, and Provant Health Solutions.

The complete overview of the latest market research report on corporate wellness market in US by Arizton is now available.

The report also offers a detailed study of major trends, drivers, challenges, and also provides the market size and forecast for major geographical regions and key countries.

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