Stress management is the fastest growing segment of the corporate wellness market in US at an impressive CAGR of around 9% during 2017-2023
Arizton’s recent market research report on the corporate wellness market in US identifies Compsych, Wellness Corporate Solutions, Virgin Pulse, and Provant Health Solutions as the leading vendors that are likely to dominate the market during the forecast period. This research report provides detailed analysis of market segmentation 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 projected to generate revenues of over $13 billion by 2023 and is expected to grow at a CAGR of more than 8% during the forecast period.
The corporate wellness market in US is divided into four major segments – by program, end-user, delivery model, and revenue model. The top three segments are discussed in detail below:
Stress management segment to grow at the fastest CAGR in the corporate wellness market in US during forecast period
The corporate wellness market in US by programs is segmented into HRA, nutrition and weight management, smoking cessation, fitness services, alcohol and drug rehab, stress management, health education services, and others. Stress management is the fastest growing segment of the market at an impressive CAGR of around 9% and is anticipated to reach revenues of more than $1.7 billion during the forecast period. The prevalence of extended work hours, heavy workload, and other issues are creating physical and mental repercussions such as hypertension, heart attacks, and a feeling of instability among the employees. The incorporation of anti-stress programs such as yoga, therapy, EAPs, social activities, child care initiatives, provision of work from home, flexible timings, and mindfulness training is driving the growth of this segment in the corporate wellness market in US. The integration of cognitive behavioral therapy with smartphones will transform the stress management segment in the market during the forecast period.
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Large private sector businesses to dominate the corporate wellness market share in US during forecast period
The end-user segment in the corporate wellness market in US is classified into large private sector businesses, medium private sector businesses, public sector companies, small private sector businesses, non-profit organizations.
Large private sector business was the largest end-user segment in the market accounting for over 41% of the total market share in 2017 and is anticipated to grow at a CAGR of more than 8% during the forecast period.
The different types of wellness programs offered by the large private sector businesses are health management programs, EAPs, health and wellness websites, HRAs, wellness coaching, health and fitness challenges, disease management programs, biometric screenings, and onsite fitness centers. The adoption of various wellness programs to improve the predictability and stability among large businesses and initiatives to increase the satisfaction levels will propel the growth of this end-user segment in the corporate wellness market in US.
Onsite delivery model to grow at a significant CAGR in the corporate wellness market in US during forecast period
The corporate wellness market in US by delivery models is classified into onsite and offsite. The onsite delivery model is the fastest growing segment of the market at a CAGR of more than 8% billion during 2017-2023. The incorporation of onsite health clinics that help increase the participation and improve the overall health of the employee is propelling the growth of this market segment in the corporate wellness market in US. These services are preventive initiatives that help reduce healthcare expenditure and promoting healthy practices in the corporate environment. The employers are providing seminars for chronic conditions, vaccinations, healthy food options, and wellness fairs to integrate disease management and preventive screenings as part of their corporate wellness activities.
The other prominent players in the corporate wellness market in US are Beacon Health Options, Ceridian, Exos, Marino Wellness, OptumHealth, Privia Health, The Vitality Group, Wellsource, Wisdom Works Group, and WorkStride.
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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