Burlingame, June 13, 2023 (GLOBE NEWSWIRE) -- According to Coherent Market Insights, the U.S. corporate wellness market is estimated to be valued at US$ 12.28 Billion in 2022 and is expected to exhibit a CAGR of 9.4% during the forecast period (2023-2030).
Analysts’ Views on U.S. Corporate Wellness Market
Corporate wellness has become a popular initiative for promoting healthier habits through encouraging employees for improve diet, exercise, drink less alcohol and quit smoking. The risk of chronic diseases costing a trillion dollars to businesses every year can be reduced through adoption of healthy lifestyle choices. A wellness program offers support to employees and can make them feel encouraged and valued for leading a healthier life on the job and at home. Several companies are providing various scheduled programs focusing on improvement of mental health, fitness, nutritional awareness, and financial well-being. Some of these programs are medical screening, stress management seminars, weight management programs, onsite fitness centers and various classes on nutrition. Many companies also provide incentives for participating in such programs through offering fitness-related or monetary prizes.
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Key Trends and Analysis of the U.S. Corporate Wellness Market:
Growing popularity of stress management is a leading trend expected to accelerate growth of the U.S. corporate wellness market in the coming future, as the stress in the workplace is on the rise in the region. Moreover, growing emphasis on prevention of stress in workplaces, the adoption of wellness programs is increasing. These programs are primarily comprising screening activities that help identify the probable health risks and impose the needed intervention strategies in order to promote a healthy lifestyle in workplaces. Thus, the trend is likely to continue in the U.S. corporate wellness market over the forecast period.
U.S. Corporate Wellness Market – Drivers
Growing prevalence of chronic diseases to boost the market growth
The region is witnessing significant rise in burden of chronic diseases. These health problems are occurring due to many people with not enough time for engaging in physical or mental activities during their free time. The prevalence of heart attacks among other cardiovascular diseases and presence of overweight population is high in the region due to health issues such as blood sugar levels, cholesterol, and unhealthy blood pressure. For instance, as per the American Heart Association (AHA), cardiovascular disease account for most of the deaths in the country, and account for 17% of the national health expenditure. This in turn is anticipated to support growth of the U.S. corporate wellness market over the forecast period.
U.S. Corporate Wellness Market Report Coverage
| Report Coverage | Details | |||
| Base Year: | 2022 | Market Size in 2023: | US$ 13.43 Bn | |
| Historical Data for: | 2017 to 2021 | Forecast Period: | 2023 to 2030 | |
| Forecast Period 2023 to 2030 CAGR: | 9.4% | 2030 Value Projection: | US$ 25.12 Bn | |
| Segments covered: | • By Programs: HRA (Health Risk Assessment), Nutrition and Weight Management, Smoking Cessation, Fitness Services, Stress Management, Alcohol and Drug Rehab, Health Education Services, Financial Wellness, Others • By End User: Large Private Sector Businesses, Medium Private Sector Businesses, Small Private Sector Businesses, Public Sector Companies, Non-profit Organizations • By Incentive Program: Participatory, Health-contingent, By Revenue Model, Recurring Revenues, Seasonal Revenues • By Type: Services, Technology • By Delivery Model: Onsite, Offsite • By Industry: Media and Technology, Healthcare, Financial Services, Manufacturing, Retail, Others | |||
| Companies covered: | Ayco, Aquila, BSDI, Aduro, Active Wellness, Virgin Pulse, Compsych, Provant Health Solutions, American Specialty Health, Wellness Corporate Solutions, and Bank of America Merrill Lynch, among others. | |||
| Growth Drivers: | • Increasing prevalence of chronic diseases • The outbreak of COVID-19 (pandemic) | |||
| Restraints & Challenges: | • Slow adoption and lack of awareness • Remote working and increased surveillance by employers | |||
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Rise in number of people suffering from work-related stress to augment the market pace
The U.S. adult population is facing increased stress from workplaces and the number of people suffering has increased in recent years. According to the American Institute of Stress September 2019 report, nearly 85% of employees in the country suffer from stress related to work life costing the employers with around US$ 110 billion every year. Half of this amount is spent on treatment of the employees. Thus, this factor is anticipated to fuel growth of the U.S. corporate wellness market in the coming future.
U.S. Corporate Wellness Market – Restrain
Lack of certified and qualified professionals to hinder the market growth
Corporate wellness programs require certified and qualified specialists for assisting these programs. As per the Health Resources and Services Administration, by 2030, the number of adult psychiatrists in the U.S. will decrease by 20%. The primary reason behind this deficit is a declining number of new specialists entering the sector. This factor is expected to hamper growth of the U.S. corporate wellness market over the forecast period.
U.S. Corporate Wellness Market – Opportunities
Increase awareness about employee well-being and health to create lucrative opportunities in the market
The awareness about employee well-being and health is increasing among companies across several industries. As a result, the demand for corporate wellness programs is also growing in the country. For instance, as per the National Center for Chronic Disease Prevention and Health Promotion, the implementation of efficient workplace policies and programs, health risks among workers in the country can improve along with their quality of life. The corporate programs in the U.S. that promote health and well-being along with offering disease prevention plans can impact more than 150 million employees, which can further reduce the healthcare cost significantly. Thus, this factor is likely to offer multiple opportunities in the market.
U.S. Corporate Wellness Market - Key Developments
In April 2021, Workplace Options announced the plans to launch a novel program including live therapy and coaching sessions for assisting employees who are at the risk of burnout or are suffering burnout.
In February 2021, LifeWorks Inc. announced completion of LifeWorks of SMG Health PVT. LTD with expansion of service offerings of company in Australia.
In January 2021, United Health Group revealed its plans to introduced virtual primary care for employees for managing chronic conditions.
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Key Market Takeaways:
U.S. corporate wellness market is expected to exhibit a CAGR of 9.4% during the forecast period. The U.S. corporate wellness market is growing rapidly in response to the increase in demand for corporate wellness services in the workplace leading to many companies employing wellness programs for the employees. Due to implementation of these programs, companies can help boost productivity, enhance employee morale, and optimize human resource investments.
On the basis of Programs, Smoking Cessation Segment is expected to dominate the market during the forecast period and this is attributed to rise in number of smoking people as well as growing awareness about the side effects. The populations consuming cigarettes in the corporate industry of the U.S. is growing day by day. However, the awareness regarding its side effects is also growing among majority of the population. As a result, adoption of smoking cessation programs is on the rise, which in turn is driving growth of this segment.
On the basis of End User, Large Private Sector Business Segment is expected to dominate the market during the forecast period and this is attributed to the growing adoption of corporate wellness programs to provide a range of services, which will further help employees save time and enhance productivity. With increasing awareness regarding work life stress, the adoption of wellness program is increasing in the segment. As a result, large private sector businesses segment is likely to show robust growth in the near future.
On the basis of Incentive Program, Participatory Segment is expected to dominate the market during the forecast period and this is attributed to the rise in awareness in employees regarding the advantages of corporate wellness programs and increasing participation in these programs across several companies.
On the basis of Type, Service Segment is expected to dominate the market over the forecast period and this is attributed to the growing number of organizations taking initiatives for promoting corporate well-being services. With increasing awareness about impact of work life stress on mental health, several companies are increasing taking initiatives toward promoting corporate well-being services.
On the basis of Delivery Model, Onsite Segment is expected to dominate the market during the forecast period and this is attributed to the increasing implementation of corporate wellness programs. With onsite delivery of corporate wellness programs, it offers a personal touch to the well-being of employee and also facilitates exercising under the guidance of fitness coaches and consultants in order to reach the personal health requirements of employees.
On the basis of Industry, Healthcare Segment is expected to dominate the market during the forecast period and this is attributed to the increasing number of healthcare companies implementing wellness programs in the industry. With increasing growth of healthcare industry, the need for addressing wellness of employees is also growing. As a result, several companies in the industries are focused on imposing wellness programs for employees. This in turn is supporting growth of the U.S. corporate wellness market.
Competitive Landscape:
Key players operating in the U.S. Corporate Wellness market are Bank of America Merrill Lynch, Ayco, Wellness Corporate Solutions, Aquila, American Specialty Health, BSDI, Provant Health Solutions, Aduro, Compsych, Active Wellness, and Virgin Pulse.
Detailed Segmentation:
U.S. Corporate Wellness Market, By Programs
- HRA (Health Risk Assessment)
- Nutrition and Weight Management
- Smoking Cessation
- Fitness Services
- Stress Management
- Alcohol and Drug Rehab
- Health Education Services
- Financial Wellness
- Others
U.S. Corporate Wellness Market, By End User
- Large Private Sector Businesses
- Medium Private Sector Businesses
- Small Private Sector Businesses
- Public Sector Companies
- Non-profit Organizations
U.S. Corporate Wellness Market, By Incentive Program
- Participatory
- Health-contingent
U.S. Corporate Wellness Market, By Revenue Model
- Recurring Revenues
- Seasonal Revenues
U.S. Corporate Wellness Market, By Type
- Services
- Technology
U.S. Corporate Wellness Market, By Delivery Model
- Onsite
- Offsite
U.S. Corporate Wellness Market, By Industry
- Media and Technology
- Healthcare
- Financial Services
- Manufacturing
- Retail
- Others
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