Chicago, March 22, 2022 (GLOBE NEWSWIRE) — According to Arizton latest report, the U.S. corporate wellness market will grow at CAGR of 12% during 2022-2027.
Corporate wellness has transitioned from information-driven passive programs to dynamic and metrics-driven programs due to technological improvements. Smart technologies such as wearable devices, VR, gamification, telehealth, and mobile application have become a rage in the corporate wellness circle as they have 24/7 accessibility, motivate employees, provide power to them, automate tracking health status, and improve the decision-making process.
VR is another technology that is beginning to find its way into the corporate space, but it is yet to mature to a degree where it becomes less expensive to implement. Companies such as Relax VR, which integrate guided meditation with relaxing natural scenes in their product, are expected to gain a foothold in the market.
Health-focused gamification has already arrived in the corporate wellness industry and serves well in motivating employees to engage with wellness programs via challenges and rewards.
U.S. Corporate Wellness Market Report Scope
|MARKET SIZE (2027)||$23 Billion|
|MARKET SEGMENTS||Program, Revenue Model, Delivery Model, Incentive Programs, Type, Industry, and End-User|
|REGION COVERED||South, West, Midwest, and Northeast|
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Increasing Penetration of Telehealth Gaining Momentum in the Market
Before the pandemic, telehealth service was a growing phenomenon, but as soon as the COVID-19 occurred, the government realized the need for remote healthcare services. Therefore, the government relaxed its regulations to give a push towards the adoption of telehealth. When the world was in severe need of a robust medical infrastructure, telehealth services helped curb footfall to hospitals and clinics, thus reducing the risk to some extent. As a result of increasing support from the government and a rising shift toward work from home, the demand for telehealth services for corporate wellness boosted in 2020 and is expected to keep on increasing during the forecast period.
- Mental and financial wellness are key programs witnessing significant demand in the US, post COVID-19. The US Corporate stress management market is expected grow at a CAGR of approximately 14% during the forecast period.
- In terms of program, the health & risk assessment (HRA) program accounted for the largest share in the market in 2021. However, demand for financial wellness programs is expected to witness highest CAGR during the forecast period owing to rising focus on savings investments in the US post COVID-19.
- The US corporate wellness industry has shifted focus on devices and innovative software development, further fueled by technology-influenced convenience, hence, resulting in high CAGR for technology during forecast period.
- Onsite model accounted for largest share in the US corporate wellness market in 2021. Larger companies are more likely to offer onsite services as they have access to more resources in terms of budgets, space, and personnel, unlike smaller companies that typically outsource them.
- The media and technology industry accounted for over 18% share in the US corporate wellness market in 2021 and is anticipated to witness substantial growth during forecast period.
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Florida and Texas are the Key Markets
In 2021, the Southern region accounted for largest share in the US corporate wellness market with majority of demand coming from states including Texas, Florida, Virginia, Georgia, and others. Southern US employees strongly believe that stress management is very crucial and can strongly impact a person’s health. Southerners acknowledge the role that stress management programs can play in helping them with managing stress and lifestyle or behavior changes. As a result, the demand for corporate wellness programs is high in the region. Florida and Texas are the key states in the region, holding for the highest number of employees and establishments and hence holds a dominant position in the overall corporate wellness market of Southern US.
Value-Added Sales is Key To Success
The US corporate wellness market witnesses moderate to high competition as it is an extremely fragmented market. However, many of these players operate in specific niches, driving down the intensity of competition. However, vendors try to break price-based competition by relying upon value-added sales which offers them competitive advantage and potentially better market.
Over the past couple of years, the market has witnessed the entry of a lot of new entrants providing in-house services and other entities, offering membership discounts to drive up their market share. Vendors also tend to tie up with technology companies to develop wellness programs and boom their presence across the US market.
- Wellness Corporate Solutions
- Virgin Pulse
- Provant Health Solutions
Other Prominent Vendors
- Active Wellness
- Alyfe Wellbeing Strategies
- American Specialty Health
- Bank of America Merill Lynch
- Beacon Health Options
- Best Money Moves
- Castlight Health
- Corporate Fitness Works
- DHS Group
- Elite Wellness
- Financial Fitness Group
- Financial Knowledge
- Holberg Financial
- Health Advocate
- Integrated Wellness Partners
- Karelia Health
- Kersh Health
- Kinema Fitness
- Marino Wellness
- Marathon Health
- Money Starts Here
- My Secure Advantage
- The National Institute for Fitness and Sport (NIFS)
- Power Wellness
- Premise Health
- Privia Health
- Professional Fitness Management
- Prudential Financial
- Purchasing Power
- Ramsey Solutions
- Reach Fitness
- Sonic Boom Wellness
- Vantage Circle
- Vitality Group
- Wellness Coaches USA
- Wisdom Works Group
- WTS International
- Pro Financial Health
- Salary Finance
- GoPlan 101
- The Financial Gym
- Novant Health
Explore our health and wellness profile to know more about the industry.
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