Corporate Wellness Market size in the US to grow by USD 6.12 billion from 2022 to 2027|Increasing need to combat rising healthcare costs drive the market - Technavio
NEW YORK, July 25, 2023 /PRNewswire/ -- The corporate wellness market size in the US is forecast to increase by USD 6.12 billion from 2022 to 2027, at a CAGR of 8.38%, according to a recent market study by Technavio. The growth of the market will be driven by the increasing need to combat rising healthcare costs, the need for improved employee productivity, and recent developments in corporate wellness solutions in the US. Charts & data tables about market and segment sizes for a historic period of five (2017-2021) years have been covered in this report. Download The Sample Report
Technavio has extensively analyzed 15 major vendors, including Aduro LLC, Alphabet Inc., ComPsych Corp., Exos Works Inc., Interactive Health System LLC, Kinema Fitness, Laboratory Corp. of America Holdings, Link Group, Marino Wellness LLC, Practo Technologies Pvt. Ltd., Prepaid Technologies Company Inc., Privia Health Group Inc., Sodexo SA, The Cleveland Clinic Foundation, United HealthCare Services Inc., Virgin Pulse Inc., Vitality Group LLC, WebMD Health Services Group Inc., Wellsource Inc., and WellSteps.com LLC.
Key Benefits for Industry Players & Stakeholders –
- The report offers information on the criticality of vendor inputs, including R&D, CAPEX, and technology.
- It also provides detailed analyses of the market's competitive landscape and vendors' product offerings.
- The report also provides a qualitative and quantitative analysis of vendors to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
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Customer Landscape - Analysis of Price Sensitivity, Adoption Lifecycle, Customer Purchase Basket, Adoption Rates, and Purchase Criteria by Technavio
- One of the core components of the customer landscape is price sensitivity, an analysis of which will help companies refine marketing strategies to gain a competitive advantage.
- Another key aspect is price sensitivity drivers (purchases are undifferentiated, the purchase is a key cost to buyers, and quality is not important), which range between LOW and HIGH.
- Furthermore, market adoption rates for all regions have been covered.
Get a holistic overview of the US Corporate Wellness Market by industry experts to evaluate and develop growth strategies. Download the Sample
Expense Management Software Market - Segmentation Assessment
The market is segmented by application (Health assessments and screenings, Nutrition and fitness, Stress management, and Others), and product type (SMEs and large organizations).
- The market share growth by the health assessments and screenings segment will be significant during the forecast period. Health assessment is a crucial component of corporate wellness programs, conducted by providers to understand an employee's current health status, medical history, and specific needs related to their health conditions. The assessment includes evaluating workplace wellness programs, physical environment, and organization policies, and conducting employee surveys to identify health behaviors, concerns, and interests. Identified health risk factors during health checks include smoking, alcohol consumption, obesity, high blood pressure, high cholesterol, and high blood glucose. Employee health screenings can also boost employee morale by showing the employer's commitment to their well-being. Such factors are expected to drive the growth of this segment and the corporate wellness market in the US during the forecast period.
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Key Corporate Wellness Market Driver in US
The increasing need to combat rising healthcare costs is the major factor notably driving market growth. Organizations provide healthcare benefits to employees, including prescription drug subsidies, health insurance, and premium compensation, to enhance their health and productivity. Rising medical costs due to chronic illnesses and obesity have led to increased expenses and reduced work productivity. To address these issues, organizations are implementing corporate wellness programs to encourage healthy habits and prevent chronic diseases and obesity. These programs use stress mapping techniques to identify stress triggers in the workplace and take appropriate actions to reduce stress levels. Such health benefits and initiatives are expected to drive the corporate wellness market in the US during the forecast period.
Significant Corporate Wellness Market Trends in US
The adoption of wearable technology is an emerging trend shaping market growth. Wearable technology is an emerging trend in corporate wellness, allowing employers to track employees' vital signs, fitness levels, location, and emotions. Devices like Fitbit Blaze smart fitness watches are increasingly adopted by employees during corporate wellness programs due to their advantages, such as GPS, heart rate monitoring, smart notifications, and lateral distance tracking. These devices contribute to the success of corporate wellness programs by improving employees' health outcomes and motivating them to achieve better results. As wearable technology gains popularity in measuring and enhancing employees' health, it is expected to drive the growth of the U.S. Corporate Wellness Market during the forecast period.
Major Corporate Wellness Market Challenge in US
The poor engagement level among employees is one of the key challenges impeding market growth. Poor employee engagement levels and lack of motivation can pose a threat to the corporate wellness market in the US. It is essential to gather employee feedback before implementing a corporate wellness program to understand their needs and interests. Without such feedback mechanisms, employers may be unaware of their employees' preferences, leading to poor program outcomes. The lack of employee participation can be attributed to reasons like a lack of desire to spend time on wellness activities, insufficient employer support, work pressure, inconvenient timings, and a poor understanding of the program's purpose and goals. These factors will significantly hinder the U.S. Corporate Wellness Market during the forecast period.
What are the key data covered in this Corporate Wellness Market In US report?
- CAGR of the market during the forecast period
- Detailed information on factors that will drive the growth of the corporate wellness market in US between 2023 and 2027
- Precise estimation of the size of the corporate wellness market in US size and its contribution to the market in focus on the parent market
- Accurate predictions about upcoming trends and changes in consumer behaviour
- Growth of the corporate wellness market across the US
- A thorough analysis of the market's competitive landscape and detailed information about vendors
- Comprehensive analysis of factors that will challenge the growth of the corporate wellness market in US vendors
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Related Reports:
The Global Corporate Wellness Market Size is estimated to grow at a CAGR of 8.12% between 2022 and 2027. The corporate wellness market size is forecast to increase by USD 29,208.51 million. This report extensively covers market segmentation by application (health assessments and screenings, nutrition and fitness, stress management, and smoking cessation and others), deployment (SMEs and large organizations), and geography (North America, Europe, APAC, South America, and Middle East and Africa). The increasing need to combat rising healthcare costs is notably driving the corporate wellness market growth.
The corporate training market share is expected to increase by USD 46.22 billion from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 8.77%. This report extensively covers corporate training market segmentation by product (technical training and non-technical training) and geography (North America, Europe, APAC, South America, and the Middle East and Africa). One of the key factors driving the global corporate training industry growth is the emergence of cost-effective e-learning training modules.
Corporate Wellness Market Scope in US |
|
Report Coverage |
Details |
Base year |
2022 |
Historic period |
2017-2021 |
Forecast period |
2023-2027 |
Growth momentum & CAGR |
Accelerate at a CAGR of 8.38% |
Market growth 2023-2027 |
USD 6.12 billion |
Market structure |
Fragmented |
YoY growth 2022-2023 (%) |
8.09 |
Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
Key companies profiled |
Aduro LLC, Alphabet Inc., ComPsych Corp., Exos Works Inc., Interactive Health System LLC, Kinema Fitness, Laboratory Corp. of America Holdings, Link Group, Marino Wellness LLC, Practo Technologies Pvt. Ltd., Prepaid Technologies Company Inc., Privia Health Group Inc., Sodexo SA, The Cleveland Clinic Foundation, United HealthCare Services Inc., Virgin Pulse Inc., Vitality Group LLC, WebMD Health Services Group Inc., Wellsource Inc., and WellSteps.com LLC |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for the forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
Table of contents
1 Executive Summary
- 1.1 Market Overview
- Exhibit 01: Executive Summary – Chart on Market Overview
- Exhibit 02: Executive Summary – Data Table on Market Overview
- Exhibit 03: Executive Summary – Chart on Country Market Characteristics
- Exhibit 04: Executive Summary – Chart on Market Segmentation by Application
- Exhibit 05: Executive Summary – Chart on Market Segmentation by Product Type
- Exhibit 06: Executive Summary – Chart on Vendor Market Positioning
2 Market Landscape
- 2.1 Market ecosystem
- Exhibit 07: Parent market
- Exhibit 08: Market Characteristics
3 Market Sizing
- 3.1 Market definition
- Exhibit 09: Offerings of vendors included in the market definition
- 3.2 Market segment analysis
- Exhibit 10: Market segments
- 3.3 Market size 2022
- 3.4 Market outlook: Forecast for 2022-2027
- Exhibit 11: Chart on US - Market size and forecast 2022-2027 ($ billion)
- Exhibit 12: Data Table on US - Market size and forecast 2022-2027 ($ billion)
- Exhibit 13: Chart on US: Year-over-year growth 2022-2027 (%)
- Exhibit 14: Data Table on US: Year-over-year growth 2022-2027 (%)
4 Historic Market Size
- 4.1 Corporate wellness market in US 2017 - 2021
- Exhibit 15: Historic Market Size – Data Table on corporate wellness market in US 2017 - 2021 ($ billion)
- 4.2 Application Segment Analysis 2017 - 2021
- Exhibit 16: Historic Market Size – Application Segment 2017 - 2021 ($ billion)
- 4.3 Product type Segment Analysis 2017 - 2021
- Exhibit 17: Historic Market Size – Product type Segment 2017 - 2021 ($ billion)
5 Five Forces Analysis
- 5.1 Five forces summary
- Exhibit 18: Five forces analysis - Comparison between 2022 and 2027
- 5.2 Bargaining power of buyers
- Exhibit 19: Chart on Bargaining power of buyers – Impact of key factors 2022 and 2027
- 5.3 Bargaining power of suppliers
- Exhibit 20: Bargaining power of suppliers – Impact of key factors in 2022 and 2027
- 5.4 Threat of new entrants
- Exhibit 21: Threat of new entrants – Impact of key factors in 2022 and 2027
- 5.5 Threat of substitutes
- Exhibit 22: Threat of substitutes – Impact of key factors in 2022 and 2027
- 5.6 Threat of rivalry
- Exhibit 23: Threat of rivalry – Impact of key factors in 2022 and 2027
- 5.7 Market condition
- Exhibit 24: Chart on Market condition - Five forces 2022 and 2027
6 Market Segmentation by Application
- 6.1 Market segments
- Exhibit 25: Chart on Application - Market share 2022-2027 (%)
- Exhibit 26: Data Table on Application - Market share 2022-2027 (%)
- 6.2 Comparison by Application
- Exhibit 27: Chart on Comparison by Application
- Exhibit 28: Data Table on Comparison by Application
- 6.3 Health assessments and screenings - Market size and forecast 2022-2027
- Exhibit 29: Chart on Health assessments and screenings - Market size and forecast 2022-2027 ($ billion)
- Exhibit 30: Data Table on Health assessments and screenings - Market size and forecast 2022-2027 ($ billion)
- Exhibit 31: Chart on Health assessments and screenings - Year-over-year growth 2022-2027 (%)
- Exhibit 32: Data Table on Health assessments and screenings - Year-over-year growth 2022-2027 (%)
- 6.4 Nutrition and fitness - Market size and forecast 2022-2027
- Exhibit 33: Chart on Nutrition and fitness - Market size and forecast 2022-2027 ($ billion)
- Exhibit 34: Data Table on Nutrition and fitness - Market size and forecast 2022-2027 ($ billion)
- Exhibit 35: Chart on Nutrition and fitness - Year-over-year growth 2022-2027 (%)
- Exhibit 36: Data Table on Nutrition and fitness - Year-over-year growth 2022-2027 (%)
- 6.5 Stress management - Market size and forecast 2022-2027
- Exhibit 37: Chart on Stress management - Market size and forecast 2022-2027 ($ billion)
- Exhibit 38: Data Table on Stress management - Market size and forecast 2022-2027 ($ billion)
- Exhibit 39: Chart on Stress management - Year-over-year growth 2022-2027 (%)
- Exhibit 40: Data Table on Stress management - Year-over-year growth 2022-2027 (%)
- 6.6 Others - Market size and forecast 2022-2027
- Exhibit 41: Chart on Others - Market size and forecast 2022-2027 ($ billion)
- Exhibit 42: Data Table on Others - Market size and forecast 2022-2027 ($ billion)
- Exhibit 43: Chart on Others - Year-over-year growth 2022-2027 (%)
- Exhibit 44: Data Table on Others - Year-over-year growth 2022-2027 (%)
- 6.7 Market opportunity by Application
- Exhibit 45: Market opportunity by Application ($ billion)
- Exhibit 46: Data Table on Market opportunity by Application ($ billion)
7 Market Segmentation by Product Type
- 7.1 Market segments
- Exhibit 47: Chart on Product Type - Market share 2022-2027 (%)
- Exhibit 48: Data Table on Product Type - Market share 2022-2027 (%)
- 7.2 Comparison by Product Type
- Exhibit 49: Chart on Comparison by Product Type
- Exhibit 50: Data Table on Comparison by Product Type
- 7.3 SMEs - Market size and forecast 2022-2027
- Exhibit 51: Chart on SMEs - Market size and forecast 2022-2027 ($ billion)
- Exhibit 52: Data Table on SMEs - Market size and forecast 2022-2027 ($ billion)
- Exhibit 53: Chart on SMEs - Year-over-year growth 2022-2027 (%)
- Exhibit 54: Data Table on SMEs - Year-over-year growth 2022-2027 (%)
- 7.4 Large organizations - Market size and forecast 2022-2027
- Exhibit 55: Chart on Large organizations - Market size and forecast 2022-2027 ($ billion)
- Exhibit 56: Data Table on Large organizations - Market size and forecast 2022-2027 ($ billion)
- Exhibit 57: Chart on Large organizations - Year-over-year growth 2022-2027 (%)
- Exhibit 58: Data Table on Large organizations - Year-over-year growth 2022-2027 (%)
- 7.5 Market opportunity by Product Type
- Exhibit 59: Market opportunity by Product Type ($ billion)
- Exhibit 60: Data Table on Market opportunity by Product Type ($ billion)
8 Customer Landscape
- 8.1 Customer landscape overview
- Exhibit 61: Analysis of price sensitivity, lifecycle, customer purchase basket, adoption rates, and purchase criteria
9 Drivers, Challenges, and Trends
- 9.1 Market drivers
- 9.2 Market challenges
- 9.3 Impact of drivers and challenges
- Exhibit 62: Impact of drivers and challenges in 2022 and 2027
- 9.4 Market trends
10 Vendor Landscape
- 10.1 Overview
- 10.2 Vendor landscape
- Exhibit 63: Overview on Criticality of inputs and Factors of differentiation
- 10.3 Landscape disruption
- Exhibit 64: Overview on factors of disruption
- 10.4 Industry risks
- Exhibit 65: Impact of key risks on business
11 Vendor Analysis
- 11.1 Vendors covered
- Exhibit 66: Vendors covered
- 11.2 Market positioning of vendors
- Exhibit 67: Matrix on vendor position and classification
- 11.3 Alphabet Inc.
- Exhibit 68: Alphabet Inc. - Overview
- Exhibit 69: Alphabet Inc. - Business segments
- Exhibit 70: Alphabet Inc. - Key news
- Exhibit 71: Alphabet Inc. - Key offerings
- Exhibit 72: Alphabet Inc. - Segment focus
- 11.4 ComPsych Corp.
- Exhibit 73: ComPsych Corp. - Overview
- Exhibit 74: ComPsych Corp. - Product / Service
- Exhibit 75: ComPsych Corp. - Key offerings
- 11.5 Exos Works Inc.
- Exhibit 76: Exos Works Inc. - Overview
- Exhibit 77: Exos Works Inc. - Product / Service
- Exhibit 78: Exos Works Inc. - Key offerings
- 11.6 Kinema Fitness
- Exhibit 79: Kinema Fitness - Overview
- Exhibit 80: Kinema Fitness - Product / Service
- Exhibit 81: Kinema Fitness - Key offerings
- 11.7 Laboratory Corp. of America Holdings
- Exhibit 82: Laboratory Corp. of America Holdings - Overview
- Exhibit 83: Laboratory Corp. of America Holdings - Business segments
- Exhibit 84: Laboratory Corp. of America Holdings - Key news
- Exhibit 85: Laboratory Corp. of America Holdings - Key offerings
- Exhibit 86: Laboratory Corp. of America Holdings - Segment focus
- 11.8 Marino Wellness LLC
- Exhibit 87: Marino Wellness LLC - Overview
- Exhibit 88: Marino Wellness LLC - Product / Service
- Exhibit 89: Marino Wellness LLC - Key offerings
- 11.9 Practo Technologies Pvt. Ltd.
- Exhibit 90: Practo Technologies Pvt. Ltd. - Overview
- Exhibit 91: Practo Technologies Pvt. Ltd. - Product / Service
- Exhibit 92: Practo Technologies Pvt. Ltd. - Key offerings
- 11.10 Privia Health Group Inc.
- Exhibit 93: Privia Health Group Inc. - Overview
- Exhibit 94: Privia Health Group Inc. - Product / Service
- Exhibit 95: Privia Health Group Inc. - Key offerings
- 11.11 Sodexo SA
- Exhibit 96: Sodexo SA - Overview
- Exhibit 97: Sodexo SA - Business segments
- Exhibit 98: Sodexo SA - Key news
- Exhibit 99: Sodexo SA - Key offerings
- Exhibit 100: Sodexo SA - Segment focus
- 11.12 The Cleveland Clinic Foundation
- Exhibit 101: The Cleveland Clinic Foundation - Overview
- Exhibit 102: The Cleveland Clinic Foundation - Product / Service
- Exhibit 103: The Cleveland Clinic Foundation - Key offerings
- 11.13 United HealthCare Services Inc.
- Exhibit 104: United HealthCare Services Inc. - Overview
- Exhibit 105: United HealthCare Services Inc. - Business segments
- Exhibit 106: United HealthCare Services Inc. - Key offerings
- Exhibit 107: United HealthCare Services Inc. - Segment focus
- 11.14 Virgin Pulse Inc.
- Exhibit 108: Virgin Pulse Inc. - Overview
- Exhibit 109: Virgin Pulse Inc. - Product / Service
- Exhibit 110: Virgin Pulse Inc. - Key offerings
- 11.15 Vitality Group LLC
- Exhibit 111: Vitality Group LLC - Overview
- Exhibit 112: Vitality Group LLC - Product / Service
- Exhibit 113: Vitality Group LLC - Key offerings
- 11.16 WebMD Health Services Group Inc.
- Exhibit 114: WebMD Health Services Group Inc. - Overview
- Exhibit 115: WebMD Health Services Group Inc. - Product / Service
- Exhibit 116: WebMD Health Services Group Inc. - Key offerings
- 11.17 Wellsource Inc.
- Exhibit 117: Wellsource Inc. - Overview
- Exhibit 118: Wellsource Inc. - Product / Service
- Exhibit 119: Wellsource Inc. - Key offerings
12 Appendix
- 12.1 Scope of the report
- 12.2 Inclusions and exclusions checklist
- Exhibit 120: Inclusions checklist
- Exhibit 121: Exclusions checklist
- 12.3 Currency conversion rates for US$
- Exhibit 122: Currency conversion rates for US$
- 12.4 Research methodology
- Exhibit 123: Research methodology
- Exhibit 124: Validation techniques employed for market sizing
- Exhibit 125: Information sources
- 12.5 List of abbreviations
- Exhibit 126: List of abbreviations
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Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provide actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios.
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