USD 18.5 billion
U.S. Corporate Wellness Market Size, Share, Growth Analysis, By Service(Health Risk Assessment, Fitness, Smoking Cessation, Health Screening), By End - Use(Small Scale Organizations, Medium Scale Organizations, and Large Scale Organizations), By Category(Fitness & Nutrition Consultants, Psychological Therapists, Organizations/Employers), By Region - Industry Forecast 2024-2031
Report ID:
SQMIC35D2248 |
Region:
Country |
Published Date: February, 2024
Pages:
157
|Tables:
94
|Figures:
76
U.S. Corporate Wellness Market Insights
US Corporate Wellness Market size was valued at USD 18.5 billion in 2022 and is poised to grow from USD 19.24 billion in 2023 to USD 26.33 billion by 2031, growing at a CAGR of 4% in the forecast period (2024-2031).
The U.S corporate wellness market is predicted to grow in the coming years. This expansion will be driven by growing incidence of chronic illnesses and the rising awareness of employee health and wellness. In today’s world, employers are making employee wellness a top priority. This is because businesses are realizing that a healthy and engaged employee is more valuable to the company.
About 60% of employees have claimed that their own lifestyles outside of work have become healthier due to the adoption of corporate wellness initiatives. The US has always seen a high number of cases of work-related stress and it has consistently increased recently. The American Institute of Stress has stated that approximately 85% of workers suffer from work-related stress. This statistic has forced employers to brea costs to near $300 billion annually. Additionally, another $110 billion has been spent in treating depression, half of which goes to workers.
Corporate healthcare can fight multiple physical and mental health disorders. More businesses and employees are being made aware of this fact. Thus, the adoption of these services has skyrocketed. According to a study in the American Journal of Health Promotion in 2017, almost 50% of American companies offered some type of health promotion, which is a good sign for the market’s growth.
Corporate healthcare’s ROI is another driver of the adoption of these services. Big companies often pay large amounts of health insurance premiums for their workforce. Although, the growing number of unhealthy employees has increased, raising the cost of insurance premiums. This has led to a financial limit for employers.
In order to reduce these costs while also increasing performance rate, companies are widely investing in corporate wellness and engagement programs. Additionally, there are multiple initiatives being taken by the US government to support the growth of corporate wellness services. For example, HIPAA (the Health Insurance Portability and Accountability Act) provides a safety net for employee health information that is in the employer database.
Market Snapshot - 2024-2031
Global Market Size
Largest Segment
Large Scale Organizations
Fastest Growth
Large Scale Organizations
Growth Rate
4% CAGR
U.S. Corporate Wellness Market ($ Bn)
Country Share for U.S. Region (%)
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U.S. Corporate Wellness Market Segmental Analysis
The categorical segmentation of the market includes , psychological therapists, fitness & nutrition consultants, organizations/employers. The end-users of this market are large scale organizations, small scale organizations, medium scale organizations. Fitness, health risk assessment, health screening, smoking cessation, stress management,and nutrition & weight management, among others, are the service categories of the market. The market regions are Northeast, South, and West. The market encompasses onsite and offsite models.
Analysis By Service
Health Risk Assessment (HRA) brought in a market revenue of 21.0% of the total, making it the biggest service segment in 2022. Their growing popularity as a vital service component in various employee health programs has led to its dominance. This segment provides an in-depth and comprehensive analysis of all factors that affect a worker’s health. This includes physical activity, smoking habits, height, weight, and stress levels, among others. This assessment marks the potential risks to health for the employers. This preventive factor has cemented the segment's vitality in employee wellness.
Stress management has grown quickly in the market, holding the highest CAGR of 5.33%. The biggest factor having pushed this category’s growth is the constant and growing stress among employees at the workplace. Other factors include the rising significance of health management which is also fueling the medical examination field. To relieve employees of their stress, many options are laid out including mental health leaves and stress- busting activities. Screening tests are held to analyze the root of this stress and these programs help employees deal with work-related stress.
Analysis By Category
As of 2022, the employer or organization category dominates the corporate wellness market. According to the year’s data, the segment held the largest market revenue share valued at 51.3%. Service providers directly come in contact with employers to explain the benefits of thse programs. They offer different health management services that can be applied to any business, large or small. This segment has grown tremendously in recent years as on-site wellness and fitness services, like yoga and meditation, have gained traction. In order to promote the worker’s healthy behavior, employers are making large investments in the market’s services. These include hiring sport and lifestyle coaches to guide and support workers who can work on their health and well-being. The segment is predicted to reach a CAGR of 4.38% in the coming years, cementing its position in the market.
U.S. Corporate Wellness Market By End - Use
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U.S. Corporate Wellness Market Regional Insights
The northeastern part of the US leads the regional market for corporate healthcare.This is due to their widespread adoption of wellness programs, which is a result of their emphasis on preventive care. Businesses are integrating health-based incentive programs to support the adoption of healthier behavior among employees. These programs reward employees with discounts on health insurance premiums or offer gift cards for healthy food purchases.
The midwest is growing at high speeds in the market. Their increasing knowledge about the advantages of wellness plans has supported this fast development. Businesses are focused on providing a diverse range of wellness programs. These include wellness checks, stress management programs, and on-site fitness centers. These programs help employees make health choices throughout the workday.
The southern part of the country is a growing market for corporate healthcare. They are prioritizing preventive care for chronic disease. Businesses in this region have increased their offering of wellness programs that cater to the particular needs of their workforce. These can range from diabetes management to obesity prevention programs. Employees can manage and prevent long-term illness and improve overall well being thanks to these programs.
The western part of the US is a diverse region that is driven by different healthcare trends. Some areas are witnessing businesses trying to focus on overall wellness in the workplace. This includes providing healthy food options in canteens and opening on-site fitness centers. Other areas prioritize community welfare like making local health organization donations and sponsoring health fairs.
U.S. Corporate Wellness Market By Geography
- Largest
- Fastest
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U.S. Corporate Wellness Market Dynamics
Drivers
Rising Awareness of Employee Health Significance
- Businesses are now prioritizing employee health and well-being as part of their operations. Healthy employees can translate to higher productivity, lesser absenteeism, and reduced accidents. The market;s offerings can improve the health and well-being of employees, making the jobs of employers easier.
Increasing Prevalence of Chronic Diseases
- The US has one of the highest rates of global incidence of chronic diseases like diabetes, strokes, heart diseases, and cancer. These illnesses can be a potential player in the surge of healthcare costs, absence rate, and lower productivity. With the help of corporate wellness programs employees can prevent these problems early and improve health. This can result in employers saving financial resources and improving productivity and morale.
Technological Advancement
- The advancement of technology has boosted the growth of this market. The integration of devices like mobile apps and wearables can make it simpler and more convenient for employers and employees to track and execute corporate wellness programs. These technologies track health data and present customized healthcare suggestions. This also helps employers curate effective and engaging wellness programs.
Restraints
Less engagement
- Another market inhibitor is the reluctance of the workforce to participate in corporate wellness programs. This is a result of their lack of time, belief or interest in these programs and their effectiveness. The low engagement rate of employees in the market can diminish expansion.
Higher Costs of Programs
- These programs can be very costly to maintain. Thai is on top of the high expenses that come with implementing them. These high costs of corporate wellness programs barricade some employers from investing in it, particularly small businesses.
Lack of Qualified Professionals
- In order to deliver corporate wellness solutions, the market requires skilled and expert professionals. However, there is a lack of qualified professionals who can deliver these programs. Employers find it challenging to search for the right individual who can implement and handle these programs. This shortage can pose a problem for market growth
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U.S. Corporate Wellness Market Competitive Landscape
The US corporate wellness market’s environment is highly competitive. The dynamic of this landscape is sculpted by market players constantly engaged in rivalry to seize market share. The players include leading healthcare firms and providers, along with new entrants and technology companies.
Some market leaders are Vitality Group, Virgin Pulse, and Welltok. Their strong global presence and diverse range of comprehensive wellness platforms and programs have helped them maintain their market position. In order to produce customized solutions to both employees and employers, these companies often use data analytics, interactive tools and personalized health assessments.
Healthcare providers like Cigna and UnitedHealth Group have also penetrated this market. They ise their global networks and expertise ot earn market share. These suppliers offer integrated wellness programs to provide a more holistic approach to employee wellness.
Top Player’s Company Profiles
- Cigna (Bloomfield, Connecticut)
- UnitedHealth Group (Minnetonka, Minnesota)
- Garmin (Olathe, Kansas)
- ComPsych Corporation (Chicago, Illinois)
- Fitbit (San Francisco, California)
- HealthFitness (Minneapolis, Minnesota)
- Vitality Group (Chicago, Illinois)
- Welltok (Denver, Colorado)
- Virgin Pulse (Providence, Rhode Island)
- CoreHealth Technologies (Kelowna, British Columbia, Canada)
- RedBrick Health (Minneapolis, Minnesota)
- Bravo Wellness (Cleveland, Ohio)
- Interactive Health (Schaumburg, Illinois)
- TotalWellness (Omaha, Nebraska)
- Wellness Corporate Solutions (Bethesda, Maryland)
- Keas (San Francisco, California)
- Wellable (Boston, Massachusetts)
- Limeade (Bellevue, Washington)
- EXOS (Phoenix, Arizona)
- Provant Health (East Greenwich, Rhode Island)
Recent Developments
- Blue Cross Blue Shield, based in Massachusetts, provides health insurance plans, medical claims, insurance coverage, benefits and telehealth. This company reported in February 2023 that it will be releasing a new corporate wellness program. It will be called "MyPath to Better Health."
- Welltok is a data-driven, enterprise SaaS company that provides a cloud-based employee wellness platform. The company was bought by Aetna, as reported in March 2023. Aetna is an American managed health care company that sells health care insurance and related services, such as medical, pharmaceutical, dental, behavioral health, and more.
- Kaiser Permanente is an American integrated managed care consortium and one of the leading providers in the region. This company made an announcement in January 2023. It stated that the provider will expand its corporate wellness program to give a larger emphasis on mental health.
U.S. Corporate Wellness Key Market Trends
- Increased Use of Technology: Corporate wellness market has seen a significant change in the way the programs are delivered. This remodeling can be attributed to the increased use of technology. With the help of technological devices, employers can track worker health and deliver customized wellness programs. These devices include wearable devices and mobile apps, among others. This trend has made it easier for employers to introduce wellness programs which are engaging, effective, and efficient.
- Transition to Holistic Approach to Wellness: The health of the mind and body is interconnected. The overall wellbeing of an employee means they should be physically and mentally healthy. This holistic approach in corporate wellness programs has gained popularity. These programs target the emotional, mental, and physical health of the workforce.
- Prevention Focus: Early prevention is now the new priority of corporate wellness programs. This has helped any company’s employees to avoid long-term illnesses and other health problems before they are ever afflicted by it. This approach is cost-effective in the long-run as the need for programs to heal diseases will be eliminated.
U.S. Corporate Wellness Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, The US corporate wellness market is witnessing a period of drastic change. This market’s transformative phase can be credited to several factors. One of them is the growing emphasis on employee health and wellness, which was widely influenced by the COVID-19 pandemic. The market’s services are now widely adopted as employers understand the significance of supporting and improving the mental and physical health of their workers. This surge and awareness has boosted market growth as more businesses invest in comprehensive healthcare solutions.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 18.5 billion |
| Market size value in 2031 | USD 26.33 billion |
| Growth Rate | 4% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
|
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on U.S. Corporate Wellness Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on U.S. Corporate Wellness Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the U.S. Corporate Wellness Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the U.S. Corporate Wellness Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the U.S. Corporate Wellness Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the U.S. Corporate Wellness Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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