Corporate Wellness Market in US 2023: Key Players – Compsych, Wellness Corporate Solutions, Virgin Pulse & Provant Health Solutions

ReportsnReports.com adds "Corporate Wellness Market in US - Industry Outlook and Forecast 2018-2023" report to its research store.

Pune, India - January 11, 2019 /MarketersMedia/ —

This corporate wellness market in US offers analysis on market size & forecast, market share, industry trends, growth drivers, and vendor analysis. The market study also includes insights on 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 major vendors in the US market are:
• Compsych
• Wellness Corporate Solutions
• Virgin Pulse
• Provant Health Solutions

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The growing requirement for healthy eating habits, exercise, the high prevalence of obesity, and reduction of insurance and healthcare costs are some of the major factors driving the growth of the corporate wellness market in US. The increasing focus on work-life balance and implementation of company-wide employee-centric healthcare campaigns that offer lifestyle coaching and benefits will revolutionize the corporate wellness market in the region.

The leading vendors are leveraging digital technology to host virtual screenings and give information through company portals to attract more consumers and gain a larger market share. Financial wellness programs are gaining immense popularity in the US market. These programs are designed to offer resources and tools that provide support to the employees. The financial programs part of the corporate wellness programs offers debt management tools, financial counseling, mortgages, income protection, student loan counseling, budgeting education, and repayment assistance.

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The adoption of artificial intelligence (AI) to offer customized education and solutions to each individual as per their needs will transform the corporate wellness market in US. The usage of AI will improve employee engagement between human touchpoints, build a deeper profile about the employees in real-time, and aid in scaling up the wellness programs without relying heavily on resources. Moreover, these solutions are the quickest way to analyze personality traits and habits and enable the employers to identify trends and create better development plans for the employees. The prominent vendors are focusing on the development of AI personal assistants that help employees to monitor health, determine work patterns, stress level changes, and triggers, and suggests a way to improve workspaces and increase satisfaction levels.

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. The HRA program dominated the market occupying over 17% of the total market share in 2017 and projected to grow at a CAGR of more than 7% during the forecast period. The rapid increase in healthcare cost is fueling the popularity of preventive care thereby driving the growth of the HRA market segment. The market is also observing the trend of syncing HRA participation with health insurance premiums. The employees are using this incentive for HRA completions and participation in biometric screenings and physical activity programs. Additionally, the introduction HRA programs that are integrated with other methods and customization will drive the growth of this segment in the corporate wellness market in US.

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The end-user segment in corporate wellness market is classified into large private sector businesses, medium private sector businesses, public sector companies, small private sector businesses, non-profit organizations. The large private sector businesses were the largest end-user segment in market and are projected to grow at a considerable CAGR of over 8% during the forecast period. It is estimated that about 89% of larger businesses offer various corporate wellness programs that help the company create a long-term impact on health and productivity of the employee.

The adoption of digital technologies to measure the VOI and customized programs to meet the employee requirements is augmenting the growth of the large private sector businesses in the market. Various companies are using on-demand healthcare assistants in their corporate wellness programs. These innovative programs are offering communication that is multi-directional and depending on high-touchpoints such as social media, apps, websites, emails, face-to-face, text messaging, and portals. The adoption of platforms that provide constant reviews and helps in performance improvement will create the demand for corporate wellness programs in this market segment.

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Key market insights include:
1. The analysis of corporate wellness market in US provides market size and growth rate for the forecast period 2018-2023.
2. It offers comprehensive insights on current industry trends, trend forecast, and growth drivers about the corporate wellness market in US.
3. The report provides the latest analysis of market share, growth drivers, challenges, and investment opportunities.
4. It offers a complete overview of market segments and the regional outlook of corporate wellness market in US.
5. The report offers a detailed overview of the vendor landscape, competitive analysis, and key market strategies to gain competitive advantage.

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Release ID: 469274