U.S. Corporate Wellness Market Growth & Trends
The U.S. corporate wellness market size is expected to reach USD 25.0 billion by 2030, expanding at a CAGR of 3.77% during the forecast period, based on a new report by Grand View Research, Inc. Increasing awareness regarding the wellness services at the workplace, high Return on Investment (ROI), and reduction in expenditure on employee healthcare costs are some of the factors driving the market growth.
The increasing awareness regarding the benefits of wellness services in reducing the cost of absenteeism due to loss of productivity is encouraging employers to adopt corporate wellness services. In 2019, the Centers for Disease Control and Prevention (CDC) reported that around 30% of employers offered a wellness program for addressing sedentary behavior, fitness, or physical activity. It also stated that approximately 19% and 17% of employers offered programs, including tobacco cessation and obesity or weight management, respectively.
The service providers are undertaking research and development activities to provide innovative solutions to offer better employee service. Moreover, they are engaging in partnerships and mergers & acquisitions to strengthen their market presence. For instance, in January 2018, Virgin Pulse, digital employee health, wellbeing, and engagement solutions provider, acquired Preventure, a Coventry-based corporate wellness provider. The acquisition will provide Preventure customers access to software solutions and increase Virgin Pulse clientele.
The COVID-19 pandemic is creating a feeling of isolation among employees and financial insecurity, which is affecting their mental health. Wellness providers are adopting various measures, such as guiding tackling the financial crisis, virtual access to physicians and psychologists, and programs to engage employees in wellness activities, to promote and maintain their health.
Request a free sample copy or view report summary: U.S. Corporate Wellness Market Report
U.S. Corporate Wellness Market Report Highlights
Based on service, the health risk assessment segment dominated the U.S. corporate wellness market in 2021. The health assessment activities enable employers to implement strategic initiatives to deal with the identified health risks
Based on end-use, large-scale organizations provide various services on their campuses, such as physicians, therapists, and chiropractors, which save the employees time and also contribute to their productivity. The quick adoption of corporate wellbeing services by the medium-scale organizations is expected to render high growth of the segment over the forecast period
In the category segment, organizations led the market in 2021. These service providers offer onsite as well as offsite health and wellness services for large and small-scale corporations. Employers are making significant investments to provide healthy diets by offering catering options on campus and hiring fitness coaches for their employees
The final rule amending the regulations implementing the Genetic Information Nondiscrimination Act (GINA) Title ll allows the employers to provide limited financial benefits or incentives in return for information provided about an employee’s current or past health status by his or her spouse as a part of a wellness program
Companies are modifying their employee health strategies to meet the emerging public health crisis due to COVID 19, though the effect has been surprisingly positive. In February 2019, EXOS partnered with the American College of Sports Medicine (ACSM) to expand its scope in education and application
Comments