by The U.S. Corporate wellness market is estimated to be valued at US$ 12.28 Bn in 2022 and is expected to exhibit a CAGR of 9.4% over the forecast period 2023-2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Corporate wellness programs aim to improve the health and well-being of employees through health education, health promotion activities, and preventive screenings. These programs also help in reducing healthcare costs for employers.
Market Dynamics:
The growing prevalence of chronic diseases and rising healthcare costs are two key drivers fueling the growth of the U.S. corporate wellness market. Chronic diseases such as heart disease, cancer, and diabetes are major causes of disability and death in the U.S. According to the Centers for Disease Control and Prevention, about 6 in 10 adults in the U.S. suffer from a chronic disease. Corporate wellness programs can help prevent or manage such chronic conditions through health risk assessments, biometric screening, lifestyle management programs, and medical care access. This proves beneficial for both employers and employees. Besides medical costs, absenteeism related to sickness is also a major expense for companies. Wellness programs aim to promote employee health and reduce absenteeism, which in turn helps companies save on indirect costs.
Market key trends:
The U.S. corporate wellness market has been witnessing a rise in the demand for digital health management platforms and solutions among corporates. Various corporate organizations are focusing on providing digital healthcare facilities to their employees through mobile applications and web-based portals. This enables employees to remotely monitor their health through these digital platforms and take necessary steps for maintaining wellness. Many key players in the market are launching innovative digital wellness platforms with advanced features like activity tracking, diet monitoring, health risk assessment, medication management, and virtual fitness sessions. This rising adoption of digital wellness technologies is one of the key trends being observed in the U.S. corporate wellness market.
SWOT Analysis:
Strength: The market has strong growth prospects due to the increasing focus of corporate organizations on employees’ health and productivity.
Weakness: Initial set up and operating costs of corporate wellness programs can be high for some small and medium enterprises.
Opportunity: Rising demand for digital wellness platforms and remote health monitoring solutions provides new revenue opportunities.
Threats: Data privacy and security concerns regarding sensitive employee health data can act as a challenge for market players.
Key Takeaways:
Market size: The U.S. Corporate Wellness Market Size was valued at US$ 12.28 Bn in 2022 and is expected to reach US$ 22.64 Bn by 2030, expanding at a CAGR of 9.4% during the forecast period. The market is driven by growing focus of corporate organizations on health-based incentives and return on investment associated with wellness programs.
Regional analysis: The western region accounts for the largest share in the U.S. corporate wellness market owing to presence of major industry players and large corporate base in the region. However, the southern region is projected to witness fastest growth during the forecast period supported by increasing initiatives to promote workplace wellness programs in states.
Key players: Key players operating in the U.S. corporate wellness market are Ayco, Aquila, BSDI, Aduro, Active Wellness, Virgin Pulse, Compsych, Provant Health Solutions, American Specialty Health, Wellness Corporate Solutions, and Bank of America Merrill Lynch, among others. Many players are focusing on development of innovative digital wellness platforms and solutions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
