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Market Overview:
The U.S. corporate wellness market consists of physical, educational, developmental, and emotional wellbeing programs implemented by employers to promote employees’ health and productivity. Wellness programs focus on healthy eating, reduction of stress, smoking cessation, exercise, weight management, and preventive care. Rise in healthcare costs has prompted employers to implement wellness programs that may help lower direct costs from employee healthcare utilization and absenteeism and improve overall productivity and morale.
The global U.S. Corporate Wellness Market is estimated to be valued at US$ 13.43 Bn in 2023 and is expected to exhibit a CAGR of 9.4% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
One of the major trends in the U.S. corporate wellness market is the increasing adoption of digital technologies by providers. This includes the integration of apps, online portals, wearable devices, and telehealth solutions to enhance virtual wellness programs and services. Technologies allow collection of personalized health data that can be used to implement customized interventions. Furthermore, the COVID-19 pandemic accelerated the shift towards telehealth and digital tools to engage remotely located employees in wellness initiatives. The emergence of AI and data analytics also allows development of predictive health risk assessments and continual monitoring of progress for better outcomes.
Porter’s Analysis
Threat of new entrants: The threat of new entrants is low as it requires high capital investment and existing industry players dominate the market through their brand image and established distribution channels.
Bargaining power of buyers: The bargaining power of buyers is moderate as there are many corporate wellness service providers and buyers can negotiate on pricing and service offerings.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are many substitute suppliers for components and services.
Threat of new substitutes: The threat of new substitutes is low as there are limited product/service alternatives for comprehensive corporate wellness programs.
Competitive rivalry: The competitive rivalry is high among existing corporate wellness service providers due to fragmented market presence.
Key Takeaways
The global U.S. Corporate Wellness Market is expected to witness high growth, exhibiting a CAGR of 9.4% over the forecast period, due to increasing focus on employee health and productivity. The market size for 2023 is estimated at US$ 13.43 Bn.
Regional analysis
The western region dominates the U.S. corporate wellness market currently due to presence of major players and high awareness among organizations regarding employee well-being programs. States like California, Texas and Pennsylvania are expected to remain lucrative markets.
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. These players are focusing on development of tailored wellness programs and using digital technologies to engage maximum employee participation.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
