U.S. Corporate Wellness Market Size Is Anticipated To Reach USD 31.0 Billion By 2027


 San Francisco, 11 Dec 2020: The Report U.S. Corporate Wellness Market Size, Share & Trends Analysis Report By Service (Health Risk Assessment, Stress Management), By End-use, By Category, By Delivery Model, And Segment Forecasts, 2020 - 2027

The U.S. corporate wellness market size is expected to reach USD 31.0 billion by 2027, according to a new report by Grand View Research, Inc. It is expected to expand at a CAGR of 4.8% from 2020 to 2027. 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.

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 in order 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, a 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 providing guidance for tackling the financial crisis, virtual access to physicians and psychologists, and programs to engage employees in wellness activities, to promote and maintain their health.

Access Research Report of U.S. Corporate Wellness Market @ https://www.grandviewresearch.com/industry-analysis/us-corporate-wellness-market

U.S. Corporate Wellness Market Report Highlights

  • By service, the health risk assessment segment (HRA) dominated the overall market with a revenue share of 20.9% in 2019. The HRA analyzes information such as height, weight, level of physical activity, smoking habits, and stress level of the employees to derive the risk factors affecting the employees’ health
  • Based on end-use, large-scale organizations provide various services on their campuses, such as physicians, therapists, and chiropractors, which saves the employees’ time and also contributes to their productivity. The quick adoption of corporate wellness services by the medium-scale organizations is expected to contribute to the fastest growth of the medium-scale organization segment over the forecast period
  • In the category segment, organizations led the market in 2019. 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 hire fitness coaches for their employees
  • The final rule amending the regulations implementing 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
  • In February 2019, EXOS partnered with the American College of Sports Medicine (ACSM) in order to expand its scope in education and application

List of Key Players of U.S. Corporate Wellness Market

  • ComPsych
  • Wellness Corporate Solutions (WCS)
  • Virgin Pulse
  • Provant Health Solutions
  • EXOS
  • Marino Wellness
  • Privia Health
  • Vitality
  • Wellsource, Inc.
  • Sonic Boom Wellness

Access Press Release of U.S. Corporate Wellness Market @ https://www.grandviewresearch.com/press-release/us-corporate-wellness-market-analysis

 

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