U.S. Corporate Wellness Market

The U.S. Corporate Wellness Market exhibit a CAGR of 9.4% over the forecast period 2023-2030

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The global U.S. Corporate wellness Market is estimated to be valued at US$ 12.28 Bn or Mn 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:

The U.S. corporate wellness market offers products and services to help employers promote health awareness and prevent chronic diseases among employees. It comprises workplace health programs focusing on weight management, fitness, smoking cessation, nutrition management and stress management. These programs aim to improve employees’ quality of life and productivity while reducing absenteeism and healthcare costs for employers. The growing burden of chronic diseases and rising healthcare costs have increased the need for effective wellness solutions in the workplace.

Market key trends:

One of the key trends driving growth in the U.S. corporate wellness market is the increasing adoption of remote and digital wellness programs. With more employees working remotely due to the COVID-19 pandemic, employers are focusing on virtual solutions to engage staff and monitor their health remotely. Several vendors are offering advanced digital platforms and mobile apps for online health risk assessments, fitness tracking, nutrition management, mental wellness resources and social support. These digital tools allow employees to access wellness programs wherever they are working from. They have improved accessibility while reducing costs related to on-site facilities and staff. The shift towards remote working is expected to further propel demand for innovative digital wellness solutions over the forecast period.

Porter’s Analysis

Threat of new entrants: The threat of new entrants is moderate as the U.S. corporate wellness market is fragmented with presence of established players. However, new players will need significant capital investment to gain foothold.
Bargaining power of buyers: The bargaining power of buyers is high due to availability of several service providers offering corporate wellness programs at competitive prices. Buyers can easily switch between various providers based on offerings.
Bargaining power of suppliers: The bargaining power of suppliers is low as there are multiple solution providers available in the market. Switching costs are also low, limiting suppliers’ bargaining power.
Threat of new substitutes: Threat of substitutes is low as there are limited alternatives available to corporate wellness programs. However, fitness apps and devices offer some substitution.
Competitive rivalry: The competitive rivalry is high among existing players to gain market share through competitive pricing and innovation in offerings.

Key Takeaways

The U.S. Corporate Wellness Market Size is expected to witness high growth, exhibiting CAGR of 9.4% over the forecast period, due to increasing focus on employees’ health and well-being. The market size for 2022 was US$ 12.28 Bn.

Regionally, Western U.S. dominates the market currently due to presence of major corporations adopting corporate wellness programs. However, Mid-West U.S. is expected to offer lucrative growth opportunities with rapid economic development in states like Ohio, Illinois, etc.

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 customized and digital wellness solutions to engage maximum employees and gain competitive edge.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it