Corporate Wellness Market in US - Participatory Programs are Gaining Traction | Market Analysis by Arizton
The corporate wellness market in US is likely to reach around $15.5 billion by 2024, growing at a CAGR of approximately 8% during 2018–2024.
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The US corporate wellness market is divided into six segments - revenue model, delivery model, program, end-user, revenue model, and incentive program.
Corporate Wellness Programs are growing among small private sector business
In 2018, the corporate wellness market in the US by small private sector businesses witnessed revenues of around $1.20 billion. The low long-term health costs and the rise in productivity are primary growth drivers of the segment.HRAs, smoking cessation, weight loss, and counseling related to legal, psychological, and financial challenges are the programs offered by small private sector businesses. Lunchtime fitness is a concept that is gaining popularity among small businesses. Under this concept, employers allow an extra 30 minutes of lunch break to encourage employees to partake in some fitness activities. Further, the expanding economy and businesses would be intensifying the competition among small ventures. Therefore, initiatives such as onsite stress reduction programs, meditation classes, team activities, and volunteering opportunities are expected to witness an uptake in the corporate wellness market in the US.
Participatory Programs are Gaining Traction in Corporate Wellness Market in US
Participatory programs are growing, and the segment accounted for around $6 billion in revenue in 2018. Participatory programs are flexible up to the certain level and preclude incentivizing outcomes. Further, vendors are designing incentive programs that are in sync with the goals and objectives of the company. Therefore, incentive programs are thus popular among first-timer employers. In the US, incentives for participation is around $750 on an annual basis. About 18% are offered gift cards or cash, and 15% are offered other goodies. Such initiatives are motivating employees to have a healthy lifestyle, which is boosting the corporate wellness market in US.
Customized HRA Programs
HRA (health and risk assessment) corporate wellness programs include questionnaires to identify high-risk behaviors. With preventive care gaining more importance due to the rapid growth of healthcare costs, the market is expected to grow at a stable pace. Further, HRA is getting synced with health insurance premiums. A majority of employers that offer HRAs are using incentives for HRA completions and participation in biometric screenings and physical activity programs. Most HRA programs use BMI as a tool, which is actually a raw measurement that does not have a credible prognostic value in order to differentiate unhealthy and healthy employees. Therefore, vendors are working on making HRA programs more effective by integration them with other methods to address workplace ergonomic concerns.
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Other prominent vendors are Active Wellness, Aduro, Aquila, Bank of America Merrill Lynch, BaySport, Beacon Health Options, Best Money Moves, Ceridian, Corporate Fitness Works, Exos, Fidelity, Financial Finesse, HealthFitness, Healthtrax, Integrated Wellness Partners, Kinema Fitness, LifeStart, LIVunLtd, Professional Fitness Management, Power Wellness, Reach Fitness, Marino Wellness, Mercer, Midtown Athletic Club, National Institute for Fitness and Sport (NIFS), OptumHealth, Privia Health, Premise Health, Prudential Financial, WTS International, Vitality Group, Wellsource, Wisdom Works Group, and Workstride.
The complete overview of the latest market research report on the US corporate wellness market by Arizton is now available.
The report also offers a detailed study of major trends, drivers, challenges, and provides market sizing and forecast for major geographical regions and key countries.
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