Global Corporate Wellness Market to 2023: Data Analytics Increasingly Powering Wellness

News provided by

Nov 27, 2018, 07:45 ET

DUBLIN, Nov 27, 2018 /PRNewswire/ --

The "Corporate Wellness Market - Global Outlook and Forecast 2018-2023" report has been added to ResearchAndMarkets.com's offering.

The global corporate wellness market is expected to reach values of approximately $72 billion by 2023, growing at a CAGR of more than 8% during 2017-2023.

The service providers are introducing mobile technology and websites that provide information ranging from in-network provider directories, medication prices, and information on plausible deductibles with therapeutic alternatives, provision of in-home monitoring, and alerts for taking medication as and when prescribed to gain new consumers.

The leading vendors are partnering with several other sectors such as mind-body, alternative medicine, fitness, and spa to offer the best options to the consumers in the market.The global corporate wellness market is driven by data integration from health savings accounts and CDHPs, where employees can better manage their healthcare savings. The influx of players from across technology, human capital, fitness, equipment, and architecture dimensions will result in a diverse range of offerings in the global market. The market research report provides in-depth market analysis and segmental analysis of the global corporate wellness market by the program, end-users, revenue model, delivery model, and geography.

The report considers the present scenario of the global corporate wellness market and its market dynamics for the period 2018-2023. It covers a detailed overview of various market growth enablers, restraints, and trends. The study covers both the demand and supply sides of the market. It also profiles and analyzes the leading companies and several other prominent companies operating in the corporate wellness market.

Corporate Wellness Market - Dynamics

A new sense of identity that is related to wellbeing which is increasingly valued in contemporary culture is creating new avenues in the global corporate wellness market. Digitalization is encouraging the customers to look for detoxification from their digital frenzy and re-claim their time for personal growth, harmony, and wellbeing, thereby driving the growth of the global market.Wearables, onsite programme delivery, software platforms, employee feedback, online screening and surveys, and other data sources are used to garner information about the wellness programs initiated by companies in the global market.

Key companies such as Georgia Pacific, Autodesk, and NetApp are using mobile applications, wearable devices, and employee-submitted data to follow the health of their employees in the market. Also, the use of data analytics will help organizations create personalized programs and contribute to the sales in the global corporate wellness market.

The advent of the new era of customized education and solutions that tend to each employee's individualized well-being through AI will transform the global corporate wellness market. Several employers are using AI to sustain employee engagement between human touchpoints, build a deeper profile about their employees in real-time, and aid in scaling up their wellness programs without relying heavily on resources. These systems are used to analyze personality traits and habits, thereby simplifying the wellness journey of employees in the global corporate wellness market.

Corporate Wellness Market - Segmentation

This market research report includes a detailed segmentation of the market by the program, end-users, revenue model, delivery model, and geography. The global corporate wellness market by the program is classified into HRA, nutrition & weight management, smoking cessation, fitness services, alcohol and drug rehab, stress management, health & education services, and others. Stress management is the fastest growing segment in the global market, at a CAGR of over 9% during the forecast period.

The extended hours, heavy workloads, and other issues at and outside of work are one of the primary factors attributing to the demand for stress management plans in the global market.Medium private sector businesses dominated the second largest market share in 2017, growing at a CAGR of approximately 9% during the forecast period. The implementation of wellness programs primarily by healthcare costs in Western economies and talent attraction in regions such as the APAC is propelling the growth of this segment in the global market.

The growing demand for onsite flu vaccinations, health and lifestyle coaching, and 24-hour nurse line are the main revenue generators in the seasonal revenue model in the global market.Team building programs, lab and gym membership vouchers, health fairs, at-home sample collection kits, and remote screening are the most popular offsite plans offered in the global market. Vendors tend to offer these programs as packages through collaborations with testing laboratories, fitness clubs, and health and technology providers in the global corporate wellness market.

Key Topics Covered:

1 Research Methodology

2 Research Objectives

3 Research Process

4 Report Coverage
4.1 Market Definition
4.2 Base Year
4.3 Scope of Study
4.4 Key Caveats
4.5 Inclusions
4.6 Exclusions
4.7 Currency Conversion
4.8 Market Derivation

5 Market at a Glance

6 Introduction
6.1 Overview
6.2 State Of Global Economy
6.3 Global Healthcare Sector: An Overview
6.3.1 Global Health: An Overview
6.4 Corporate Wellness
6.4.1 Employer-Employee Paradigm
6.4.2 Success Factors for Wellness Programs
6.4.3 Overview Of Corporate Wellness
6.5 Business Model
6.6 Pillars of Corporate Wellness
6.6.1 Overall Wellness (No risk to low risk)
6.6.2 Risk Reduction (At risk to medium risk)
6.6.3 Chronic Condition Management (High risk)
6.7 Lifecycle Stage of Corporate Wellness Market
6.8 Supply chain
6.9 Growth Prospects
6.9.1 Time Off
6.9.2 Morale Boosters
6.9.3 Healthy Cafeteria/Vending Options
6.9.4 Foster Relationships
6.9.5 Flexible Hours/ Work from Home
6.10 Pulse of the Workforce
6.11 Employee Behavior Insights
6.11.1 Millennials
6.11.2 Generation X
6.11.3 Baby Boomers
6.11.4 Media Consumption across Generations
6.11.5 Multi-generational Workplace

7 Key Decision Influencers In Corporate Wellness
7.1 Technology Companies
7.1.1 Wearable Devices
7.2 Architecture Firms
7.3 Fitness Companies
7.4 Benefits consultants

8 Market Dynamics
8.1 Market Growth Enablers
8.1.1 An Entitlement Culture Sweeps Workforce
8.1.2 Evolution of Value Proposition
8.1.3 Longer Work Days and Weeks
8.1.4 Broad Shift in Wellness Perspective
8.1.5 Corporate Wellness Programs fill in for Limiting Healthcare Systems
8.2 Market Growth Restraints
8.2.1 A Singular Approach to Wellness
8.2.2 Random Acts of Wellness
8.2.3 Lack of Attention to Expectations
8.2.4 Constant Struggle for Employee Engagement and Participation
8.2.5 Perceived Expensiveness of Wellness Programs
8.2.6 Wariness Regarding Misuse of Data
8.2.7 Counterproductive to Employee Health
8.2.8 Increased Sense of Anxiety
8.3 Market Opportunities and Trends
8.3.1 Workplace to Workforce
8.3.2 From Cookie Cutter to Total Culture
8.3.3 Increased Incorporation of Incentives
8.3.4 Data Analytics Increasingly Powering Wellness
8.3.5 Growing Reign of Artificial Intelligence
8.3.6 Extension of Wellness Programs to Family

9 Global Corporate Wellness Market
9.1 Market Size & Forecast
9.2 Porter's Five Forces Analysis
9.2.1 Threat of New Entrants
9.2.2 Bargaining Power of Suppliers
9.2.3 Bargaining Power of Buyers
9.2.4 Threat of Substitutes
9.2.5 Competitive Rivalry

10 By Programs
10.1 Market Overview
10.2 Corporate Health and RISK Assessment (HRA)
10.3 Corporate Nutrition and Weight Management
10.4 Corporate smoking cessation
10.5 Corporate Fitness Services
10.6 Corporate Alcohol and Drug Rehab
10.7 Corporate Stress Management
10.8 Corporate Health Education Services
10.9 Other Corporate wellness services market

11 By End-User
11.1 Market Overview
11.2 Large Private Sector Businesses
11.3 Medium Private Sector Businesses
11.4 Public Sector Companies
11.5 Small Private Sector Businesses
11.6 Non-profit Organizations

12 By Revenue Model
12.1
12.2 Recurring Revenue Model
12.3 Seasonal Revenues Model

13 By Delivery Model
13.1 Market Overview
13.2 Onsite
13.3 Offsite

14 By Geography

Key Company Profiles

Compsych
Wellness Corporate Solutions
Virgin Pulse
Provant Health Solutions
Sodexo

Other Prominent Vendors

Active Wellness
Aquila
BaySport
Beacon Health Options
Ceridian
Corporate Fitness Works
HealthFitness
Healthtrax
Health Systems Group
Integrated Wellness Partners
Kinema Fitness
LifeStart
LIVunLtd
Professional Fitness Management
Power Wellness
Reach Fitness
Marino Wellness
Midtown Athletic Club
NIFS
OptumHealth
Privia Health
Premise Health
WTS International
Vitality Group
Well Sourced
Wisdom Works Group
Workstride

For more information about this report visit https://www.researchandmarkets.com/research/4qxtvv/global_corporate?w=5

Research and Markets also offers Custom Research services providing focused, comprehensive and tailored research.

Media Contact:

Research and Markets
Laura Wood, Senior Manager
[email protected]

For E.S.T Office Hours Call +1-917-300-0470
For U.S./CAN Toll Free Call +1-800-526-8630
For GMT Office Hours Call +353-1-416-8900

U.S. Fax: 646-607-1907
Fax (outside U.S.): +353-1-481-1716

SOURCE Research and Markets