The U.S. corporate wellness market gains from a number of factors and is expected to continue to display a strong growth trajectory over the 2019 – 2029 forecast period. In the modern business world, employee wellbeing has proved to have long term benefits for employers. Employees who feel they are cared are likely to be more committed and work diligently for employers. Around 60% of employees favor that corporate wellness programs motivate them to opt for a healthy lifestyle outside the office as well.
The report studies the U.S. corporate wellness market in terms of service, end-use, category, and delivery model.
The report on the U.S. corporate wellness market delves into demand dynamics, trends, and opportunities for a comprehensive analysis of the said market for the 2019- 2029 forecast period. Furthermore, the report studies key segments, including growth rate of key segments over the forecast period. Lastly, valuable insights into the competitive landscape with a detailed discussion on winning strategies of key players in the U.S. corporate wellness market is a highlight of this report.
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U.S. Corporate Wellness Market: Competitive Landscape
The U.S. corporate wellness market marks the presence of some top-notch companies to make it a competitive vendor landscape. Introduction of new wellness programs, bundle-up of wellness programs, and collaborations are some key focus of large players in the U.S. corporate wellness market. Strong marketing campaigns and offering value-added programs are some other strategies savvy players are engaged in for higher share in the U.S. corporate wellness market.
Some prominent players in the U.S. corporate wellness market are ComPsych, VIRGIN PULSE, EXOS, PRIVIA Health, WELLSOURCE Inc., Wellness Corporate Solutions LLC, Provant Health Solutions, MARINO WELLNESS, and VITALITY.
U.S. Corporate Wellness Market: Key Trends
Proven benefits of corporate wellness programs to counter physical and mental disorders is a key factors spurring the U.S. corporate wellness market. According to a study published by the American Journal of Health Promotion, nearly half of the employers in the U.S. offered some kind of health promotion program.
Besides this, the high ROI of corporate wellness services attracts employers to offer these services mostly as a part of employee compensation package. Employers, especially in a large-scale organization, pay a considerable amount of healthcare premium to insurance providers. The increasing number of employees who fall sick often leads to shoot up of premium amount for employers to increase their financial burden. Corporate wellness programs offered in the form of
yoga sessions, meditation sessions, dietary sessions, and other wellness programs helps reduce stress among employees to perform better. Such benefits attract employers to invest in corporate wellness program for overall reduced healthcare costs and increased productivity at work.
Incentives offered by the government to incorporate corporate wellness programs attract employers to adopt these programs. For example, in May 2016, the U.S. Equal Employment Opportunity Commission passed a rule to implement Title II of the Genetic Information Nondiscrimination Act connected with employer wellness programs. Going by this, employers may provide limited financial assistance and other incentives in exchange for employee participation in wellness programs.
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Guarantee of safeguard of employee health information shared for wellness programs builds confidence among employees to opt for these programs. The Health Insurance Portability and Accountability Act safeguards employee health information held by employers for such programs.
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