The Demand for Corporate Wellness in the US is Booming. Total Spending to Reach USD 23 Billion by 2027. Financial Wellness Programs the Next Big Thing in the Market - Arizton

2022-12-07

CHICAGO, Dec. 7, 2022 /PRNewswire/ -- According to Arizton's latest research report, the U.S. corporate wellness market will grow at a CAGR of 12.27% from 2021-2027. The growing role of wellness champions, the use of technology to improve outcomes and the growing reign of artificial intelligence are some of the latest trends driving the market. Corporate profits that recorded an uptick after a long period of sluggish growth are also fueling the adoption of wellness programs. This puts employees in a better place in terms of being able to allocate budgets for corporate wellness programs. Therefore, the corporate wellness market in the US is expected to witness growth during the forecast period. Vendors are also looking at new ways to deliver these programs using the potential of digital technology to host virtual screenings and offer information via company portals.

The Demand for Corporate Wellness in the US is Booming. Total Spending to Reach USD 23 Billion by 2027. Financial Wellness Programs the Next Big Thing in the Market - Arizton

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U.S. Corporate Wellness Market

The U.S. Corporate Wellness Market Report Scope

To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments while maintaining their positions in the slow-growing segments. Request for free sample report

As new generations enter the workforce, a new perspective emerges in which mental and financial stability and wellness are equated with being debt-free, financially stress-free, healthy, and able to spend without worry while saving enough for emergencies. COVID-19 has resulted in new market realities and advancements. Future pays raises have been impacted as companies face unpredictable revenue streams and budgets. Employers are willing to offer customized corporate wellness benefits as they realize that monetary benefits are only one of the ways to retain employees.

Financial wellness programs are on their way to becoming the next big thing in corporate wellness programs. Almost 50% of employers offer financial wellness programs in sync with their retirement plans. Employers are increasingly looking to address retirement preparedness and healthcare costs with financial wellness programs. As a result, many vendors have launched offerings that can help supplement traditional benefit programs with wellness-oriented ones. For instance, Best Money Moves enables employers to identify the source of financial stress through its Stressometer, which measures several types of financial stress ranging from bankruptcy to student loans and then provides custom content on navigating these pitfalls.

Key Insights Mentioned in the Report

In 2021, the telehealth market started to gain high popularity and effectiveness. It was also observed that in 2021, amongst people belonging to various ethnicities, gender, and age groups, more than 50% of the population preferred video consultations compared to telephonic consultations.

The market depends on personal fitness trainers, individual counselors, and meditation specialists. There are several players in the industry, and thus, these services can be easily obtained. As a result, the US corporate wellness market witnesses low bargaining power of suppliers, benefiting industry vendors.

Strategies Adopted by the Vendors

The US corporate wellness market is highly fragmented, with the leading vendors accounting for less than 15% of the share. However, the market is witnessing consolidation, albeit at a slow pace. The industry is grappling with the sudden increase in corporate wellness providers witnessing competition from in-house services. The market has seen the entry of many external players in recent years, such as in-house services by large businesses and other entities in the health and fitness space that offer membership discounts to increase their market share. Vendors seeking to collaborate with established groups within the employee population to improve awareness and engagement in wellness programs and seek feedback about program offerings and implementation.

Key Vendors

Compsych

Wellness Corporate Solutions

Virgin Pulse

Provant Health Solutions

Active Wellness

Aduro

Alyfe Wellbeing Strategies

American Specialty Health

Aquila

AYCO

Bank of America Merill Lynch

BaySport

Beacon Health Options

Best Money Moves

Brightdime

Brightside

BSDI

Castlight Health

Ceridian

Corporate Fitness Works

DHS Group

Edukate

Elite Wellness

Enrich

Even

EXOS

Financial Fitness Group

Financial Knowledge

FlexWage

HealthCheck360

HealthFitness

HealthTrax

Holberg Financial

Health Advocate

Integrated Wellness Partners

Karelia Health

Kersh Health

Kinema Fitness

LearnLux

LifeCents

LifeDojo

LifeStart

Limeade

LIVunLtd

Marino Wellness

Marathon Health

Mercer

NIFS

Money Starts Here

My Secure Advantage

The National Institute for Fitness and Sport (NIFS)

OptumHealth

Orriant

Payactiv

Power Wellness

Premise Health

Privia Health

Professional Fitness Management

Purchasing Power

Sprout

StayWell

Transamerica

Vantage Circle

Vitality Group

Wellable

Wellness Coaches USA

Wellsource

WellSteps

Wisdom Works Group

Woliba

Workstride

WTS International

Origin

BrightPlan

Savology

Sqwire

FinFit

Pro Financial Health

FutureFuel.io

Salary Finance

SoFi

GoPlan 101

The Financial Gym

PDHI

Novant Health

Sum180

Market Segmentation

Program

HRA

Nutrition & Weight Management

Smoking Cessation

Fitness Services

Alcohol & Drug Rehab

Stress Management

Health Education Services

Financial Wellness

Other Corporate Wellness Services

Revenue Model

Recurring Revenue Model

Seasonal Revenue Model

Delivery Model

Onsite

Offsite

Incentive Programs

Participatory Programs

Health-Contingent Programs

Type

Services

Technology

Industry

Media and Technology

Healthcare

Financial Services

Manufacturing

Retail

Others

End-User

Large Private Sector Businesses

Medium Private Sector Businesses

Public Sector Companies

Small Private Sector Businesses

Non-Profit Organizations

Region

South

West

Midwest

Northeast

Table of Content

1 Research Methodology

2 Research Objectives

3 Research Process

4 Scope & Coverage

4.1 Market Definition

4.1.1 Inclusions

4.1.2 Exclusions

4.1.3 Market Estimation Caveats

4.2 Base Year

4.3 Scope of The Study

4.4 Market Segments

4.4.1 Market Segmentation by Type

4.4.2 Market Segmentation by Service

4.4.3 Market Segmentation by Delivery Mode

4.4.4 Market Segmentation by Location

4.4.5 Market Segmentation by End-User

4.4.6 Market Segmentation by Geography

5 Report Assumptions & Caveats

5.1 Key Caveats

5.2 Currency Conversion

5.3 Market Derivation

6 Market at a Glance

7 Introduction

7.1 Overview

7.1.1 Causes of Stress

7.1.2 Technological Advancements

7.1.3 Cost of Stress to US Corporates

7.1.4 Stressed Workers in The US Automotive Industry

7.1.5 Model of The Stress Process

7.1.6 Stress Management Techniques

7.1.7 Income Analysis in the US

7.1.8 Historical Data

7.2 Impact of Covid-19

8 Market Opportunities & Trends

8.1 Rising Attention Toward Occupational Safety and Health Regulations

8.2 Employee Turnover Rate

8.3 Stress Encountered by Women Being Higher Due to Covid-19

8.4 Increasing Use of Artificial Intelligence

9 Market Growth Enablers

9.1 Rise in The Number of Working Hours

9.2 Increasing Awareness of Stress Management

9.3 Changing Needs of Employees

10 Market Restraints

10.1 Increased Sense of Anxiety

10.2 Low Participation of Employees

10.3 Barriers and Stigma in Workplace Stress Management

11 Market Landscape

11.1 Market Size & Forecast

11.2 Five Forces Analysis

11.2.1 Threat of New Entrants

11.2.2 Bargaining Power of Suppliers

11.2.3 Bargaining Power of Buyers

11.2.4 Threat of Substitutes

11.2.5 Competitive Rivalry

12 Stress Management Type

12.1 Market Snapshot & Growth Engine

12.2 Market Overview

12.3 Mental

12.3.1 Market Size & Forecast

12.3.2 Market by Region

12.4 Physical

12.4.1 Market Size & Forecast

12.4.2 Market by Region

13 Service

13.1 Market Snapshot & Growth Engine

13.2 Market Overview

13.3 Stress Assessment

13.3.1 Market Size & Forecast

13.3.2 Market by Region

13.4 Yoga & Meditation

13.4.1 Market Size & Forecast

13.4.2 Market by Region

13.5 Progress Tracking Metrics

13.5.1 Market Size & Forecast

13.5.2 Market by Region

13.6 Resilience Training

13.6.1 Market Size & Forecast

13.6.2 Market by Region

13.7 Others

13.7.1 Market Size & Forecast

13.7.2 Market by Region

14 Delivery Mode

14.1 Market Snapshot & Growth Engine

14.2 Market Overview

14.3 Personal Fitness Trainers

14.3.1 Market Size & Forecast

14.3.2 Market by Region

14.4 Meditation Specialists

14.4.1 Market Size & Forecast

14.4.2 Market by Region

14.5 Individual Counselors

14.5.1 Market Size & Forecast

14.5.2 Market by Region

14.6 Others

14.6.1 Market Size & Forecast

14.6.2 Market by Region

15 Location

15.1 Market Snapshot & Growth Engine

15.2 Market Overview

15.3 On-Premise

15.3.1 Market Size & Forecast

15.3.2 Market by Region

15.4 Off-Premise

15.4.1 Market Size & Forecast

15.4.2 Market by Region

16 End-User

16.1 Market Snapshot & Growth Engine

16.2 Market Overview

16.3 Large Private Sector

16.3.1 Market Size & Forecast

16.3.2 Market by Region

16.4 Medium Private Sector

16.4.1 Market Size & Forecast

16.4.2 Market by Region

16.5 Public Sector

16.5.1 Market Size & Forecast

16.5.2 Market by Region

16.6 Small Private Sector

16.6.1 Market Size & Forecast

16.6.2 Market by Region

16.7 Non-Profit Organizations

16.7.1 Market Size & Forecast

16.7.2 Market by Region

16.8 Others

16.8.1 Market Size & Forecast

16.8.2 Market by Region

17 Region

17.1 Market Snapshot & Growth Engine

17.2 Region Overview

18 South

18.1 Market Size & Forecast

18.2 Type

18.2.1 Market Size & Forecast

18.3 Service

18.3.1 Market Size & Forecast

18.4 Location

18.4.1 Market Size & Forecast

18.5 Delivery Mode

18.5.1 Market Size & Forecast

18.6 End-User

18.6.1 Market Size & Forecast

19 West

19.1 Market Size & Forecast

19.2 Type

19.2.1 Market Size & Forecast

19.3 Service

19.3.1 Market Size & Forecast

19.4 Delivery Mode

19.4.1 Market Size & Forecast

19.5 Location

19.5.1 Market Size & Forecast

19.6 End-User

19.6.1 Market Size & Forecast

20 Midwest

20.1 Market Size & Forecast

20.2 Type

20.2.1 Market Size & Forecast

20.3 Service

20.3.1 Market Size & Forecast

20.4 Location

20.4.1 Market Size & Forecast

20.5 Delivery Mode

20.5.1 Market Size & Forecast

20.6 End-User

20.6.1 Market Size & Forecast

21 Northeast

21.1 Market Size & Forecast

21.2 Type

21.2.1 Market Size & Forecast

21.3 Service

21.3.1 Market Size & Forecast

21.4 Location

21.4.1 Market Size & Forecast

21.5 Delivery Mode

21.5.1 Market Size & Forecast

21.6 End-User

21.6.1 Market Size & Forecast

22 Competitive Landscape

22.1 Competition Overview

23 Key Company Profiles

23.1 COMPSYCH

23.1.1 Business Overview

23.1.2 Service Offerings

23.1.3 Key Strategies

23.1.4 Key Strengths

23.1.5 Key Opportunities

23.2 LABCORP

23.3 CVS HEALTH (ACTIVEHEALTH)

23.4 CURALINC HEALTHCARE

23.5 MARINO WELLNESS

24 Other Prominent Vendors

24.1 ASSET HEALTH

24.1.1 Business Overview

24.1.2 Service Offerings

24.2 FITBIT

24.3 WELLSOURCE

24.4 SOL WELLNESS

24.5 VITALITY

24.6 VIRGIN PULSE

24.7 ACTIVE WELLNESS

24.8 ADURO

24.9 ALYFE WELLBEING STRATEGIES

24.10 BEACON HEALTH OPTIONS

24.11 CASTLIGHT

24.12 CERIDIAN

24.13 CORPORATE FITNESS WORKS

24.14 HEALTHCHECK360

24.15 INTEGRATED WELLNESS PARTNERS

24.16 HEALTHFITNESS

24.17 PROVANT HEALTH SOLUTIONS

24.18 LIFESTART

24.19 EXOS

24.20 Karelia Health

25 Report Summary

25.1 Key Takeaways

25.2 Strategic Recommendations

26 Quantitative Summary

26.1 Market by Region

26.2 South

26.2.1 Type

26.2.2 Service

26.2.3 Delivery Mode

26.2.4 Location

26.2.5 End-User

26.3 West

26.3.1 Type

26.3.2 Service

26.3.3 Delivery Mode

26.3.4 Location

26.3.5 End-User

26.4 Midwest

26.4.1 Type

26.4.2 Service

26.4.3 Delivery Mode

26.4.4 Location

26.4.5 End-User

26.5 Northeast

26.5.1 Type

26.5.2 Service

26.5.3 Delivery Mode

26.5.4 Location

26.5.5 End-User

26.6 Type

26.6.1 Mental

26.6.2 Physical

26.7 Service

26.7.1 Stress Assessment

26.7.2 Yoga & Meditation

26.7.3 Progress Tracking Metrics

26.7.4 Resilience Training

26.7.5 Others

26.8 Delivery Mode

26.8.1 Personal Fitness Trainers

26.8.2 Meditation Specialists

26.8.3 Individual Counselors

26.8.4 Others

26.9 Location

26.9.1 On-Premise

26.9.2 Off-Premise

26.10 End-User

26.10.1 Large Private Sector

26.10.2 Medium Private Sector

26.10.3 Public Sector

26.10.4 Small Private Sector

26.10.5 Non-Profit Organizations

26.10.6 Others

27 Appendix

27.1 Abbreviations

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