Corporate Wellness Services in the US - Industry Market Research Report

Corporate Wellness Services in the US - Industry Market Research Report
Corporate Wellness Services in the US

Corporate wellness services sell products such as Health Risk Assessments (HRAs), weight management, health education, stress management and other services. The industry is characterized by a small number of similarly sized large operators and large research spending, though market share concentration is low. In recent years, COVID-19 caused governments to shut down businesses, resulting in a major decline in corporate profit, causing discretionary income for companies and revenue for the industry to plunge. As the economy opened up, employment surged, increasing demand for the industry's services. Amid high inflation since 2022, corporations' budgets have been constrained by elevated input costs, hampering investment in corporate wellness services. Alternatively, rising inflation has caused households to take on more debt, worsening the mental health of the population and boosting demand for the industry's services. Overall, revenue for corporate wellness service companies is expected to creep downward at a CAGR of 0.8% during the current period, reaching $19.8 billion in 2023. Revenue is forecast to rise 3.4% in that year alone.

This industry includes companies that primarily provide workplace programs that offer a combination of educational, organizational and environmental activities designed to support behavior that is conducive to the health of employees and their families. This doesn't include programs designed internally by existing human resources personnel.

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.