The well-being platform market size is expected to grow from US$ 449.21 billion in 2022 to US$ 712.20 billion by 2030; the market is estimated to register a CAGR of 5.9% from 2022 to 2030.
Analyst’s ViewPoint
The well-being platform market analysis explains driving factors such as a rise in workplace-associated disorders and a reduction in healthcare costs due to the implementation of employee wellness programs. Further, technological advancements act as a future trend for the market to grow during 2022–2030. The comprehensive well-being services segment accounted for the largest share of the well-being platform market, based on service, in 2020. In terms of category, the organization/employers segment dominated the market in 2022. By delivery model, the onsite segment would dominate the well-being platform market with a considerable share during the forecast period. The home use segment is expected to account for a maximum share of the well-being platforms market, by end user, during 2022–2030.
An employee well-being platform is a digital solution that supports the team's mental and physical health. Employers must promote a healthier and more productive work environment by using tools that help them promote employees’ wellness. Such initiatives allow them to reduce healthcare risks and costs, and increase job satisfaction and employee retention. Also, a well-being platform encourages individual participation in curated health-oriented lifestyle programs and health-improvement tasks. Therefore, technology-driven platforms seamlessly help well-being programs and services across geographies that will help employees regularly track physical, mental, nutritional, and other parameters.
Market Insights
Rise in Workplace-Associated Disorders Boosts Well-Being Platform Market Growth
According to a report by the World Health Organization (WHO), employed individuals account for more than 50% of the global population, and 15% of these are living with mental disorders. Without effective support, mental disorders can hamper a person's confidence and productivity, and increase absenteeism. Annually, 12 billion working days are lost due to depression and anxiety. However, work-related mental health conditions can be averted by managing psychological risks at the workplace and implementing organizational interventions that directly target working conditions and environments. Additionally, the increasing implementation of health risk assessment (HRA) at the workplace is one of the best solutions to tackle physical and mental health conditions.
According to the KFF 2023 report, in 2019, 84% of large firms (200 or more workers) offered workplace wellness programs for their employees to encourage them to quit smoking, lose weight, adopt a healthy lifestyle, and take behavioral coaching courses. 4% of large firms have wellness programs that focus on health screening. Further, the implementation of HRAs has increased among large firms, resulting in offering health benefits rising from 47% in 2008 to 65% in 2019. Several employers also offer monetary incentives to encourage employees to disclose health information during HRAs. A small percentage of large employers also offer incentives to achieve optimal health conditions such as maintaining body mass index (BMI) or cholesterol levels within the specified range. Federal Regulation and the Affordable Care Act authorize such health-contingent wellness programs. Thus, the wellness platform market is growing with an upsurge in the cases of workplace-associated disorders.
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Well-Being Platform Market: Strategic Insights
Market Size Value in US$ 449.21 billion in 2022 Market Size Value by US$ 712.20 billion by 2030 Growth rate CAGR of 5.9% from 2022 to 2030 Forecast Period 2022-2030 Base Year 2022
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Well-Being Platform Market: Strategic Insights
| Market Size Value in | US$ 449.21 billion in 2022 |
| Market Size Value by | US$ 712.20 billion by 2030 |
| Growth rate | CAGR of 5.9% from 2022 to 2030 |
| Forecast Period | 2022-2030 |
| Base Year | 2022 |
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Technological Advancements to Bring New Growth Trends into Well-Being Platform Market
Digital platforms have drastically transformed the way businesses operate today. The employee wellness ecosystem is also changing with modifications in business environments. Companies in the well-being platform market actively seek to incorporate cutting-edge technologies and innovations such as occupational health systems, artificial intelligence, and big data to develop comprehensive employee wellness strategies. As per the Frontiers S.A. report, digitalization is a novel phenomenon that employs information technology (IT) across various domains, especially with high applications in the healthcare sector. Wearables and digital biomarker apps are also widely adopted to collect physiological data. Employees can use their smartphones to self-report their mood; record their voice to gauge their emotional state; or use smartwatches to track heart rate, skin temperature, and electrodermal activity, among other parameters, to assess their well-being. Thus, digital tools can be used to address mental health challenges at workplaces by gathering data, with employers seeking to improve the well-being of teams.
Report Segmentation and Scope
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- Sample PDF showcases the content structure and the nature of the information with qualitative and quantitative analysis.
Service-Based Insights
Based on service, the well-being platforms market is segmented into health risk assessment, fitness, smoking cessation, health screening, nutrition & weight management, stress management, comprehensive well-being, and others. The comprehensive well-being segment held the largest market share in 2022. The fitness segment registered a significant CAGR in the well-being platforms market in 2022-2030. A comprehensive wellbeing program refers to a structured and integrated approach by organizations to promote the physical, mental, and emotional health of their employees. Such programs create a positive work environment that enhances productivity, job satisfaction, and employee engagement. Comprehensive wellness programs help employees pursue total wellbeing by addressing all aspects of wellness rather than focusing on one or two areas. This well-rounded approach offers better employee engagement and a more effective wellness program. Physical health offerings may include fitness facilities and wellness challenges, while mental health support could involve counseling, workshops, and access to employee assistance programs. Emotional wellbeing is fostered through mindfulness programs and emotional intelligence workshops.
Comprehensive corporate wellbeing programs are gaining popularity as organizations recognize the value of investing in their employees' health and happiness. Employers emphasize work-life balance, offer nutrition education, and provide financial wellness resources. By promoting employee wellbeing, they aim to boost productivity, promote employee retention, reduce absenteeism, and create a positive organizational culture that ultimately contributes to a successful work environment.
Category-Based Insights
Based on category, the well-being platforms market is segregated into fitness & nutritional consultants, psychological therapists, and organizations/employers. The organization/employers segment accounted for the largest market share in 2022. The fitness & nutritional consultant segment is expected to register the highest CAGR during the forecast period. A fitness and nutrition consultant helps clients achieve their health goals by educating them on fitness and stress management techniques. They take a comprehensive approach to providing health services by emphasizing the correlation between physical and mental wellness. Fitness consultants facilitate customized exercise programs to help a diverse group of people. Further, nutrition consultants review the eating habits and prosperity goals of clients to recommend a meal plan and guide them on proper nutrition to protect clients from certain diseases. The consultants provide expert guidance and support to employees in improving their fitness and nutrition habits. They play a crucial role in enhancing the overall wellbeing of the workforce and promoting a healthier workplace culture. Their services include personalized fitness programs tailored to individual needs, dietary advice, group fitness classes, wellness workshops, and performance tracking using technology. In addition, employers are making considerable investments to encourage healthy diets by offering healthy catering options on campus. Employees with unhealthy habits increase the disease burden, leading to productivity loss and absenteeism, compelling employers to pay extra health insurance premiums for them. Thus, employers utilize wellness programs to reduce the financial burden caused by the health issues of unwell employees.
The rising prevalence of disorders such as diabetes and obesity due to unhealthy lifestyles and eating habits is expected to surge the adoption of wellbeing platforms. Integrating fitness and nutritional consultant services into wellness initiatives can help companies create a health-conscious environment that improves productivity, reduces healthcare costs, and offers higher employee satisfaction. As awareness of employee wellbeing continues to grow, the well-being platform market is expected to grow further in the coming years.
Delivery Model-Based Insights
In terms of delivery model, the well-being platforms market is segmented into onsite and offsite. The onsite segment accounted for a larger market share in 2022. On-site services provide the facility to exercise under the guidance of fitness consultants and coaches to meet the health needs of the working people. The companies arrange drives for physical exams, hearing tests, drug screening, wellness programs, and other services such as immunizations, eye tests, and health risk assessments on-premises. Several large organizations provide on-site corporate wellness programs such as an on-site gym and fitness center to create a healthy environment. Wellable LLC offers a wide range of on-site services, providing clients with a complete wellness experience. From health coaching to fitness classes, the company combines human interaction that gives wellness programs a personal touch. The company can also connect the diverse parts of a wellness program by integrating wellness services directly into the wellness platform.
On-site programs help increase employee engagement rates and enhance employee productivity, in turn, preventing chronic diseases and helping employees in restoring their health.
Well-being platforms Market, by Product – 2022 and 2030
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Regional Analysis
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North America dominated the well-being platforms market in 2022 accounting for a maximum share. North America holds the largest share of the global well-being platform market, with the US, Canada, and Mexico being the major contributors to the regional market growth. The US is the largest market for well-being platforms in this region. The well-being platform market growth in North America is attributed to the increasing incidences of chronic diseases, long working hours, and many more. Additionally, the implementation of an effective corporate wellness program by employers at the workplace is likely to offer growth opportunities to the well-being platform market in the region.
in April 2020, Stepped Care Solutions, Kids Help Phone, and Homewood Health came together to launch Wellness Together Canada (WTC), an online platform to give access to a virtual network of mental health and substance use. Additionally, in January 2022, over 2 billion people across all provinces and territories had access to the WTC portal, with 20,000 to 30,000 using the wellbeing services weekly.
There are well-established companies in Mexico that fund on-demand wellness platforms. SCAPE, a Mexican on-demand spa and wellness company, currently operates in 25 cities in Mexico and four in Colombia, offering over 85,000 services. The successful fundraising of SCAPE and the growth of the wellness industry attracts more attention and funding from venture capital firms and other startups in the region. The aforementioned factors present lucrative opportunities for the well-being platform market to expand their businesses in the startup ecosystem.
The report profiles leading players operating in the global well-being platforms market. These include Virgin Pulse Inc, Limeade Inc, Optum Inc, Vitality Group International Inc, Bravo Wellness LLC, Sonic Boom Wellness LLC, WebMD Health Services Group Inc, Fitbit LLC, Asset Health Inc, Healthcheck360, Marquee Health LLC, Wellright Inc, Wellworks for You, Wellable LLC, Wellness 360 Technologies Inc, WellSteps.com LLC, and CHC Wellbeing Inc.
- In July 2021, Limeade announced the acquisition of TINYPULSE, a pioneer in employee listening software. The acquisition will bring together two companies committed to helping their customers create healthy employee experiences.
- In November 2021, Virgin Pulse announced the acquisition of Welltok to drive better health outcomes and cost reductions. The acquisition would allow the two companies to introduce the industry's first end-to-end engagement and activation platform supporting clients, members, and consumers across the entire health community.
Company Profiles
- Virgin Pulse Inc
- Limeade Inc
- Optum Inc
- Vitality Group International Inc
- Bravo Wellness LLC
- Sonic Boom Wellness LLC
- WebMD Health Services Group Inc
- Fitbit LLC
- Asset Health Inc
- Healthcheck360
- Marquee Health LLC
- Wellright Inc
- Wellworks for You
- Wellable LLC
- Wellness 360 Technologies Inc
- WellSteps.com LLC
- CHC Wellbeing Inc.
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Service, Category, Delivery Model, End User, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
This text is related
to country scope.
Frequently Asked Questions
The well-being platform market was valued at US$ 449.21 billion in 2022.
Based on delivery model, the global well-being platform market is bifurcated into onsite and offsite. The onsite segment held a larger market share in 2022. However, the offsite segment is anticipated to register a higher CAGR during the forecast period.
The well-being platform market majorly consists of the following players, Virgin Pulse Inc, Limeade Inc, Optum Inc, Vitality Group International Inc, Bravo Wellness LLC, Sonic Boom Wellness LLC, WebMD Health Services Group Inc, Fitbit LLC, Asset Health Inc, Healthcheck360, Marquee Health LLC, Wellright Inc, Wellworks for You, Wellable LLC, Wellness 360 Technologies Inc, WellSteps.com LLC, and CHC Wellbeing Inc.
The factors driving the growth of the well-being platform market include the rise in workplace-associated disorders and reduction in healthcare costs. However, the failure in product positioning and implementation hampers the growth of the well-being platform market.
The well-being platform market is expected to be valued at US$ 712.20 billion in 2030.
Corporate wellness initiatives are designed to support and encourage a complete approach to employee wellbeing by creating an organizational culture of health. Wellbeing services are offered by the companies for the benefit of employees at workplace through technologically advanced platform. A well-being platform is an online platform that provides solutions and support to help individuals improve their physical, mental, and emotional health. These platforms may offer various services, such as fitness classes, mental health counseling, stress management techniques, and other services. These platforms are becoming popular as more people seek convenient and affordable ways to improve their overall health and wellbeing.
The List of Companies - Well-being Platform Market
- Virgin Pulse Inc
- Limeade Inc
- Optum Inc
- Vitality Group International Inc
- Bravo Wellness LLC
- Sonic Boom Wellness LLC
- WebMD Health Services Group Inc
- Fitbit LLC
- Asset Health Inc
- Healthcheck360
- Marquee Health LLC
- Wellright Inc
- Wellworks for You
- Wellable LLC
- Wellness 360 Technologies Inc
- WellSteps.com LLC
- CHC Wellbeing Inc.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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