The wellbeing platform market size is projected to reach US$ 712.20 billion by 2030 from US$ 449.21 billion in 2022. The market is expected to register a CAGR of 5.9% during 2022–2030. Technological advancements are likely to remain key trends in the market.
Launching innovative products will provide lucrative opportunity for the market growth in the coming years. Wellness Company’s “Oligoscan” innovative and noninvasive diagnostic tool provides an intracellular synopsis of people’s health. The product is a rapid and pain-free test that evaluates the bioavailability of trace elements, vitamins, minerals, and heavy metals in people’s body tissues in real time. Therefore, companies launching innovative products is an influential factor responsible to account considerable market growth during 2020-2030. Technological advancements are likely to remain key trends in the market.
Amid the COVID-19 pandemic, employee well-being has become more crucial, driving employers to address workers' mental health and well-being. For example, P&G India announced mental wellbeing initiatives such as the "Happy Minds 2.0" program, which shifted focus from mental health to mental wellbeing. Also, it included initiatives such as counsellor services at the workplace, preventive mental health check-ups, raising awareness within working groups, and flexible working arrangements for employees. Therefore, rising awareness of employee wellbeing will accelerate demand for wellbeing platform in the coming decade.
According to a Centers for Disease Control and Prevention (CDC) report, investing in employees' health may lower the costs of healthcare and insurance claims. For example, a survey published of 56 studies related to workplace health programs presented that implementing effective workplace health programs results in 25% cost savings related to absenteeism, healthcare, and workers' compensation and disability management claims costs. According to the RAND Corporation report, an effective lifestyle and disease management program helps employers reduce average healthcare costs by US$ 30 per member per month (PMPM). In addition, employees participating in the disease management program managed to save ~US$ 136 PMPM with a 30% reduction in hospital admissions. For example, Johnson & Johnson's Health and Wellness Program revealed that medical costs decreased annually by ~US$ 225 per participating employee through its policy, environmental, and educational components for addressing health risks, such as high blood pressure and cholesterol. Therefore, reduction in healthcare costs is one of the major drivers for global wellbeing platform market share.
Several top companies are launching innovative workplace wellness platforms to improve the wellbeing of employees. OnSite Health Diagnostics company’s “Meet Bexa”, a new breast examination platform for workplace screening is one such example. The breast examination through Bexa is accurate, quick, and painless; involves no radiation; and provides women with immediate results. In addition, Bexa is less expensive compared to other wellbeing platform products available in the market. Thus, the introduction of such high-tech wellness platforms is likely to create lucrative opportunities for the well-being platform market players in the coming years. Therefore, launching innovative products is seen to leave a positive impact on the market.
Key segments that contributed to the derivation of the wellbeing platform market analysis are service, category, delivery model, and end user.
The geographic scope of the Wellbeing Platform market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America has dominated the market. In North America region, the US accounts largest share for wellbeing platform market. Presence of top manufacturers in the region and their innovative medically advanced products are the factors contributing to the dominance of the market. Asia Pacific is anticipated to grow with the highest CAGR in the coming years.
The regional trends and factors influencing the Wellbeing Platform Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Wellbeing Platform Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2022 | US$ 449.21 Billion |
| Market Size by 2030 | US$ 712.20 Billion |
| Global CAGR (2022 - 2030) | 5.9% |
| Historical Data | 2020-2021 |
| Forecast period | 2022-2030 |
| Segments Covered |
By Service
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Wellbeing Platform Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Wellbeing Platform Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Wellbeing Platform market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the Wellbeing Platform market are listed below:
The “Wellbeing Platform Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas:
The CAGR for wellbeing platform accounted 4.5% during 2023-2031.
The estimated value of wellbeing platform market accounted US$ 92.3 billion in 2031.
Technological advancement is likely to remain as a key trend for wellbeing platform market.
Virgin Pulse Inc, Limeade Inc, Optum Inc, Bravo Wellness LLC, Fitbit LLC, Wellright Inc, Marquee Health LLC, Wellness 360 Technologies Inc, CHC Wellbeing Inc, Optum Inc, and Wellworks for You are the key players in the wellbeing platform market.
Reduction in healthcare costs to favor market is one of the most influential factors responsible for market growth.
North America region dominated the wellbeing platform market in 2023.