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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.
Wellbeing Platform Market Analysis
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.
Wellbeing Platform Market Overview
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.
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Wellbeing 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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Customize Research To Suit Your Requirement
We can optimize and tailor the analysis and scope which is unmet through our standard offerings. This flexibility will help you gain the exact information needed for your business planning and decision making.
Wellbeing 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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Wellbeing Platform Market Drivers and Opportunities
Reduction in Healthcare Costs to Favor Market
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.
Launch of Innovative Products Provide Lucrative Market Opportunity
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.
Wellbeing Platform Market Report Segmentation Analysis
Key segments that contributed to the derivation of the wellbeing platform market analysis are service, category, delivery model, and end user.
- Based on service, the market is segmented as health risk assessment, fitness, smoking cessation, health screening, nutrition & weight management, stress management, comprehensive wellbeing, and others. The comprehensive wellbeing segment held a larger market share in 2022.
- By category, the market is segmented into fitness & nutrition consultant, psychological therapists, and organization/employers. The fitness & nutrition consultant segment held the largest share of the market in 2022.
- By delivery model, the market is bifurcated into onsite and offsite. The onsite segment held the largest share of the market in 2022.
- By end user, the market is segmented into small-scale organizations, medium-scale organizations, large-scale organization, and homecare. The homecare segment held the largest share of the market in 2022.
Wellbeing Platform Market Share Analysis by Geography
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.
Wellbeing Platform Market Report Scope
Wellbeing Platform Market News and Recent Developments
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:
- WebMD announced launching of a new brand namely, "WebMD Ignite" that offers a comprehensively array of healthcare solutions to kickstart healthcare organizations efforts to improve engagement and fuel growth through every stage of the healthcare journey from discovery to recovery. (Source: WebMD, Company Website, April 2023)
Wellbeing Platform Market Report Coverage and Deliverables
The “Wellbeing Platform Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas:
- Wellbeing Platform market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Wellbeing Platform market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Wellbeing Platform market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the Wellbeing Platform market
- Detailed company profiles
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 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.
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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