Health & wellness is a broad terminology which covers various techniques, services, and product offerings provided for maintaining fitness, health, and wellbeing of individuals around the world. Health includes various parameters such as mental, social, emotional, and others. Wellness is a form of quality of life, which includes mental and physical wellness, emotional, and socio-economic wellness, along with fitness, nutritional, and other important forms of wellness. Health & wellness service providers offer different types of wellness and fitness services to improve efficiency of employees, and reduce overall health care costs. Health & wellness service providers offer customized solutions and service offerings, tailor-made to suit individual needs to promote workplace and individual health & wellness.
Increase in indirect health care costs associated with lack of productivity of employees, absenteeism, loss of work days, and other factors have led employers in various organization across the world to indulge in health & wellness service offerings at their workplace. This helps them reduce healthcare costs and increase productivity and efficiency of employees. This is projected to drive the global health & wellness services market. Rise in awareness about health and wellness services among employers, increase in health care costs, and surge in incidence of chronic diseases are driving demand for health and wellness services in the corporate segment and increasing investments in corporate wellness programs. These factors are expected to drive the global health & wellness services market during the forecast period. Various clinical studies conducted to monitor efficiency of health and wellness services suggest that participation of employees in health and wellness programs over a five-year period reduces health care costs and reduces absenteeism. However, reluctance of employers and employees to implement and engage in health and wellness services are some major restrains of the global health & wellness services market.
The global health & wellness services market is segmented based on service type, end-user, and region. Based on service type, the global health & wellness services market is segmented into health risk assessment, weight management services, nutrition services, health screenings, fitness services, smoking cessation, stress management services, and others such as disease and conditions management and employee engagement. The health risk assessment segment dominated the global market in 2017, owing to increase in awareness regarding health and wellness and rise in participation by employers and employees in this service offering. Increase in percentage of people indulging in smoking, especially in emerging countries, is expected to drive the demand for smoking cessation services and drive the segment at a comparatively higher CAGR from 2018 to 2026. Based on end-user, the global health & wellness services market is divided into consumers/employees, employers, and others.
In terms of geography, the global health and wellness services market is segregated into five region: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. North America dominated the global health and wellness services market in 2017, owing to increase in adoption of health and wellness services in the U.S. and Canada. This expansion can be attributed to higher awareness about these services, combined with growing efforts of employers to reduce health care costs in the region. Europe accounted for the second largest share of the market in 2017, followed by Asia Pacific. Asia Pacific is anticipated to expand at a high CAGR during the forecast period, owing to increasing healthcare per capita expenditure and rise in awareness in emerging economies such as India and China.
Key players operating in the health & wellness services market include Kinema Fitness, Premise Health Inc., TotalWellness, Provant Health, Marino Wellness, Wellness Corporate Solutions, LLC, Vitality, Virgin Pulse, and Corporate Fitness Works.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
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Inculcation and Evaluation of Strategic Collaborations: The TMR researchers analyze recent strategic activities like mergers, acquisitions, partnerships, collaborations, and joint ventures. All the information is compiled and included in the report.
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