Industry Background:
A corporate wellness platforms is a web-based technology that can host many programs used to evaluate, engage, inform, motivate, and incentivize employees based on the wellness strategy. The platform should be API-compatible with the ability to mix with third-party vendors. The platforms give the capability to add programs beyond the vendor-established program offering design of a wellness portal. It offers a flexible design that enables users to configure it to meet the needs of populations, benefits strategy, organization, and wellness.
Attributes | Details |
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Study Period | 2018-2030 |
Base Year | 2023 |
Unit | Value (USD Million) |
Key Companies Profiled | Wellable (United States), Sprout (Canada), Virgin Pulse (United States), Sonic Boom Wellness (United States), Everyone Wellness Pte Ltd. (Australia), Tictrac (United Kingdom), Wellspace (United Kingdom), PAM Life (United Kingdom) and Welbot (United Kingdom) |
This growth is primarily driven by Increasing Application of Corporate Wellness Platforms Reduce Health Care Costs, Augment Productivity and Increase Employee Retention.
Globally, a noticeable market trend is evident Need for the Wellness Platform in for the Employees Health Major Players, such as Wellable (United States), Sprout (Canada), Virgin Pulse (United States), Sonic Boom Wellness (United States), Everyone Wellness Pte Ltd. (Australia), Tictrac (United Kingdom), Wellspace (United Kingdom), PAM Life (United Kingdom) and Welbot (United Kingdom), etc have either set up their manufacturing facilities or are planning to start new provision in the dominated region in the upcoming years. The Corporate Wellness Platforms Market is fragmented by various players. The players are investing in new platform launches to improve users' experience in wellness platforms. Also, they focus on merger and acquisition activities to enhance reward options.
Key Developments in the Market:
In 2020, Wellable has announced the partnership with ThrivePass, an innovator of the Thrive Account, formerly known as the Wellness Savings Account (WSA). The partnership will provide Wellable access to improved reward options and provide ThrivePass with a wellness technology platform to track healthy behaviors.
In 2020, Sprout has introduced its new corporate wellness platform named 3.0. With the new launch, Sprout’s provides users with an improved user experience designed to meet the rising demand for online workplace wellbeing solutions.
Regulatory Insights:
According to the Internal Revenue Service (IRS), all wellness programs are not non-taxable to employees. If a reward is a valid medical expense for the diagnosis, cure, mitigation, treatment, or prevention of disease, or to affect any structure or function of the body, an employee may not have to pay tax on the value of the reward.
Influencing Trend:
Need for the Wellness Platform in for the Employees Health
Market Growth Drivers:
Increasing Application of Corporate Wellness Platforms Reduce Health Care Costs, Augment Productivity and Increase Employee Retention
Challenges:
Government Compliances on the Wellness Programs and lack of accessibilities
Restraints:
High Cost Associated with the Corporate Wellness Platforms
Opportunities:
Rising Implementation of Corporate Wellness Platforms in Corporate Sector can create Opportunities for the Market Growth and innovating of wellness technology
AMA Research follows a focused and realistic research framework that provides the ability to study the crucial market dynamics in several regions across the world. Moreover, an in-depth assessment is mostly conducted by our analysts on geographical regions to provide clients and businesses the opportunity to dominate in niche markets and expand in emerging markets across the globe. This market research study also showcases the spontaneously changing Players landscape impacting the growth of the market. Furthermore, our market researchers extensively analyze the products and services offered by multiple players competing to increase their market share and presence.
Customization in the Report
AMA Research features not only specific market forecasts but also includes significant value-added commentary on:
- Market Trends
- Technological Trends and Innovations
- Market Maturity Indicators
- Growth Drivers and Constraints in Corporate Wellness Platforms Market
- Analysis about New Entrants in Corporate Wellness Platforms Market & Entry/Exit Barriers
- To Seize Powerful Market Opportunities
- Identify Key Business Segments, Market Proposition & Gap Analysis
- An Unbiased Perspective towards Market Performance & Indicators
Against this Challenging Backdrop, Corporate Wellness Platforms Study Sheds Light on
The Corporate Wellness Platforms Market status quo and key characteristics. To end this, Analysts at AMA organize and took surveys of the Corporate Wellness Platforms industry Players. The resultant snapshot serves as a basis for understanding why and how the industry can be expected to change.
Where Corporate Wellness Platforms industry is heading and what are the top priorities. Insights are drawn from financial analysis, surveys, and interviews with key executives and industry experts.
How every company in this diverse set of Players can best navigate the emerging competition landscape and follow a strategy that helps them position to hold the value they currently claim or capture the new addressable opportunity.