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Health and Wellness Market Segmentation
The health and wellness services market is expected to witness category spend growth of more than USD 23 billion between 2018-2023, with spend momentum accelerating at a CAGR of 7.26% during the forecast period. This increasing procurement of health and wellness services is primarily attributed to the increasing induction of corporate wellness services across organizations. This is seen as a measure implemented by organizations to tackle the onset of ailments such as diabetes and hypertension among employees, thereby preventing the costly impact of the rising healthcare costs in regions. On this note, the health risk assessment, which is a service segment of the health and wellness services market, accounted for the largest share of the overall market in 2017. It has been observed that among the end-users, large-scale organizations are emerging as one of the most prominent end-users who are exhibiting a rapid adoption rate of wellness services. Service providers are implementing advanced technologies such as data analytics to offer better services. This is further favoring the adoption of health and wellness services across the globe.
North America is dominating the market in terms of spend share. The US itself holds the maximum share which is attributed to the preventive approach undertaken by buyers towards the prevalence of non-communicable diseases among buyer's employees. The increasing expenditure on healthcare is also driving buyers to implement wellness programs. The growing costs of healthcare in Europe are driving the adoption of health and wellness services in the form of corporate wellness programs to enhance the overall health and well-being of employees. The low-cost workforce in countries in APAC is inviting medium and large-sized organizations to invest in the market. The increasing awareness of employees of these organizations to lead healthy lives is contributing to the category adoption rate.
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Insights Offered in this Health and Wellness Services Market Report
Written from the perspective of the buyers and suppliers, this procurement intelligence report offers comprehensive coverage of the latest health and wellness services market trends and factors driving spend across various regions and helps buyers to identify cost-saving opportunities. To help buyers procure health and wellness services at cost-effective rates, an analysis of the pricing outlook and supplier cost structure is also offered in this report.
Our portfolio of reports on the corporate services category help buyers understand:
This procurement intelligence report contains in-depth pricing insights for the procurement of health and wellness services. These pricing insights provide an overview and comparison of pricing models, supply chain margins, and the volume and cost drivers impacting pricing:
For additional pricing insights on health and wellness services, download a free sample report now.
Optimize Category Spend for Health and Wellness Services
To offset the potential rising costs for the procurement of health and wellness services, category managers must adopt the best procurement practices and strategies to efficiently optimize their spend. For instance, the primary objective of buyers while introducing wellness programs is to improve the efficiency of their employee's work culture which can be achieved by reducing attrition rate and absenteeism. Therefore, it is advised that buyers partner with service providers that can offer customized services that can have a focused impact on enhancing productivity in the workplace.
To help category managers optimize spend on health and wellness services, this report also offers:
Build Strategies for Effective Supplier Selection
One of the critical supplier selection criteria in this market is the ability of suppliers to assess the overall health and well-being of buyers' employees and formulate plans that can improve these aspects. This will act as a preventive measure against the development of chronic medical conditions in employees, thereby improving productivity.
This health and wellness services market procurement intelligence report identifies the major costs incurred by suppliers and provides additional information on:
With the growing instances of fraudulent transactions done in the health and wellness services market, it is essential for category managers to collaborate with service providers that possess certifications from institutions such as the NWI, which provide various multi-level wellness program certifications. Also, collaborating with service providers that possess the NCQA Health and Wellness Promotion Accreditation testifies the quality of the wellness programs offered by them.
Key insights offered in this procurement intelligence report on the health and wellness services market will help the buyers identify:
Information on the top health and wellness services providers and health and wellness services market buyer and supplier insights are highlighted in this procurement intelligence report.
SpendEdge presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key category influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.