The Corporate Wellness Services industry has experienced strong growth over the past five years, as 72% of employers purchased healthcare screening and/or intervention services to help lower their healthcare costs.
In response to the escalating number of obese and overweight Americans, which could increase employer-mandated health insurance costs, many businesses have implemented biometric screening services. For example, corporate wellness services may include collecting employees’ biometric data (e.g. height, weight, blood pressure and blood glucose levels), which helps industry operators target high-risk employees for intervention programs.
Among businesses that offered lifestyle management programs, 79.0% offered programs in nutrition and weight counseling, smoking cessation (77.0%), fitness (72.0%), alcohol and drug abuse (52.0%), stress management (52.0%) and health education (36.0%), according to a 2013 RAND study.
“Businesses are realizing they can have a high return on investment (ROI) for disease management services, with each dollar allocated toward these programs resulting in a $3.80 ROI,” said IBISWorld healthcare analyst Sarah Turk.
Further exacerbating demand for wellness services, the Patient Protection and Affordable Care Act will penalize employers for lacking employer-mandated health insurance in the coming years. In the next 5 years, industry revenue is forecast to grow 8.4% annually to $12.1 billion.