Health and Wellness Management Services Procurement 2030 – Insights from the Health Frontier

Health and Wellness Management Services Category – Procurement Intelligence

Enter the dimension of health and wellness management, where growth is not just a statistic but a lifestyle evolution poised at a 4.47% CAGR from 2023 to 2030. According to a McKinsey survey in 2021, a staggering 79% of consumers declared well-being as their paramount concern. As Americans increasingly prioritize health over the past few years—clocking in at 48.2%—the UK charts a post-pandemic shift. While exercise routines might have taken a back seat, fitness aspirations remain steadfast, sparking a surge in inventive solutions like Mirror, Peloton, and Tonal. Brace for a wave of trends, from the proliferation of fitness apps to telehealth remedies for workplace woes, and innovative employee engagement platforms.

The era of businesses championing the wellness frontier is upon us, with a dual mission to nurture healthier, happier employees while curbing healthcare costs. Think of it as an ecosystem where companies become architects of well-being, imparting knowledge on ailments, offering wellness nuggets, and advocating the merits of a wholesome lifestyle. Imagine biometric screenings, health assessments, stress management schemes—all part of the wellness lexicon. Across APAC and Latin America, international juggernauts are amalgamating their supply chains, fueling a surge in service adoption. The working-age populace, coupled with heightened employee consciousness, propels corporate wellness to new heights, notably in hotspots like Singapore, Australia, and New Zealand.

Order your copy of the Health and Wellness Management Services category procurement intelligence report 2023-2030, published by Grand View Research, to get more details regarding day one, quick wins, portfolio analysis, key negotiation strategies of key suppliers, and low-cost/best-cost sourcing analysis

But the revolution doesn’t stop there—suppliers are bolstering their arsenals with disease management programs, lifestyle interventions, and health screenings, reinforcing their market presence. Witness the surge in welfare benefits expenditure, exemplified by India’s 2023 leap, where eight out of ten companies upped their wellness budget. And as per Aon’s 2023 study, companies are diversifying their primary care well-being offerings, with 80% embracing mental health support and 37% embracing telemedicine. In this landscape, the future is bright, vibrant, and undoubtedly, well.

A few other developments include:

• In August 2023, Virgin Pulse announced a partnership with Cigna Healthcare with the launch of its connected wellness platform. The new platform is made available on “mycigna” and will provide personalized health experiences to more than 11 million customers. Employees or participants can track their progress, metrics, and achieve their goals through this product.
• In September 2022, Privia Health announced a strategic partnership with OhioHealth by signing a non-binding memorandum of understanding. A medical group for independent providers was launched as a part of this deal, which would thereby expand OhioHealth’s clinically integrated network. The deal would enable all medical professionals and provider groups to remain independent and continue treating patients under all payment models while shifting to value-based care agreements.

Health and Wellness Management Services Sourcing Intelligence Highlights

• The global health and wellness management services category is highly fragmented. In many emerging economies such as India, this category is disorganized and fragmented.
• The bargaining power of suppliers globally is moderate owing to the presence of multiple players and high fragmentation. Barriers as such longer sales cycles for products or services, difficulty in gauging the local demand, dynamic regulatory landscape, pricing disparities, etc. can sometimes make it slightly difficult for new suppliers to enter this industry.
• Some of the major cost components include salaries of health and wellness consultants, tools, technology, and software, marketing and advertising, and facilities/office space.
• More than 65% – 70% of employees in North America receive some kind of well-being initiative or program. More than 40% – 45% of employees in Europe receive well-being benefits or programs.
• In terms of operating model, companies mostly prefer engaging with approved service providers adhering to different health regulations and standards.

List of Key Suppliers

• ComPsych Corporation
• Wellness Corporate Solutions (Laboratory Corporation of America)
• Virgin Pulse, Inc.
• EXOS
• Marino Wellness LLC
• Privia Health
• Vitality Group International, Inc.
• Wellsource, Inc.
• Central Corporate Wellness
• Truworth Wellness
• Healthfirst, Inc.
• FitMind LLC
• Limeade, Inc.
• TotalWellness 

Browse through Grand View Research’s collection of procurement intelligence studies:

• Call Center Service Procurement Intelligence Report, 2023 – 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape)
• Commercial Real Estate Services Procurement Intelligence Report, 2023 – 2030 (Revenue Forecast, Supplier Ranking & Matrix, Emerging Technologies, Pricing Models, Cost Structure, Engagement & Operating Model, Competitive Landscape) 

Health and Wellness Management Services Procurement Intelligence Report Scope

• Health and Wellness Management Services Category Growth Rate : CAGR of 4.47% from 2023 to 2030
• Pricing Growth Outlook : 8% – 12% (Annually)
• Pricing Models : Cost plus, value-based, and tiered pricing model
• Supplier Selection Scope : Cost and pricing, past engagements, productivity, geographical presence
• Supplier Selection Criteria : Employee assistance programs, workplace wellness programs, health assessments, tools, technology, and tracking, operational capabilities, quality measures, certifications, data privacy regulations, and others
• Report Coverage : Revenue forecast, supplier ranking, supplier positioning matrix, emerging technology, pricing models, cost structure, competitive landscape, growth factors, trends, engagement, and operating model 

Brief about Pipeline by Grand View Research:

A smart and effective supply chain is essential for growth in any organization. Pipeline division at Grand View Research provides detailed insights on every aspect of supply chain, which helps in efficient procurement decisions. 

Our services include (not limited to):

• Market Intelligence involving – market size and forecast, growth factors, and driving trends
• Price and Cost Intelligence – pricing models adopted for the category, total cost of ownerships
• Supplier Intelligence – rich insight on supplier landscape, and identifies suppliers who are dominating, emerging, lounging, and specializing
• Sourcing / Procurement Intelligence – best practices followed in the industry, identifying standard KPIs and SLAs, peer analysis, negotiation strategies to be utilized with the suppliers, and best suited countries for sourcing to minimize supply chain disruptions