Burlingame, May 15, 2024 (GLOBE NEWSWIRE) -- The Global Well Being Platform Market is estimated to be valued at US$ 62.93 Billion in 2023 and is expected to exhibit a CAGR of 4.8% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights. Wellbeing platforms help individuals track and monitor their physical and mental well-being through digital tools and applications. They provide features like health assessments, tracking of vitals, activity and sleep monitoring through wearables and apps, nutritional programs, guided meditations, and community support.
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Market Dynamics:
The well being platform market is being driven by the increasing focus on employee well-being by organizations across the globe. Companies are recognizing the importance of employee wellness in improving productivity, reducing absenteeism, and enhancing overall workplace satisfaction. Additionally, the growing awareness among individuals about the importance of mental and physical well-being is boosting the demand for well-being platforms.
Global Well Being Platform Market Report Coverage
| Report Coverage | Details |
| Market Revenue in 2023 | $62.93 billion |
| Estimated Value by 2030 | $87.38 billion |
| Growth Rate | Poised to grow at a CAGR of 4.8% |
| Historical Data | 2018–2021 |
| Forecast Period | 2023–2030 |
| Forecast Units | Value (USD Million/Billion) |
| Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | By Service, By Category, By Delivery Model, By End Use |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of World |
| Growth Drivers | • Increasing awareness about health and wellness • Growing popularity of wearable devices and fitness apps • Significant investment in digital health technology |
| Restraints & Challenges | • Data privacy and security concerns • High costs associated with wellness programs |
Market Trends:
One key trend in the well being platform market is the integration of advanced technologies such as artificial intelligence and machine learning to provide personalized wellness solutions. These technologies enable platforms to analyze user data and preferences to offer customized wellness programs and recommendations.
Another trend in the market is the rising adoption of mobile well-being platforms, allowing users to access wellness resources and tools on-the-go. This trend is driven by the increasing use of smartphones and mobile devices, making it convenient for individuals to prioritize their well-being wherever they are.
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The global well-being platform market is experiencing significant growth due to the increasing demand for health and wellness platforms. As people become more health-conscious and strive to lead healthier lifestyles, the demand for platforms that offer health risk assessments, fitness programs, smoking cessation support, and other wellness services is on the rise. Organizations are also recognizing the importance of promoting employee well-being to improve productivity and reduce healthcare costs.
Technological advancements in well-being platforms are also driving market growth. Platforms are now offering advanced features such as artificial intelligence algorithms, personalized health recommendations, and real-time tracking of fitness goals. These features are making it easier for users to monitor their health and well-being, leading to increased adoption of these platforms.
Recent Developments:
In December 2023, the most recent addition to Voya Financial, Inc., suite employee health products, the employee homepage dashboard, was just launched.
In February 2023, the release of Cortiqa Health Pvt Ltd mobile application, CoHeal, announced.
Key Market Takeaways:
Global Well Being Platform Market is anticipated to witness a CAGR of 4.8% during the forecast period 2024-2031, owing to the increasing demand for health and wellness platforms and technological advancements in the market.
On the basis of service, the Health Risk Assessment segment is expected to hold a dominant position, owing to the rising awareness about the importance of health screenings and risk assessments for early detection of health issues.
By category, the Fitness and Nutrition Consultants segment is dominating the market, as more individuals are seeking personalized fitness and nutrition advice to improve their overall well-being.
In terms of delivery model, the onsite delivery model is expected to hold a dominant position, as it allows organizations to offer well-being services directly to their employees on-site.
Among end-users, small-scale organizations are dominating the market, as they are increasingly investing in employee wellness programs to improve productivity and reduce healthcare costs.
In the region, North America is expected to hold a dominant position over the forecast period, due to the high adoption rate of well-being platforms and the presence of key market players in the region.
Key players operating in the Global Well Being Platform Market include Virgin Pulse Inc, Limeade Inc, Optum Inc, Vitality Group International Inc, and others. These players are focusing on developing innovative well-being platforms to meet the growing demand for health and wellness services.
Overall, the global well-being platform market is experiencing significant growth due to the increasing demand for health and wellness platforms and technological advancements in the market. Key players are playing a crucial role in driving market growth by offering innovative solutions to meet the evolving needs of consumers and organizations.
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Market Segmentation:
By Service:
- Health Risk Assessment
- Fitness, Smoking Cessation
- Health Screening
- Nutrition & Weight Management
- Stress Management
- Comprehensive Well-being
- Others
By Category:
- Fitness and Nutrition Consultants
- Psychological Therapists
- Organizations/employers
By Delivery Model:
- Onsite
- Offsite
By End Use:
- Small Scale Organizations
- Medium Scale Organizations
- Large Scale Organizations
By Region:
- North America
- U.S.
- Canada
- Latin America
- Brazil
- Mexico
- Rest of Latin America
- Europe
- Germany
- U.K.
- Spain
- France
- Italy
- Russia
- Rest of Europe
- Asia Pacific
- China
- India
- Japan
- Australia
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- GCC Countries
- Rest of Middle East & Africa
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About Us:
Coherent Market Insights is a global market intelligence and consulting organization that provides syndicated research reports, customized research reports, and consulting services. We are known for our actionable insights and authentic reports in various domains including aerospace and defense, agriculture, food and beverages, automotive, chemicals and materials, and virtually all domains and an exhaustive list of sub-domains under the sun. We create value for clients through our highly reliable and accurate reports. We are also committed in playing a leading role in offering insights in various sectors post-COVID-19 and continue to deliver measurable, sustainable results for our clients.
