South & Central America Well-Being Platform Market Forecast to 2030 - Regional Analysis - by Service (Health Risk Assessment, Fitness, Smoking Cessation, Health Screening, Nutrition & Weight Management, Stress Management, Comprehensive Well-Being, and Oth

South & Central America Well-Being Platform Market Forecast to 2030 - Regional Analysis - by Service (Health Risk Assessment, Fitness, Smoking Cessation, Health Screening, Nutrition & Weight Management, Stress Management, Comprehensive Well-Being, and Others), Category (Fitness and Nutrition Consultant, Psychological Therapists, and Organizations/Employers), Delivery Model (Onsite and Offsite), and End User (Small-Scale Organizations, Medium-Scale Organizations, Large-Scale Organizations, and Home Use)

The South & Central America well-being platform market was valued at US$ 18,148.07 million in 2022 and is expected to reach US$ 29,342.57 million by 2030; it is estimated to grow at a CAGR of 6.2% from 2022 to 2030.

Rise in Workplace-Associated Disorders Fuels the South & Central America Well-Being Platform Market

According to a report by the World Health Organization (WHO), employed individuals account for more than 50% of the global population, and 15% of these are living with mental disorders. Without effective support, mental disorders can hamper a person's confidence and productivity, and increase absenteeism. Annually, 12 billion working days are lost due to depression and anxiety. However, work-related mental health conditions can be averted by managing psychological risks at the workplace and implementing organizational interventions that directly target working conditions and environments. Additionally, the increasing implementation of health risk assessment (HRA) at the workplace is one of the best solutions to tackle physical and mental health conditions.

According to the KFF 2023 report, in 2019, 84% of large firms (200 or more workers) offered workplace wellness programs for their employees to encourage them to quit smoking, lose weight, adopt a healthy lifestyle, and take behavioral coaching courses. 4%. of large firms have wellness programs that focus on health screening Further, the implementation of HRAs has increased among large firms, resulting in offering health benefits rising from 47% in 2008 to 65% in 2019. Several employers also offer monetary incentives to encourage employees to disclose health information during HRAs. A small percentage of large employers also offer incentives to achieve optimal health conditions such as maintaining body mass index (BMI) or cholesterol levels within the specified range. Thus, the wellness platform market is growing with an upsurge in the cases of workplace-associated disorders.

South & Central America Well-Being Platform Market Overview

During the COVID-19 pandemic in Brazil, companies were forced to implement effective business strategies to sustain business, as per the Information Services Group (ISG) report. Also, in Brazil, holistic and strategic management of human resources acts as an integral part of decision-making in the companies. In Brazil, compared to other regions, companies are incorporating new technologies, processes, services, governance, and security tools to maximize employee satisfaction in engagement, productivity, and creativity owing to the rising incidence of work stress results in disruptions. This is increasing the adoption of employee wellness among various organizations. In Brazil, the ISG Provider Lens Future of Work-Services and Solutions report evaluates the capabilities of 24 providers across two quadrants-Workplace Strategy Transformation Services and Managed Workplace services-with a major focus on technology, digital service desk, workplace support services, and managed employee experience services.

South & Central America Well-Being Platform Market Revenue and Forecast to 2030 (US$ Bn)

South & Central America Well-Being Platform Market Segmentation

The South & Central America well-being platform market is segmented into service, category, delivery model, end user, and country.

Based on service, the South & Central America well-being platform market is segmented into health risk assessment, fitness, smoking cessation, health screening, nutrition & weight management, stress management, comprehensive well-being, and others. The comprehensive well-being segment held the largest market share in 2022.

Based on category, the South & Central America well-being platform market is segmented into fitness and nutrition consultant, psychological therapists, and organizations/employers. The organizations/employers segment held the largest market share in 2022.

Based on delivery model, the South & Central America well-being platform market is bifurcated into onsite and offsite. The onsite segment held a larger market share in 2022.

Based on end user, the South & Central America well-being platform market is segmented into small-scale organizations, medium-scale organizations, large-scale organizations, and home use. The home use segment held the largest market share in 2022.

Based on country, the South & Central America well-being platform market is segmented to Brazil, Argentina, and the Rest of South & Central America. The Rest of South & Central America dominated the South & Central America well-being platform market share in 2022.

ComPsych Corporation, Fitbit LLC, Optum Inc, and Quest Diagnostics are some of the leading companies operating in the South & Central America well-being platform market.

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