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U.S. Employee-sponsored Healthcare Market – By Service (Healthcare, Wellness), Network Type (Open Network Plans, Closed-network Plans), Organization Size (Large-scale Organization, Medium-scale Organization, Small-scale Organization) & Forecast, 2024 – 2032
Report ID: GMI10800
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Published Date: August 2024
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Report Format: PDF
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Premium Report Details
Base Year: 2023
Companies covered: 16
Tables & Figures: 21
Countries covered: 1
Pages: 60
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U.S. Employee-sponsored Healthcare Market Size
U.S. Employee-sponsored Healthcare Market was valued at USD 586.7 billion in 2023 and is expected to exhibit growth at a CAGR of 3% from 2024 – 2032 period. Increased availability of telehealth services, employer’s desire to attract and retain talent and growing awareness of health and wellness are among the key attributes anticipated to spur the market growth over the forecast period.
Employers are increasingly investing in health plans that include preventive care and chronic disease management to keep employees healthy and reduce long-term healthcare costs. Healthier employees are more productive and have lower absenteeism rates. For instance, according to the data published by Centers for Disease Control and Prevention (CDC) in 2021, productivity losses linked to absenteeism cost employers USD 225.8 billion annually or USD 1,685 per employee in the U.S. Additionally, employees are seeking more comprehensive benefits packages. A survey by the Society for Human Resource Management (SHRM) found that 95% of employees rated health insurance as the most important benefit.
Moreover, wellness programs are becoming a staple of employee benefits. A 2021 report by the Kaiser Family Foundation noted that 53% of small firms and 81% of large firms that offer health benefits also provide at least one wellness program. Wellness programs contribute to overall health and can include activities like smoking cessation, weight management, and fitness programs, which can lead to reduced healthcare costs and improved employee health.
Employee-sponsored healthcare refers to health insurance plans provided by employers to their employees as part of a benefits package. These plans can cover a range of medical services, including preventive care, hospitalization, prescription drugs, and wellness programs.
U.S. Employee-sponsored Healthcare Market Trends
Improved data integration allows for better tracking of health outcomes and the effectiveness of employee health programs, leading to more informed decision-making and cost savings. Electronic health records (EHR) and data integration enhance the coordination of care and streamline health management.
U.S. Employee-sponsored Healthcare Market Analysis
Based on service, the market is classified into healthcare and wellness. The healthcare segment dominated the market and was valued at USD 563.9 billion in 2023.
Based on network type, the U.S. employee-sponsored healthcare market is categorized into open network plans and closed-network plans. The open network plans segment held leading revenue share of around 57.3% in 2023.
Based on organization size, the U.S. employee-sponsored healthcare market is segmented into large-scale organization, medium-scale organization, and small-scale organization. The large-scale organization segment held majority share in the market in 2023 and is anticipated to reach USD 361.9 billion by the end of forecast period.
The East South-Central employee-sponsored healthcare market accounted for USD 149.6 billion revenue in 2023 and is anticipated to grow at a healthy pace between 2024 – 2032 period.
U.S. Employee-sponsored Healthcare Market Share
The U.S. employee-sponsored healthcare industry is characterized by the presence of several leading players and a focus on technology adoption and strategic partnerships. Industry players are focusing on several strategic areas to enhance their offerings, meet evolving client needs, and remain competitive. Further, product customization, integration of digital solutions, collaboration with healthcare facilities, and acquisition are key focus areas of market participants.
U.S. Employee-sponsored Healthcare Market Companies
Prominent players operating in the industry include:
U.S. Employee-sponsored Healthcare Industry News:
U.S. employee-sponsored healthcare market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD Million from 2021 – 2032 for the following segments:
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Market, By Service
Market, By Network Type
Market, By Organization Size
The above information is provided for the following zones: