LONDON--(BUSINESS WIRE)--According to the latest procurement intelligence report from Technavio, the global health and wellness services market is expected to grow at a CAGR of 6.8% over the next five years due to the need to reduce healthcare costs.
The research report titled ‘Global Health and Wellness Services Market: Procurement Market Intelligence Report 2017-2021’ provides an in-depth analysis of category spend, best procurement practices and cost saving opportunities, aimed at helping organizations achieve superior business performance. The report also provides insights on pricing, supplier positioning and top companies, enabling sourcing professionals to improve their competitive advantage through procurement excellence.
“During the forecast period, the global health and wellness services market will be driven by the adoption of proactive measures to prevent the onset of chronic medical conditions among employees which leads to loss of productivity,” says lead Technavio procurement specialist Angad Singh for category spend intelligence. “In addition, health and wellness services are more economical when compared to health insurance costs which will also drive the market,” adds Angad.
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Cost saving opportunities in the health and wellness services market
The adoption of various cost-optimization levers helps buyers of global health and wellness services realize direct cost savings and enhance category management and value benefits (including reduced procurement complexities).
Technavio procurement experts have segmented the cost saving opportunities in the global health and wellness services market into the following value-enhancement opportunities:
- Adoption of technology
- Supplier Competition
- Adoption of negotiation strategies
- Optimization of procurement practices
- Bundling of services
Adoption of technology saving aspects
Technologies such biometric screening, wearable devices, and data analytics help procure and deliver health-related information in less than 15 minutes. They help organizations track and evaluate performance and ROI of employee wellness programs.
The increase in healthcare costs and widespread prevalence of chronic conditions and obesity are factors prompting organizations to implement health and wellness programs. Hence, suppliers should have the capability to assess the overall health and well-being of buyers' employees and formulate plans that can improve these aspects, as this will act as a preventive measure against the development of chronic medical conditions in employees.
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Optimization of supplier competition saving aspects
Optimization of supply pool segregation is critical in the global health and wellness services market. Technavio analysts suggest competitive bidding based on price discounts and provision of value-added services.
Buyers look for suppliers that can promote healthy lifestyles among their employees. This includes educating them about healthy diets and lifestyles and providing them insights on things to avoid the harm that can follow if they continue with unhealthy choices. Hence, they look for suppliers that possess a staff that is qualified to impart the knowledge and helps employees make healthy choices.
Bundling of services saving aspects
One of the most opportunistic strategic cost saving levers in the global health and wellness services market is the need for consolidation and unification of health and wellness services. Bundling of services such as biometric screenings, wearables, and help with smoking cessation. Various services such as health assessment, health education, and nutrition and stress management can be offered under a single contract.
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Technavio analysts employ primary as well as secondary research techniques to ascertain the size and vendor landscape in a range of markets. Analysts obtain information using a combination of bottom-up and top-down approaches, besides using in-house market modeling tools and proprietary databases. They corroborate this data with the data obtained from various market participants and stakeholders across the value chain, including vendors, service providers, distributors, re-sellers, and end-users.
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