Financial Projections

Part
01
of two
Part
01

Financial Projections - Total Addressable Market

The market size for corporate wellness services industry in the U.S. is $7 billion in 2019 and there are about 638 companies operating in the industry. The market sizes for global consumer online fitness industry, and global home rehabilitation products and services industry were $849.60 million and $88,484.0 million respectively in 2017.


FINANCIAL PROJECTIONS (TOTAL ADDRESSABLE MARKET)

Corporate Wellness Industry

  • TAM: According to a report published by IBIS World, the market size for corporate wellness services industry in the U.S. is $7 billion in 2019.
  • Number of companies: According to a report published by IBIS World, there are about 638 companies operating in the corporate wellness services industry in the U.S. in 2019.

Consumer Online Fitness Industry

  • TAM: According to a report published by Absolute Market Insights, the market size for the global consumer online fitness industry was $849.60 million in 2017 and is expected to reach $2,582.04 million by 2022.
  • Number of companies: N/A
  • According to a report published by Absolute Market Insights, leading providers in the global consumer online fitness industry include GoodLife Fitness, Reh-Fit Centre, WELLBEATS, Wexer, LES MILLS INTERNATIONAL LTD, Fit n Fast Health Clubs & Gyms, Charter Fitness Inc., conofitness and Fitness First.

Home Rehabilitation Products and Services Industry

  • TAM: According to a report published by Transparency Market Research, the market size for the global home rehabilitation products and services industry was $88,484.0 million in 2017 and is expected to reach $161,743.4 million by 2026.
  • Number of companies: N/A
  • According to a report published by According to a report published by Transparency Market Research, leading providers in the global home rehabilitation products and services industry include Stryker Corporation, Invacare Corporation, Prism Medical, DJO Global, Ekso Bionics Holdings, Inc., Hocoma AG, RehabCare, Active Medical & Rehabilitation Services Pvt. Ltd., AliMed, Inc., ergoline GmbH, Performance Health, and Medline Industries, Inc.

RESEARCH STRATEGY

Strategy # 1

We started the research by directly searching for any industry reports or market studies on the mentioned industries namely, corporate wellness industry, the consumer online fitness industry, and home rehabilitation products and services industry. We looked through market studies and industry reports finding the information on market size, the number of businesses in the US corporate wellness industry, and the market size for the online fitness industry. However, we could not find any information on the total number of businesses operating in the industry globally or in the U.S.


Strategy #2

Next, we looked through various business directories to find the number of registered business in the consumer online fitness industry, and home rehabilitation products and services industry. However, after searching through leading directories, we could not find any comprehensive lists or data on companies or businesses operating in these industries.
We followed this search by looking through employment databases for any relevant information on the number of employers in each of the industries namely consumer online fitness industry, and home rehabilitation products and services industry. However, none of these sources provided a comprehensive list of companies or businesses operating in these industries.

In addition, we also searched through databases such as Hoovers and Craft.co to find any information on the market share of leading companies or average revenues earned by companies operating in the consumer online fitness industry, and home rehabilitation products and services industry. However, both databases only provided general industry information and did not provide any useful information that could be used to calculate the number of companies operating in these industries.


Strategy #3

Finally, we started to search for any news articles, press releases, or market analyses for credible publications around the consumer online fitness industry or the home rehabilitation products and services industry. We looked for any articles that would include any commentary on the number of companies operating in these industries. However, most of the articles found only provided a list of top companies or similar information to what was found from market studies through the 1st strategy.

After exhausting the above-mentioned strategies, we conclude that limited information is available on the number of companies operating in the consumer online fitness industry, and home rehabilitation products and services industry.


WHAT INFORMATION WAS AVAILABLE

  • Total addressable market (TAM) in terms of dollar value and the number of operating businesses/companies for the corporate wellness industry in the U.S.
  • Total addressable market (TAM) in terms of dollar value for the global consumer online fitness industry, and global home rehabilitation products and services

WHAT INFORMATION WAS NOT AVAILABLE

  • Number of operating businesses/companies in the consumer online fitness industry, and home rehabilitation products and services industry in the U.S. or globally

WHY INFORMATION CANNOT BE TRIANGULATED

  • One of the probable reasons for the unavailability of such information could be that since there would be a very large number of companies operating locally in the U.S. and global markets, no such information has been compiled by any research firms
  • It could also be possible that since the revenues earned by companies is dependent on the location and size of business operations, no average revenue could be calculated to triangulate the number of companies.
Part
02
of two
Part
02

Financial Projections - Number of Insured Individuals/Households

After an extensive search through market research databases, government databases and associations, and industry-specific corporate databases and documents, details about the number of US individuals or households that have insurance which covers services in the consumer online fitness industry or home rehabilitation products or services market do not appear to be available in the public domain. However, the research team was able to gather valuable insights about the online/virtual fitness market, fitness insurance, and the corporate wellness market.


HELPFUL FINDINGS

THE ONLINE/VIRTUAL FITNESS MARKET AND THE CORPORATE WELLNESS MARKET

FITNESS INSURANCE

  • Next Insurance offers options of fitness insurance for professionals wherein the insurers pay between $11-$14 per month for their fitness liability insurance. Recommended insurance companies offering different types of sports and fitness insurance coverage include General Liability Insurance and Professional Liability Insurance.
  • The aSweatLife Fitness 2019 survey report states that approximately two-thirds of respondents spend around $26-$175 per month on fitness options, while 25% spend $75-$125 per month. 46% of respondents use mobile apps for workouts while 17% of the respondents said digital fitness options just weren't for them.
  • Fitness Insurance is a division of Brown & Brown, the sixth-largest insurance intermediary in the world. Fitness Insurance has offered insurance solutions to more than 1,500 health clubs in the US for the last 35 years.
  • The Association of Fitness Studios offers insurance solutions for fitness professionals, studios, and gyms wherein coverage is through AFS/SFIC.
  • The US Bureau of Labor Statistics reports that in 2017, the healthcare expenditures of American consumers was up 6.9% compared to the previous year wherein the largest component of healthcare (health insurance) was up 8%, following a 6.1% increase in the preceding year.
  • 68% of consumers in both South Africa and Mexico, 64% of consumers in Spain, and 52% of consumers in the US would agree to use a connected device if recommended by their health insurance company.


RESEARCH STRATEGY:

STRATEGY #1: MARKET RESEARCH AND SURVEYS
  • We first looked through credible market research reports for both US and global data on the fitness industry and corporate wellness industry in order to identify insights on the number of consumers or households that are active in these markets and have opted for insurance coverage.
  • Through this search, we found most of the market reports were paywalled, but provide insights on the market size, growth rate, trends, and consumers for both global and US markets. While we found high-level information on these markets, no relevant insights on the number of people who have insurance that covers services in consumer online fitness industry/corporate wellness industry and home rehabilitation products and services were found.
  • Additionally, we found a US fitness industry survey report by aSweatLife which provided insights on respondents' average monthly expenditures on fitness option, but no relevant information related to online fitness insurance or its consumers could be found.
STRATEGY #2: NEWS ARTICLES AND PUBLICATIONS
  • Next, we continued our search by looking through multiple insurance and healthcare news publications to find if any relevant information on the increasing trend of consumers opting for online fitness insurance, hoping to find a pre-compiled number of households opting for this insurance segment, or relevant proxies we could use to triangulate the number of households.
  • The search revealed information regarding fitness insurance providers like Next Insurance, as well as the common types of fitness insurance. However, we found that these fitness insurance options were meant for professionals and not for general consumers. Also, one survey shared insights on the existing statistics related to existing club membership in the US, but no relevant information on the number of consumers opting for insurance that covers services in the consumer online fitness industry could be found.
STRATEGY #3: BUREAU OF LABOR STATISTICS (BLS) AND OTHER ASSOCIATIONS
  • To continue our search for US-based data, we use the BLS's US Consumer Expenditure report to find estimates of Americans' spending on fitness insurance.
  • Through this search, we found that the 2017 report mostly shared insights for the collective segment of health insurance, rather than specific data regarding the fitness insurance segment of this expenditure.
  • Additionally, the Association of Fitness Studios shared insights on the insurance corporation providing fitness insurance, but this was also limited for fitness professionals and not general consumers. Hence, no relevant information could be found in this search.
STRATEGY #4: FITNESS INSURANCE COMPANIES AND REPORTS
  • In the absence of any pre-compiled information available relevant to the request, we tried to triangulate data based on the available information related to leading fitness insurance companies in the US and worldwide. We searched for any financial data available through annual reports, hoping to find any indication of the numbers of consumers/households these companies serve in order to provide an estimate on the number of individuals/households in the US or worldwide that have insurance which covers services in the consumer online fitness industry.
  • The search through these companies' financial reports was either limited to only fitness professionals and businesses or did not disclose any information related to the number of consumers/households they serve because these are private companies that are not obligated to disclose financial information to the public.
Sources
Sources

From Part 01
Quotes
  • "Virtual/Online fitness Market is expected to grow from USD 849.60 Million in 2017 to USD 2582.04 Million by 2022."
  • "Companies Profiled in this report includes, Reh-Fit Centre, GoodLife Fitness, Wexer, LES MILLS INTERNATIONAL LTD, WELLBEATS, Fit n Fast Health Clubs & Gyms, conofitness, Charter Fitness Inc., Fitness First."
Quotes
  • "The global home rehabilitation products & services market was valued at US$ 88,484.0 Mn in 2017 and is projected to expand at a CAGR of more than 7.1% from 2018 to 2026"
  • "These include Stryker Corporation, Prism Medical (subsidiary of Handicare Group AB), Invacare Corporation, DJO Global, Hocoma AG, Ekso Bionics Holdings, Inc., RehabCare, AliMed, Inc., Active Medical & Rehabilitation Services Pvt. Ltd., ergoline GmbH, Performance Health (formerly Patterson Medical), and Medline Industries, Inc."