The growing prevalence of obesity and an increasing number of cigarette smokers in Asia Pacific are driving the corporate wellness market. The market in Asia Pacific is also positively impacted by the increasing awareness levels among employers about corporate wellness. According to a report published by Transparency Market Research (TMR), the Asia Pacific corporate wellness market is expected to be worth US47.4 bn by 2024. The market was valued at US$3.4 bn in 2015 and is expected to exhibit a CAGR of 9% from 2016 to 2024. Since corporate wellness programs and services reduce medical costs and boost productivity, the market receives support from various governments. The readiness to invest in wellness programs by employers, increasing health consciousness among people, and the growing number of white collar employees are collectively boosting the market in Asia Pacific.
High Prevalence of Diseases to Aid Corporate Wellness Market’s Growth
The prevalence of chronic respiratory diseases, diabetes, cancer, and cardiovascular diseases has increased rapidly in Asia Pacific over the past few years and this is expected to drive the corporate wellness market. According to the report, these diseases are causing 8.5 mn deaths per year in Southeast Asia and thus, employers are compelled to maintain and promote the wellbeing of their employees. This has resulted in employers offering corporate wellness programs and services, driving the market. On the other hand, the implementation of corporate wellness programs in organizations is expensive as health risk assessments and fitness services require high investments. Additionally, inefficient execution of corporate wellness services is restraining the growth of the market.
Key players in the market are venturing in extensive wellness programs and this is expected to help the market grow. Geographical expansion, mergers and acquisitions, and expansion of product portfolio have been some of the most commonly adopted strategies by players in the Asia Pacific corporate wellness market. Some of the key players operating in the market are Bupa Wellness Pty Ltd., ComPsych Corporation, Central Corporate Wellness, Optum, Inc., Truworth Wellness, SOL Wellness, JLT Australia (Recovre Group), Sodexo, and ConneXions Asia.
Smoking Cessation Segment to Register Strong Growth in Future
The corporate wellness market can be segmented on the basis of service into health risk assessment, smoking cessation, fitness, nutrition, health screening, and weight management. Of these, the fitness segment is leading the market. However, the smoking cessation segment is estimated to register the fastest growth in the coming years.
Browse the full Asia Pacific corporate wellness market report http://www.mrrse.com/asia-pacific-corporate-wellness-market
By country, the Asia Pacific market is segmented into China, Japan, Singapore, India, Hong Kong, Thailand, Malaysia, Australia, and the Rest of Asia Pacific. Of these, China not only has been leading in the corporate wellness market in the past, but is also expected to do so in the coming years. India is expected to exhibit a robust CAGR in the coming years. Japan is another key contributor to the Asia Pacific corporate wellness market, majorly due to amendments in the Industrial Safety and Health Act in December 2015. The amendments in the law mandates health checkups for workers and employees and this is driving the corporate wellness market in the country.