Corporate Wellness Market: Snapshot
The corporate wellness market in Asia Pacific is predominantly driven by the increasing prevalence of obesity, the growing number of smokers, and the rising awareness levels among employers about corporate wellness.
The number of key players entering the market is increasing consistently owing to the high demand for corporate wellness services in multinational companies and mid-sized firms. The market in the region was valued at US$3.4 bn in 2015 and is expected to reach US$7.4 bn by the end of 2024. If these values hold true, the corporate wellness market in Asia Pacific is anticipated to register a strong CAGR of 9.0% during the forecast period.
Immense Scope for Growth offered by Smoking Cessation Programs
Various services are available under corporate wellness programs, such as health risk assessment (HRA), fitness, smoking cessation, health screening, weight management, nutrition, and others, including stress management, diabetes management, and vaccination.
The fitness segment took the lead in the corporate wellness market in Asia Pacific in 2015 owing to the rising incidence of chronic diseases, increasing medical cost related to obesity, and the growing awareness about health and fitness among the population of various countries.
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On the other hand, the smoking cessation segment is projected to expand at an impressive CAGR during the forecast period. An estimated 5.8 trillion cigarettes were consumed globally in 2014 and the consumption is still on the rise. China ranks first in the top ten countries in terms of cigarette consumption. This list also includes other countries in Asia Pacific such as Indonesia, Japan, India, and South Korea.
Strong Government Support Contributing to Japan’s Corporate Wellness Market
China led the corporate wellness market in Asia Pacific in 2015 and the market in the country is anticipated to expand at a CAGR of 9.1% from 2016 to 2024 owing to the increased development and high adoption of wellness programs. Changing lifestyles, an increase in the incidence of chronic diseases, rapid economic development, and large-scale urbanization are some of the other factors responsible for the growth of the corporate wellness market in China. A large number of public and private players have been providing corporate wellness services in China.
Japan is also a prominent market for corporate wellness in Asia Pacific and is likely to remain a key contributor to the APAC market primarily due to the amendments in Japan’s Industrial Safety and Health Act in December 2015. According to the law, health checkups are mandatory for workers and employees. This is likely to drive the corporate wellness market in Japan during the forecast period. Moreover, sufficient government support to address the issue of employee health in a clear and effective manner has created a demand for corporate wellness programs in the country.
Another lucrative market for corporate wellness in Asia Pacific is India. The rising number of corporate enterprises in the country is significant to the growth of the corporate wellness market. The willingness among corporate organizations to conduct wellness programs, the growing awareness among individuals about health and well-being, and the increasing incidence of chronic diseases such as diabetes and heart attacks are expected to accelerate the growth of the corporate wellness market in India.
Key players operating in the corporate wellness market in Asia Pacific include Central Corporate Wellness, ComPsych Corporation, Optum, Inc., JLT Australia (Recovre Group), Truworth Wellness, SOL Wellness, Sodexo, ConneXions Asia, and Bupa Wellness Pty Ltd.