Asia Pacific Corporate Wellness Market Estimated to Record Highest CAGR by 2024
led by a number of international as well as local participants, the Asia Pacific corporate wellness market demonstrates a highly competitive business landscape, states a new research study by Transparency Market Research (TMR). Currently, Central Corporate Wellness, Optum Inc., ComPsych Corp., JLT Australia (Recovre Group), SOL Wellness, ConneXions Asia, Truworth Wellness, Sodexo, and Bupa Wellness Pty Ltd. are leading the leading the global market. With new players continuously venturing in this market, the competitive rivalry within participants is likely to intensify further in the near future, states the research report.
According to the study, the Asia Pacific market for corporate wellness was worth US$3.4 bn in 2015. The market’s opportunity is expected to register a CAGR of 9.0% during the period from 2016 to 2024 and reach a value of US$7.4 bn by the end of the period of the forecast.
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In 2015, the fitness segment led this regional market, thanks to the augmenting prevalence of chronic diseases, rising medical cost caused by obesity, and the increasing awareness among people regarding health and fitness. However, the smoking cessation segment is anticipated to record a promising growth rate over the next few years, notes the market study.
China to Remain Leading Asia Pacific Corporate Wellness Market
China has been leading the Asia Pacific corporate wellness market. Expanding at a CAGR of 9.10% during the period from 2016 to 2024, this domestic market is likely to remain on the top over the next few years. The high development rate and the increased uptake of wellness programs in this country is the main factor behind the growth of the China market for corporate wellness.
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The rapid changes in lifestyles, rising prevalence of chronic diseases, strengthening of economy, and the large-scale urbanization are some other important factors, influencing the growth of the corporate wellness market in China.
Another prominent domestic market for corporate wellness in Asia Pacific is Japan. The amendments directed in Japan’s Industrial Safety and Health Act in December 2015 have been supporting the Japan market for corporate wellness significantly. As per this law, health checkups are mandatory for employees and workers. Apart from this, the support by the government in addressing the issue of employee health in an efficient manner is likely to create a demand for corporate wellness programs in the nation, which is expected to boost this market in the near future, reports the research study.
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Awareness among Employers and Employees to Fuel Uptake of Corporate Wellness Programs
“The increasing prevalence of non-communicable diseases, such as cardiovascular disorders chronic respiratory diseases, diabetes, and cancer, in Asia Pacific has compelled employers to take care of the health and well-being of their employees and, for this, corporate wellness programs and services has emerged to be the most efficient method of doing so,” says an analyst at TMR. This, as a result, has fueled the uptake of corporate wellness solutions among them, which is reflecting greatly on this market. The increasing government support and initiatives, augmenting number of white-collar employees, inclination of employers towards investing in wellness programs, and the rising health consciousness among people are expected to support the growth of the Asia Pacific corporate wellness market in the years to come, states the research report.
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