The corporate wellness market in Asia Pacific is led by a slew of global and local companies, such as Central Corporate Wellness, ComPsych Corporation, Optum, Inc., JLT Australia (Recovre Group), Truworth Wellness, SOL Wellness, Sodexo, ConneXions Asia, and Bupa Wellness Pty Ltd. Transparency Market Research has observed that the number of companies venturing into this avenue has been steadily rising owing to the growing presence of MNCs in several developing countries.
The opportunity in the corporate wellness market in Asia Pacific was pegged at US$3.4 bn in 2015 and is expected to be worth US$7.4 bn by the end of 2024 at a strong CAGR of 9.0%. Geographical expansions, expansion of product portfolio, mergers and acquisitions, and investing in extensive wellness programs are some of the key growth strategies adopted by the leading players in the Asia Pacific. For instance, in March 2016, Sodexo signed a 10-year contract with Rio Tinto to expand its operations in Australia.
Browse the full Corporate Wellness Market: (Service Type – Health Risk Assessment, Fitness, Smoking Cessation, Health Screening, Weight Management, Nutrition) – Asia Pacific Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 – 2024 report at http://www.transparencymarketresearch.com/asia-pacific-corporate-wellness-market.html
Corporate wellness services such as fitness, health risk assessment, weight management, and health screening have witnessed significant growth in revenue in the past few years. Corporate wellness programs are designed to support employees in understanding their health risk and accepting healthy behavior at workplace and to reduce their health care expenditure. These programs reduce the cost of hospitalization, emergency room visits, specialist visits, and surgeries. Moreover, corporate wellness programs result in decrease in absenteeism, increase in productivity, and improvement in quality of life of employees. Increase in non-communicable diseases, government support and initiatives, growingnumber of white collar employees, rising health consciousness among the population, willingness of employers to incorporate wellness programs, and mandatory laws to implement wellness programs in organizations are the factors likely to drive the corporate wellness market in Asia Pacific. However, high cost of services andinefficient execution of corporate wellness services are anticipated to hamper the growth of the corporate wellness market in Asia Pacific.
The executive summary of the report comprises a market snapshot of the corporate wellness market in Asia Pacific and comparative analysis by geography in terms of value % for 2015 and 2024. Based on service type, the corporate wellness market in the region has been segmented intohealth risk assessment, fitness, smoking cessation, health screening, weight management, nutrition, and others.
Market revenue analysis of all the segments mentioned abovehas been provided for the forecast period from 2016 to 2024, considering 2015 as the base year and 2014 as historical year. The executive summary also comprises majordrivers and restraints along with key trends likely to drive the growth of the corporate wellness market in Asia Pacific.
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High Cost of Implementation Restricting Widespread Adoption
“Implementing corporate wellness programs in organizations is a costly affair and companies need to utilize a certain portion of their budget from the revenue generated,” the author of the study comments. Services such as fitness and health risk assessment need high investments and as a result, are cut down by the companies. This restricts the growth of the corporate wellness market.
In addition, the inefficient execution of corporate wellness services is a major restraint to the market and is likely to increase costs for the companies.
China to Lead APAC Corporate Wellness Market throughout Forecast Period
By type of service, the fitness segment led the overall corporate wellness market, accounting for a 38.6% share in 2015, reaching US$2,793.5 mn by 2024. The smoking cessation segment, although the smallest in terms of revenue in 2015, is anticipated to register a strong CAGR of 9.6% during the forecast period. By country, China emerged as the leading revenue generator in 2015 and is projected to retain its position throughout the forecast period. India, on the other hand, is expected to expand at the fastest pace by 2024.
This review is based on the findings of a TMR report titled “Corporate Wellness Market – Asia Pacific Industry Analysis, Size, Share, Growth, Trends, and Forecast 2016 – 2024.”
Asia Pacific Corporate Wellness Market, by Service
- Health Risk Assessment
- Smoking Cessation
- Health Screening
- Weight Management
- Others (stress management, diabetes management, and vaccinations)
Asia Pacific Corporate Wellness Market, by Country
- Hong Kong
- Rest of Asia Pacific
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