ASEAN & US corporate wellness market is forecast to reach a valuation of US$ 30.82 Bn in 2030 from US$ 18.29 Bn in 2021. The market is predicted to register healthy growth at a CAGR of 5.88 % during the forecast period 2022–2030.
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In the upcoming year, about 60% of large businesses intend to expand their investment in employee wellness programs, finds a report by the National Business Group on Health. It increased from 44% in 2020 to 32% in 2016. The most effective corporate wellness initiatives are those that are specifically crafted to meet the needs of the business and its personnel. They might also provide services like on-site exercise centers, health exams, educational seminars, wellness coaching, stress management programs, healthy eating initiatives, etc.
The workforce is getting older, which is another trend boosting demand for corporate wellness initiatives. Companies are concerned about losing the knowledge and experience of baby boomers as they approach retirement age. Wellness initiatives can support the long-term health and productivity of older workers.
Health and wellness attitudes are evolving as people become more aware of the value of leading healthy lives and seek greater workplace support for their wellness objectives.
Chronic diseases are growing increasingly prevalent, and they are expensive to cure. Examples of chronic diseases include diabetes, obesity, and heart disease. Employers think that wellness initiatives can aid in preventing the onset of these disorders or at the very least, can aid in improving their management to reduce costs.
Healthcare cost inflation: The corporate wellness sector is experiencing a sharp increase in healthcare costs, which is straining business margins. By encouraging preventative care and early identification of health issues, wellness programs can aid in cost reduction.
Limited Resources: It can be expensive to create and sustain corporate wellness programs. Many businesses lack the funding for extensive wellness programs, and even those that do may not have enough funding to accommodate all of their employees. It could be challenging to offer high-quality services and content as a result. Additionally, businesses might not have the internal personnel necessary to operate a corporate wellness program.
With a combined market share of more than 40%, the top four competitors in the corporate wellness space are EXOS, Vitality Group, ADURO, INC., and ComPsych. These businesses have been successful in establishing and maintaining a culture of health and wellness inside their workplaces, which has enhanced worker engagement and productivity while also lowering healthcare expenses and absenteeism.
In 2021, the United States acquired a substantial share of 93.9% of the ASEAN & US corporate wellness industry. Workplace wellness initiatives have become widespread, benefiting both employees and companies. About 52% of American businesses provide wellness initiatives. 72% of firms have seen a decrease in healthcare expenses after implementing various wellness programs. A significant number of businesses provide wellness initiatives in the United States. The working-age population is growing, and the necessity for employee health management is becoming more widely recognized. As a result, the ASEAN area predicts to develop at the highest CAGR of 6.71% from 2022 to 2030.
The demand for corporate wellness products has increased recently in the US market. Companies are spending more money on initiatives and services that support worker’s health and happiness. This tendency is due to many aspects.
First, rising healthcare expenses are a concern for employers. They are seeking solutions to reduce these expenses while encouraging healthy habits among their staff members.
Second, businesses are aware of the connection between worker health and output. Good health leads to higher productivity and fewer sick days missed by employees.
Finally, businesses want to entice and keep the best employees. A solid business wellness program can be an effective asset for both hiring and keeping employees.
In the coming years, the corporate wellness sector will likely expand further. The ongoing demand for affordable solutions to the rising cost of healthcare and the need to support employee health and productivity will be the driving forces behind this expansion.
In 2021, the integrated health/ check assessments segment accounted for a 22% share of the industry. Large enterprises and small and medium-sized businesses use health/check assessments to provide employee well-being services. Screening activities help to identify health concerns, and relevant intervention measures are put into place to encourage employees to lead healthy lifestyles. Contrary, the segment for stress management will expand at the highest growth rate of 6.35% from 2022 to 2030.
In 2021, the on-site segment recorded a market share of 58.9% of the ASEAN & US corporate wellness industry and will continue dominating the market. The ability to exercise to meet people’s health needs and add a personal touch to their well-being through on-site wellness initiatives under the direction of fitness consultants and trainers is expanding and boosting segment growth. The best way for a company to promote fitness throughout the work is through on-site exercise programs or classes.
Enterprise Size Analysis
In 2021, the large enterprise segment dominated the ASEAN & US corporate wellness industry accounting for 56.4% share. In the US and ASEAN countries, a large enterprise is the main user of corporate wellness initiatives. The businesses in this group employ more than 500 people. Corporate wellness initiatives aim to enhance workers’ health and happiness. Programs for stress management, fitness, and health screenings are a few instances of these initiatives.
Employees can gain from corporate wellness initiatives in many ways, such as better health, less stress, and increased productivity. These initiatives also assist in reducing healthcare expenses for businesses. Corporate wellness initiatives also contribute to a better work environment. Corporate wellness initiatives are becoming important to large firms, which prioritize them. Companies must provide employee-focused benefits like corporate wellness programs in order to compete for top personnel. Today’s workforce is searching for companies who are concerned about their welfare and provide benefits that promote their health and well-being.
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- Integrated Health Check/ Assessments
- Emergency Care
- Biometric Screenings
- Health Coaching
- Tobacco cessation
- Weight management
- Stress Management
By Enterprise Size
- Small & Medium Enterprises
- Large Enterprises
- Corporate Wellness Consultant
- Corporate Wellness Coach
- Psychological Therapist
- The Philippines
- Rest of ASEAN
- The US
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