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Corporate Wellness Market

Corporate Wellness Market (Service: Health Risk Assessment, Fitness, Smoking Cessation, Health Screening, Weight Management, Nutrition, and Others) - Asia Pacific Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2021-2028

Asia Pacific Corporate Wellness Market Outlook 2028

  • The Asia Pacific corporate wellness market was valued at US$ 4.9 Bn in 2020
  • It is estimated to expand at a CAGR of 7.6% from 2021 to 2028
  • The Asia Pacific corporate wellness market is expected to cross the value of US$ 8.6 Bn by the end of 2028

Analysts’ Viewpoint on Asia Pacific Corporate Wellness Market Scenario

Companies in the Asia Pacific corporate wellness market should accelerate their service facilities to unlock revenue opportunities to obtain competitive benefits. Market stakeholders are extending their services arms to gain a competitive edge in the healthcare sector. Increasing incidences of chronic disorders in Asia Pacific, along with rapidly increasing elderly population are driving the demand for corporate wellness services. The rising number of market contributors in the Asia Pacific corporate wellness market are marking their presence and generate lucrative revenue opportunities. In order to increase productivity at workforce, many corporate organizations are implementing wellness programs at their workplaces. However, the scarcity of skilled healthcare professionals is a key factor affecting the growth of the Asia Pacific corporate wellness market.

Increasing Awareness about Employee Health and Wellbeing Driving Market

Corporate employees are more likely to invest on wellness programs after the threatening spread of coronavirus. There is an increasing awareness about overall health and fitness among corporate employees. There are various factors that are affecting the health of employees such as smoking habits, alcohol consumption, work stress, consumption of unhealthy food, disturbed sleep cycle, etc. Wellness services provides services including stress management, health screening, weight management, food & nutrition, etc.

The Asia Pacific corporate wellness market is expected to witness steady growth after the coronavirus breakdown, owing to increasing awareness about health and wellbeing in employees. These corporate wellness programs are specifically designed to support employees in understanding their health risk. It reduces healthcare expenditure of employees to a great extent. Corporate or workplace wellness programs are employer-funded services that are designed to maintain good health of employees. There are many organizations implementing wellness programs for good health and fitness of the employees to boost work productivity.

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Adoption of Corporate Wellness Programs in Employees

The increasing prevalence of various cardiovascular diseases in employees at Asia Pacific countries is a major driving factor for the growth of the Asia Pacific corporate wellness market. Unhealthy food habits, hectic lifestyle, disrupted sleep cycle, and excessive stress are some of the key factors responsible of rising incidences of various disorders in Asia Pacific. The increasing number of vendors selling corporate wellness programs to medium and large sizes companies is contributing to market growth.

Manufacturers operating in the Asia Pacific corporate wellness market are focusing on high quality services to boost the overall health and wellbeing of corporate employees. Many employees in Asia Pacific countries are adopting these services for better health and lifestyle. This will 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. Employers are utilizing these wellness programs to improve their lifestyle by reducing incidences of chronic conditions in them. This will help reduce employee healthcare cost and increase productivity.

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Rise in Prevalence of Chronic Diseases in Asia Pacific

The Asia Pacific corporate wellness market is driven by rising number of incidences of non-communicable diseases (NCDs) such as cardiovascular diseases, diabetes, high blood pressure, cancer, and chronic respiratory diseases, etc., causing millions of deaths every year. Old employees are more likely to suffer from these chronic conditions. Rising geriatric population in Asia Pacific is one of the major contributing factors of growth of the Asia Pacific corporate wellness market.

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Lucrative Growth Opportunities Due to Advancements in Healthcare Industry

The rising prevalence of chronic diseases, growth and advancement of healthcare industry, and awareness and adoption of corporate wellness services are some of the major factors expected to increase the demand for corporate wellness programs in Asia Pacific during the forecast period. The increasing awareness about corporate wellness programs in employees, along with willingness to invest in such services boosts market growth in Asia Pacific.

The rising prevalence of cardiovascular diseases such as diabetes, high blood pressure, chronic respiratory diseases, cancer, lung disorders, etc. in employees demand for corporate wellness services. In order to increase the overall wellbeing of employees, market players are introducing cost-effective and highly efficient corporate wellness programs.

Asia Pacific Corporate Wellness Market: Overview

  • According to Transparency Market Research’s latest report on the corporate wellness market in Asia Pacific for the historical period 2017–2019 and forecast period 2021–2028, increase in incidence of chronic diseases is projected to drive the corporate wellness market in Asia Pacific during the forecast period
  • According to the report, the corporate wellness market in Asia Pacific was valued at US$ 4.9 Bn in 2020 and is anticipated to expand at a CAGR of 7.6% from 2021 to 2028

Increase in Incidence of Chronic Diseases: Key Driver

  • Non-communicable diseases (NCDs) such as cardiovascular disease, diabetes, cancer, and chronic respiratory diseases account for 8.5 million deaths in Southeast Asia each year. One third of these deaths occur before the age of 70.
  • Old age and lifestyle factors such as use of tobacco, alcohol consumption, unhealthy diet, and inadequate physical activity are the factors responsible for NCDs
  • Hence, an employer has to promote and maintain the health and wellbeing of an employee by providing corporate wellness services that reduce the medical cost and boost productivity

Willingness of Employers to Invest in Wellness Programs to Drive Market

  • Most employers seek effective long-term strategies to address the rising cost and support their broader consumer base strategy of giving their employees more responsibility for health care cost
  • A large number of vendors are engaged in selling corporate wellness programs to medium and large size companies
  • Employers are utilizing these wellness programs to improve employee lifestyle behavior and reduce incidence of chronic conditions in them. This will help reduce employee health care cost and increase productivity.

Inefficient Execution of Corporate Wellness Services to Hamper Market

  • Inefficient execution of corporate wellness services is a major restraint of the market. It is likely to increase costs for the companies.
  • Hence, employers need to discover efficient and effective models to implement wellness programs
  • Reward-based approach has been successful in several organizations. However, better models will benefit both employers as well as employees and ensure deeper market penetration.

Asia Pacific Corporate Wellness Market: Competitive Landscape

  • This report profiles major players in the corporate wellness market in Asia Pacific based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
  • Key players in the market in Asia Pacific include
    • Central Corporate Wellness
    • ComPsych Corporation
    • Optum, Inc.
    • JLT Australia (Recovre Group)
    • Truworth Wellness
    • SOL Wellness
    • Sodexo
    • ConneXions Asia
    • Bupa Wellness Pty Ltd.

Asia Pacific Corporate Wellness Market: Key Developments

  • ConneXions Asia is a Singapore-based corporate health and wellness services provider
  • The company focuses on transforming a firm’s current health care spend into a benefits and wellness program that empowers employees to be healthier
  • ConneXions Asia has a management team of three PhDs and Masters in Computer Science each, four MBAs, and one doctorate of medicine
  • ConneXions Asia provides four sets of solutions: Wellness, Choice – spending accounts and Third Party Administrator (TPA), Brokerage – E-claims, and Data analytics – cost savings, benchmarking and forecasting.

The competitive landscape section has been included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the corporate wellness market in Asia Pacific.

Asia Pacific Corporate Wellness Market: Competition Landscape

Attribute

Detail

Market Size Value in 2020 (Base Year)

US$ 4.9 Bn

Market Forecast Value in 2028

US$ 8.6 Bn

Growth Rate (CAGR)

7.6%

Forecast Period

2021–2028

Quantitative Units

US$ Bn for Value

Market Analysis

It includes cross segment analysis at regional level. Moreover, qualitative analysis includes drivers, restraints, opportunities, key trends, pricing analysis, and parent industry overview.

Format

Electronic (PDF)

Market Segmentation

  • Service
    • Health Risk Assessment
    • Fitness
    • Smoking Cessation
    • Health Screening
    • Weight Management
    • Nutrition
    • Others

Regions Covered

  • Asia Pacific

Countries Covered

  • China
  • Japan
  • India
  • Australia
  • Singapore
  • Hong Kong
  • Malaysia
  • Thailand
  • Rest of Asia Pacific

Customization Scope

Available upon request

Pricing

Available upon request

Asia Pacific Corporate Wellness Market – Segmentation

Service
  • Health Risk Assessment
  • Fitness
  • Smoking Cessation
  • Health Screening
  • Weight Management
  • Nutrition
  • Others
Country
  • China
  • Japan
  • India
  • Australia
  • Singapore
  • Hong Kong
  • Malaysia
  • Thailand
  • Rest of Asia Pacific

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Frequently Asked Questions

What is the total market worth of asia pacific corporate wellness market?

Corporate wellness market in asia pacific is expected to cross the value of US$ 8.6 Bn by 2028

What is the anticipated CAGR of the asia pacific corporate wellness market in the forecast period?

Corporate wellness market in asia pacific is estimated to expand at a CAGR of 7.6% from 2021 to 2028

What are the key driving factors for the growth of the asia pacific corporate wellness market?

Corporate wellness market in asia pacific is driven by rising number of incidences of non-communicable diseases (NCDs)

Which is the rising prominent segment in the asia pacific corporate wellness market?

The smoking cessation segment dominated the asia pacific corporate wellness market

Who are the key players in the asia pacific corporate wellness market?

Key players in the corporate wellness market in asia pacific include Central Corporate Wellness, ComPsych Corporation, Optum, Inc., JLT Australia (Recovre Group), Truworth Wellness

1. Preface

    1.1. Market Definition and Scope

    1.2. Market Segmentation

    1.3. Key Research Objectives

    1.4. Research Highlights

2. Assumptions and Research Methodology

3. Executive Summary: Corporate Wellness Market

4. Market Overview

    4.1. Introduction

        4.1.1. Services Definition

        4.1.2. Industry Evolution / Developments

    4.2. Overview

    4.3. Market Dynamics

        4.3.1. Drivers

        4.3.2. Restraints

        4.3.3. Opportunities

    4.4. Asia Pacific Corporate Wellness Market Analysis and Forecast, 2017–2028

        4.4.1. Market Revenue Projections (US$ Bn)

5. Key Insights

    5.1. Corporate Wellness Market: Value Chain Analysis

    5.2. Corporate Wellness Market: Porter’s Five Forces Analysis

6. Asia Pacific Corporate Wellness Market Analysis and Forecast, by Services

    6.1. Introduction & Definition

        6.1.1. Key Findings / Developments

    6.2. India Corporate Wellness Market Value Forecast, by Services, 2017–2028

        6.2.1. Health Risk Assessment

        6.2.2. Fitness

        6.2.3. Smoking Cessation

        6.2.4. Health Screening

        6.2.5. Weight Management

        6.2.6. Nutrition

        6.2.7. Others

    6.3. Asia Pacific Corporate Wellness Market Attractiveness Analysis, by Services

7. Asia Pacific Corporate Wellness Market Analysis and Forecast, by Country

    7.1. China

    7.2. Japan

    7.3. India

    7.4. Australia

    7.5. Singapore

    7.6. Hong Kong

    7.7. Malaysia

    7.8. Thailand

    7.9. Rest of Asia Pacific

8. China Corporate Wellness Market Analysis and Forecast

    8.1. Introduction

        8.1.1. Key Findings

    8.2. China Corporate Wellness Market Value (US$ Bn) Forecast, by Services, 2017–2028

        8.2.1. Health Risk Assessment

        8.2.2. Fitness

        8.2.3. Smoking Cessation

        8.2.4. Health Screening

        8.2.5. Weight Management

        8.2.6. Nutrition

        8.2.7. Others

    8.3. China Corporate Wellness Market Attractiveness Analysis

        8.3.1. By Services

9. Japan Corporate Wellness Market Analysis and Forecast

    9.1. Introduction

        9.1.1. Key Findings

    9.2. Japan Corporate Wellness Market Value (US$ Bn) Forecast, by Services, 2017–2028

        9.2.1. Health Risk Assessment

        9.2.2. Fitness

        9.2.3. Smoking Cessation

        9.2.4. Health Screening

        9.2.5. Weight Management

        9.2.6. Nutrition

        9.2.7. Others

    9.3. Japan Corporate Wellness Market Attractiveness Analysis

        9.3.1. By Services

10. India Corporate Wellness Market Analysis and Forecast

    10.1. Introduction

        10.1.1. Key Findings

    10.2. India Corporate Wellness Market Value (US$ Bn) Forecast, by Services, 2017–2028

        10.2.1. Health Risk Assessment

        10.2.2. Fitness

        10.2.3. Smoking Cessation

        10.2.4. Health Screening

        10.2.5. Weight Management

        10.2.6. Nutrition

        10.2.7. Others

    10.3. India Corporate Wellness Market Attractiveness Analysis

        10.3.1. By Services

11. Australia Corporate Wellness Market Analysis and Forecast

    11.1. Introduction

        11.1.1. Key Findings

    11.2. Australia Corporate Wellness Market Value (US$ Bn) Forecast, by Services, 2017–2028

        11.2.1. Health Risk Assessment

        11.2.2. Fitness

        11.2.3. Smoking Cessation

        11.2.4. Health Screening

        11.2.5. Weight Management

        11.2.6. Nutrition

        11.2.7. Others

    11.3. Australia Corporate Wellness Market Attractiveness Analysis

        11.3.1. By Services

12. Singapore Corporate Wellness Market Analysis and Forecast

    12.1. Introduction

        12.1.1. Key Findings

    12.2. Singapore Corporate Wellness Market Value (US$ Bn) Forecast, by Services, 2017–2028

        12.2.1. Health Risk Assessment

        12.2.2. Fitness

        12.2.3. Smoking Cessation

        12.2.4. Health Screening

        12.2.5. Weight Management

        12.2.6. Nutrition

        12.2.7. Others

    12.3. Singapore Corporate Wellness Market Attractiveness Analysis

        12.3.1. By Services

13. Hong Kong Corporate Wellness Market Analysis and Forecast

    13.1. Introduction

        13.1.1. Key Findings

    13.2. Hong Kong Corporate Wellness Market Value (US$ Bn) Forecast, by Services, 2017–2028

        13.2.1. Health Risk Assessment

        13.2.2. Fitness

        13.2.3. Smoking Cessation

        13.2.4. Health Screening

        13.2.5. Weight Management

        13.2.6. Nutrition

        13.2.7. Others

    13.3. Hong Kong Corporate Wellness Market Attractiveness Analysis

        13.3.1. By Services

14. Malaysia Corporate Wellness Market Analysis and Forecast

    14.1. Introduction

        14.1.1. Key Findings

    14.2. Malaysia Corporate Wellness Market Value (US$ Bn) Forecast, by Services, 2017–2028

        14.2.1. Health Risk Assessment

        14.2.2. Fitness

        14.2.3. Smoking Cessation

        14.2.4. Health Screening

        14.2.5. Weight Management

        14.2.6. Nutrition

        14.2.7. Others

    14.3. Malaysia Corporate Wellness Market Attractiveness Analysis

        14.3.1. By Services

15. Thailand Corporate Wellness Market Analysis and Forecast

    15.1. Introduction

        15.1.1. Key Findings

    15.2. Thailand Corporate Wellness Market Value (US$ Bn) Forecast, by Services, 2017–2028

        15.2.1. Health Risk Assessment

        15.2.2. Fitness

        15.2.3. Smoking Cessation

        15.2.4. Health Screening

        15.2.5. Weight Management

        15.2.6. Nutrition

        15.2.7. Others

    15.3. Thailand Corporate Wellness Market Attractiveness Analysis

        15.3.1. By Services

16. Rest of India Corporate Wellness Market Analysis and Forecast

    16.1. Introduction

        16.1.1. Key Findings

    16.2. Rest of India Corporate Wellness Market Value (US$ Bn) Forecast, by Services, 2017–2028

        16.2.1. Health Risk Assessment

        16.2.2. Fitness

        16.2.3. Smoking Cessation

        16.2.4. Health Screening

        16.2.5. Weight Management

        16.2.6. Nutrition

        16.2.7. Others

    16.3. Rest of India Corporate Wellness Market Attractiveness Analysis

        16.3.1. By Services

17. Competition Landscape

    17.1. Market Player - Competition Matrix (by tier and size of companies)

    17.2. Market Share / Position Analysis, by Company, 2020

    17.3. Competitive Business Strategies

    17.4. Company Profiles

        17.4.1. Competition Matrix

            17.4.1.1. Company Overview (HQ, Business Segments, Employee Strength)

            17.4.1.2. Financial Analysis

            17.4.1.3. Growth Strategies

            17.4.1.4. SWOT Analysis

        17.4.2. Central Corporate Wellness

            17.4.2.1. Company Overview (HQ, Business Segments, Employee Strength)

            17.4.2.2. Financial Analysis

            17.4.2.3. Growth Strategies

            17.4.2.4. SWOT Analysis

        17.4.3. ComPsych Corporation

            17.4.3.1. Company Overview (HQ, Business Segments, Employee Strength)

            17.4.3.2. Financial Analysis

            17.4.3.3. Growth Strategies

            17.4.3.4. SWOT Analysis

        17.4.4. Optum, Inc.

            17.4.4.1. Company Overview (HQ, Business Segments, Employee Strength)

            17.4.4.2. Financial Analysis

            17.4.4.3. Growth Strategies

            17.4.4.4. SWOT Analysis

        17.4.5. JLT Australia (Recovre Group)

            17.4.5.1. Company Overview (HQ, Business Segments, Employee Strength)

            17.4.5.2. Financial Analysis

            17.4.5.3. Growth Strategies

            17.4.5.4. SWOT Analysis

        17.4.6. Truworth Wellness

            17.4.6.1. Company Overview (HQ, Business Segments, Employee Strength)

            17.4.6.2. Financial Analysis

            17.4.6.3. Growth Strategies

            17.4.6.4. SWOT Analysis

        17.4.7. SOL Wellness

            17.4.7.1. Company Overview (HQ, Business Segments, Employee Strength)

            17.4.7.2. Financial Analysis

            17.4.7.3. Growth Strategies

            17.4.7.4. SWOT Analysis

        17.4.8. Sodexo

            17.4.8.1. Company Overview (HQ, Business Segments, Employee Strength)

            17.4.8.2. Financial Analysis

            17.4.8.3. Growth Strategies

            17.4.8.4. SWOT Analysis

        17.4.9. Bupa Wellness Pty Ltd

            17.4.9.1. Company Overview (HQ, Business Segments, Employee Strength)

            17.4.9.2. Financial Analysis

            17.4.9.3. Growth Strategies

            17.4.9.4. SWOT Analysis

List of Table

Table 01: Asia Pacific Corporate Wellness Market Size (US$ Bn) Forecast, by Services, 2021–2028

Table 02: Asia Pacific Corporate Wellness Market Size (US$ Bn) Forecast, by Country, 2021–2028

Table 03: China Corporate Wellness Market Size (US$ Bn) Forecast, by Services, 2021–2028

Table 04: Japan Corporate Wellness Market Size (US$ Bn) Forecast, by Services, 2021–2028

Table 05: India Corporate Wellness Market Size (US$ Bn) Forecast, by Services, 2021–2028

Table 06: Australia Corporate Wellness Market Size (US$ Bn) Forecast, by Services, 2021–2028

Table 07: Singapore Corporate Wellness Market Size (US$ Bn) Forecast, by Services, 2021–2028

Table 08: Hong Kong Corporate Wellness Market Size (US$ Bn) Forecast, by Services, 2021–2028

Table 09: Malaysia Corporate Wellness Market Size (US$ Bn) Forecast, by Services, 2021–2028

Table 10: Thailand Corporate Wellness Market Size (US$ Bn) Forecast, by Services, 2021–2028

Table 11: Rest of Asia Pacific Corporate Wellness Market Size (US$ Bn) Forecast, by Services, 2021–2028

List of Figure

Figure 01: Corporate Wellness Market Snapshot

Figure 02: Corporate Wellness Market Size (US$ Bn) Forecast and Y-o-Y Growth (%), 2017–2028

Figure 03: Market Value Share, By Services, 2020

Figure 04: Market Value Share, By Country, 2020

Figure 05: Asia Pacific Corporate Wellness Market Value Share Analysis, by Services, 2020 and 2028

Figure 06: Asia Pacific Corporate Wellness Market Revenue (US$ Bn) and Y-o-Y Growth (%), by Health Risk Assessment, 2017–2028

Figure 07: Corporate Wellness Market Revenue (US$ Bn) and Y-o-Y Growth (%), Fitness, 2017–2028

Figure 08: Asia Pacific Corporate Wellness Market Revenue (US$ Bn) and Y-o-Y Growth (%), Smoking Cessation, 2017–2028

Figure 09: Asia Pacific Corporate Wellness Market Revenue (US$ Bn) and Y-o-Y Growth (%), Health Screening, 2017–2028

Figure 10: Asia Pacific Corporate Wellness Market Revenue (US$ Bn) and Y-o-Y Growth (%), Weight Management, 2017–2028

Figure 11: Asia Pacific Corporate Wellness Market Revenue (US$ Bn) and Y-o-Y Growth (%), Nutrition, 2017–2028

Figure 12: Asia Pacific Corporate Wellness Market Revenue (US$ Bn) and Y-o-Y Growth (%), others, 2017–2028

Figure 13: Asia Pacific Corporate Wellness Market Attractiveness Analysis, by Services, 2021–2028

Figure 14: Asia Pacific Corporate Wellness Market Value Share Analysis, by Country, 2020 and 2028

Figure 15: Asia Pacific Corporate Wellness Market Attractiveness Analysis, by Country, 2021–2031

Figure 16: China Corporate Wellness Market Size (US$ Bn) Forecast, 2017–2028

Figure 17: China Corporate Wellness Market Value Share Analysis, by Services, 2020 and 2028

Figure 18: China Corporate Wellness Market Attractiveness Analysis, by Services, 2021–2028

Figure 19: Japan Corporate Wellness Market Size (US$ Bn) Forecast, 2017–2028

Figure 20: Japan Corporate Wellness Market Value Share Analysis, by Services, 2020 and 2028

Figure 21: Japan Corporate Wellness Market Attractiveness Analysis, by Services, 2021–2031

Figure 22: India Corporate Wellness Market Size (US$ Bn) and Y-o-Y Growth (%) Forecast, 2017– 2028

Figure 23: India Corporate Wellness Market Value Share Analysis, by Services, 2020 and 2028

Figure 24: India Corporate Wellness Market Attractiveness Analysis, by Services, 2021–2028

Figure 25: Australia Corporate Wellness Market Size (US$ Bn) Forecast and Y-o-Y Growth (%) Projection, 2017–2028

Figure 26: Australia Corporate Wellness Market Value Share Analysis, by Services, 2020 and 2028

Figure 27: Australia Corporate Wellness Market Attractiveness Analysis, by Services, 2021–2031

Figure 28: Singapore Corporate Wellness Market Size (US$ Bn) Forecast, 2017–2028

Figure 29: Singapore Corporate Wellness Market Value Share Analysis, by Services, 2020 and 2028

Figure 30: Singapore Corporate Wellness Market Attractiveness Analysis, by Services, 2021–2031

Figure 31: Hong Kong Corporate Wellness Market Size (US$ Bn) and Y-o-Y Growth (%) Forecast, 2017– 2028

Figure 32: Hong Kong Corporate Wellness Market Value Share Analysis, by Services, 2020 and 2028

Figure 33: Hong Kong Corporate Wellness Market Attractiveness Analysis, by Services, 2021–2031

Figure 34: Malaysia Corporate Wellness Market Size (US$ Bn) and Y-o-Y Growth (%) Forecast, 2017– 2028

Figure 35: Malaysia Corporate Wellness Market Value Share Analysis, by Services, 2020 and 2028

Figure 36: Malaysia Corporate Wellness Market Attractiveness Analysis, by Services, 2021–2031

Figure 37: Thailand Corporate Wellness Market Size (US$ Bn) and Y-o-Y Growth (%) Forecast, 2017– 2028

Figure 38: Thailand Corporate Wellness Market Value Share Analysis, by Services, 2020 and 2028

Figure 39: Thailand Corporate Wellness Market Attractiveness Analysis, by Services, 2021–2031

Figure 40: Rest of Asia Pacific Corporate Wellness Market Size (US$ Bn) and Y-o-Y Growth (%) Forecast, 2017– 2028

Figure 41: Rest of Asia Pacific Corporate Wellness Market Value Share Analysis, by Services, 2020 and 2028

Figure 42: Rest of Asia Pacific Corporate Wellness Market Attractiveness Analysis, by Services, 2021–2031

Figure 43: Corporate Wellness Market Share Analysis, by Company (2020)

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