As per the findings of study by Transparency Market Research (TMR), the corporate wellness market is flourishing in Asia Pacific, although there already are a vast number of local players and several are expected to dive in in the near future. The TMR report identifies Optum, Inc., Central Corporate Wellness, Recovre Group, ComPsych Corporation, Truworth Wellness, Sodexo, SOL Wellness, Bupa Wellness Pty Ltd., and ConneXions Asia as the leaders in the Asia Pacific corporate wellness market.
The TMR report projects a robust CAGR of 9.0% for the Asia Pacific corporate wellness market during the forecast period of 2016 to 2024, reaching a valuation of US$7.4 bn by the end of 2024, significantly up from its worth of US$3.4 bn in 2015. The report detects agreements to expand geographical presence, strong investments, and diverse product portfolio as common strategies by these leading companies to maintain their stronghold over the market. For instance, Sodexo announced a contract of 10-year duration with Rio Tinto in order to expand its geographical presence up to Australia.
China and India Most Lucrative Country-wide Markets
Based on services, the report segments the Asia Pacific corporate wellness market into smoking cessation, fitness, health risk assessment, weight management, health screening, nutrition, and others such as diabetes management, vaccinations, and stress management. Among these, smoking cessation segment serves the maximum demand, which is a clear reflection of vast number of cigarette smokers in the region. Growing prevalence of cardiovascular diseases, increasing awareness among the urban population, and incrementing disposable income are some of the other factors augmenting the demand for smoking cessation segment in the Asia Pacific corporate wellness market.
Country-wise, the report studies the opportunities for the vendors of the corporate wellness market in the countries of China, Australia, India, Japan, Singapore, Malaysia, Thailand, Hong Kong, and the Rest of the Asia Pacific. Currently, China ranks number one in terms of cigarette smokers in the world, and poses the most lucrative country-wide market. India, Indonesia, Japan, and South Korea also rank among the top ten consumers of cigarettes. Healthy living trend in the urban parts of the Asia Pacific region is also expected to escalate the demand for fitness and health screening segments of the market during the forecast period.
Rapid Urbanization Fueling Demand
Asia Pacific homes a number of emerging economies, such as India and China. These two countries have vast population base and the corporate sector is flourishing, which in turn is providing traction to the wellness market in the region. In addition to that, the growing awareness regarding the prevalence of non-communicable diseases such as chronic respiratory diseases, diabetes, cancer, and cardiovascular diseases is another important factor augmenting the demand in the Asia Pacific corporate wellness market. These diseases account for 8.5 million deaths in the Southeast Asia region each year. The demand for stress management programs is another important driver of this market, as it helps corporates to maintain a consistent workflow as well as enhance productivity.
According to the author of the report, “Government support to improve healthcare infrastructure as well as increase awareness among the residents is opening vast new opportunities for the vendors operating in the Asia Pacific corporate wellness market.” Japan’s Industrial Safety and Health Act is one such regulation that makes periodic health check-ups mandatory in the country. In India, similar regulations are being implemented, which is expected to increase the demand in the Asia Pacific corporate wellness market.
The information presented in this review is based on a Transparency Market Research report, titled, “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.”
Key Segments of the Asia Pacific Corporate Wellness Market
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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