Published On: Mar 06, 2017
The Asia Pacific corporate wellness market features a relatively fragmented vendor landscape owing to the presence of a large number of domestic and international companies. In a recent report, Transparency Market Research observes in a recent report that the number of companies in the market is also steadily rising owing to the presence of multinational companies in a number of developing economies in the region. Resultantly, the market is expected to become intensely competitive in the next few years.
Leading vendors such as Sodexo, Optum, Inc., Truworth Wellness, ComPsych Corporation, ConneXions Asia, and Bupa Wellness Pty Ltd. will be required to focus more on enhancing the qualitative and economic value of their offerings to stay ahead of competition. Also, focus on trending application areas such as smoking cessation will allow companies to make the most of the vast growth opportunities offered by the market.
Transparency Market Research predicts that the Asia Pacific corporate wellness market will exhibit a promising 9.0% CAGR over the period between 2016 and 2024, rising from a valuation of US$3.4 bn in 2015 to US$7.4 bn by 2024.
China to Continue to Remain Leading Contributor to Overall Market
On the basis of the type of wellness service offered by the Asia Pacific corporate wellness market, the segment of fitness services presently accounts for the lion’s share in the market. In 2015, the segment accounted for a 38.6% and is expected to expand at a promising pace over the report’s forecast period as well, valuing at over US$2,793 mn by 2024. In the next few years, however, the segment of smoking cessation is expected to gain more prominence, exhibiting a strong 9.6% CAGR from 2016 through 2024.
From a geographic perspective, the China corporate wellness market is expected to hold a relatively higher share in the overall APAC market over the forecast period. The China market is expected to exhibit a strong 9.1% CAGR from 2016 to 2024. The China market will be driven by the rising concern presented by the corporate working class over the rising prevalence of stress- and lifestyle-induced chronic diseases and rising government support to tackle the issue. The China market also benefits from the large number of players operating in both private and government sectors.
Rising Prevalence of Chronic and Stress-related Diseases Drive to Remain Key to Market Growth
The market for corporate wellness in Asia Pacific is chiefly driven by the rising incidences of lifestyle- and stress-induced non-communicable health issues such as cardiovascular disorders, diabetes, several obesity-induced diseases, and chronic respiratory diseases. The rising number of smokers in the region has also been time and again associated with the rising prevalence of a number of cancers. The rising realization regarding the implications of these conditions on the overall productivity of operations and processes, companies have ramped up their efforts to offer their employees effective ways of improving their health through corporate wellness programs.
However, the high investment required to implement these programs is expected to act as a key factor restricting the future growth prospects of the market to a certain extent in the next few years. Despite the increased realization about the need for implementing such programs on a continuous basis, the cost of these programs has so far limited their scope to few companies. Nevertheless, active support from governments of many countries in Asia Pacific is expected to support the growth of the market in the future years.
This review of the market is based on a recent market research report published by Transparency Market Research, titled “Corporate Wellness Market - Asia Pacific Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 - 2024.”
For the study, the Asia Pacific corporate wellness market is segmented as follows:
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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