Asia Pacific Corporate Wellness Market: Introduction
According to the report, the corporate wellness market was valued at US$ 4.9 Bn in 2020 and is projected to expand at a CAGR of 7.6% from 2021 to 2028. Corporate wellness programs are designed to support employees in understanding their health risk and accepting healthy behavior at workplace and to reduce their healthcare expenditure. Corporate wellness programs consist of health risk assessments, fitness, health screening, weight management, smoking cessation, and nutrition.
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. Corporate or workplace wellness programs can be described as employer-funded services designed to promote and maintain good health of employees.
The primary purpose of corporate wellness programs is to deliver positive return on investment that is accomplished by reducing absenteeism and lowering health insurance premiums. The most important advantage is a healthier workforce that transforms into a healthier population. Health risk assessment is a quick and simple way to provide employees feedback on their level of health and giving them direction on how they need to improve their health. Health risk assessments are evaluation of employees’ physical condition and assessing the disease risk and overall level of health and fitness.
Rise in Incidence of Chronic Diseases to Drive Market
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.
Smoking Cessation Segment to Dominate Market
Based on service, the corporate wellness market in Asia Pacific has been classified into health risk assessment, fitness, smoking cessation, health screening, weight management, nutrition, and others. The disproportionate increase in the number of cigarettes smoked in China is a combined effect of rise in smoking intensity and growing population.
According to the WHO, China is the largest producer and consumer of tobacco in Asia Pacific, with more than 300 million smokers. Currently, more than half of tobacco smokers are men. One in every three cigarettes smoked in the world is smoked in China. Additionally, over 700 million non-smokers in China, including 180 million children, are exposed to second hand smoke (SHS) at least once a day in a typical week. Exposure to SHS causes 100,000 deaths annually.
In an organization, team members who smoke cigarettes cost their employers more money due to health issues compared to non-smokers. Some workplaces have found it in their best interests, both ethically and economically, to offer smoking cessation programs to team members.
China to Lead Asia Pacific Market
China's corporate wellness industry accounted for majority of market share due to development and high adoption of wellness programs. Economic development and urbanization in the country have led to change in lifestyle and increase in chronic diseases such as heart diseases and diabetes. Various public and private players provide corporate wellness services in China. Services including physical activity, smoke-free policy, and knowledge related to healthy diet have witnessed significant demand. The fitness segment is driven by rise in average age of the workforce and increase in awareness about fitness. Moreover, surge in sports competitions is likely to drive the fitness industry in China.
The corporate wellness market in Asia Pacific is fragmented in terms of number of players. Key players in the market include Central Corporate Wellness, ComPsych Corporation, Optum, Inc., JLT Australia (Recovre Group), Truworth Wellness, SOL Wellness, Sodexo, ConneXions Asia, and Bupa Wellness Pty Ltd.
Asia Pacific Corporate Wellness Market: Segmentation
Asia Pacific Corporate Wellness Market, by Service
Asia Pacific Corporate Wellness Market, by Country
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