Corporate Wellness Market Set to Record Exponential Growth by 2024

Posted by Aman Jaiswar on July 5th, 2019

led by a number of international as well as local participants, the Asia Pacific Corporate Wellness Market demonstrates a highly competitive business landscape, states a new research study by Transparency Market Research (TMR). Currently, Central Corporate Wellness, Optum Inc., ComPsych Corp., JLT Australia (Recovre Group), SOL Wellness, ConneXions Asia, Truworth Wellness, Sodexo, and Bupa Wellness Pty Ltd. are leading the leading the global market. With new players continuously venturing in this market, the competitive rivalry within participants is likely to intensify further in the near future, states the research report.

According to the study, the Asia Pacific market for corporate wellness was worth US.4 bn in 2015. The market’s opportunity is expected to register a CAGR of 9.0% during the period from 2016 to 2024 and reach a value of US.4 bn by the end of the period of the forecast. In 2015, the fitness segment led this regional market, thanks to the augmenting prevalence of chronic diseases, rising medical cost caused by obesity, and the increasing awareness among people regarding health and fitness. However, the smoking cessation segment is anticipated to record a promising growth rate over the next few years, notes the market study.

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China has been leading the Asia Pacific corporate wellness market. Expanding at a CAGR of 9.10% during the period from 2016 to 2024, this domestic market is likely to remain on the top over the next few years. The high development rate and the increased uptake of wellness programs in this country is the main factor behind the growth of the China market for corporate wellness. The rapid changes in lifestyles, rising prevalence of chronic diseases, strengthening of economy, and the large-scale urbanization are some other important factors, influencing the growth of the corporate wellness market in China.

Another prominent domestic market for corporate wellness in Asia Pacific is Japan. The amendments directed in Japan’s Industrial Safety and Health Act in December 2015 have been supporting the Japan market for corporate wellness significantly. As per this law, health checkups are mandatory for employees and workers. Apart from this, the support by the government in addressing the issue of employee health in an efficient manner is likely to create a demand for corporate wellness programs in the nation, which is expected to boost this market in the near future, reports the research study.